250 word minimum. ---------------------------------------------------- A potenti

Question

250 word minimum.

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A potential client comes into your office and wants to know about Corporations. They are considering starting a business, and maybe bringing on a friend to partner with. Summarize the key points of each entity type, focusing on pros and cons. Provide an example from the Internet, or make one up, to demonstrate the benefits or risks of the entity types. Then, find an article on the Limited Liability Company, and explain why that may be a good alternative.

Explanation / Answer

A corporation is a type of business, which is considered as a separate entity than the individuals involved in it. In legal terms, it has the same responsibilities and rights as that of an individual, so can be referred to as a legal entity.

The objective of a corporation can be to make profit or for a non profit motive. It is created when a group of shareholders get together and form an incorporation to pursue a common objective.

There are several types of corporation:

C Corporation

S Corporation

Nonprofit Corporation

Limited Liability Company (LLC)

The advantages of a LLC are:

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