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If you run a startup, new business, or small-scale local business, you may want to stick with an LLC or S Corp. Do you value more flexibility and simplicity? If so, an LLC could be a great option. If you are looking for the credibility and tax benefits of a corporation without concern for flexibility or widespread growth, an S corp could be right for you. And if you really plan on growing your business and becoming a well-known company, a C corp may be your best bet.
Owners of a corporation are called shareholders. S corps are limited to 100 domestic shareholders — foreign shareholders are generally prohibited. These corporations can only be owned by individuals, estates, and certain trusts (not other corporations, LLCs, or partnerships). The ownership percentage is proportionate to the number of stocks they own. Income, losses, and credit items are distributed proportionally based on the number of shares owned throughout the year.
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