The LLC–or Limited Liability Company– is the newest form of business incorporation and is often described as a combination of a corporation and a partnership.
An S corporation is a special type of corporation that draws its designation from Subsection S of the tax code. To start an S-corporation, a small business owner starts a C corporation, then files a Form 2553.
A C-corporation – often just called a generic corporation – is the oldest and one of the most common business entities. A C-corporation is a completely separate tax and legal entity from its owners.
A nonprofit corporation's principal purpose is public benefit. It provides a shield against potential liability for its directors, officers and employees.
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