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What are some similarities and differences between how income is calculated for C corporations and S corporations?
Please comment on both C corporations and S corporations.
Similarities of C Corporations And S Corporations :
1. Separate legal Entities : Both C and S corporations are separate legal entities formed by state filing.
2. Structure : Both Corporation have similar structures i.e both corporations have shareholders ,directors and officers
3. Limited Liability protection : These C and S corporations has only limited liability,share holders of these corporations are not personally responsible for liabilities of the corporations.
4. Corporate Formalities : The compliance responsibilities are same for both C and S corporations.
Differences Between C and S Corporations :
1. Taxation Basis : C corporations are separately taxable whereas S corporations are pass through taxation entities.
2. Tax Liability : In C corporations Tax Income tax is paid at corporate level and S corporations tax is paid by individuals i.e Owners of corporations.
3. Number of shareholders : There is no limit on number of shareholders to C corporations but, for S corporations It is limited to 100 only.
4. Shareholder restrictions : Shareholders of S corporation must be individuals and U S citizen Residents but there is no restrictions for C corporations.
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