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There are many forms of organization which may be used by in

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There are many forms of organization which may be used by individual taxpayers to operate a business. The forms for a corporation include the regular C corporation and the S corporation.

What is the difference between these two forms of organization and what are the basic rules governing their corporate taxation? What tax forms do each use?

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Solution Summary

This solution discusses two corporation forms and the differences between them.

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The main difference between a C corp and an S corp is that as a C corp, the corporation's taxes are paid as a separate entity. The individuals pay taxes on their own income, and the business pays taxes on it's income, but the shareholders do not pay another tax on the profits from the ...

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