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An S Corporation is a type of corporation that provides limited liability protection to its owners while allowing profits to pass through directly to shareholders' personal income, avoiding double taxation. S Corporations are subject to restrictions on the number of shareholders and must be U.S. citizens or residents.
A C Corporation is a legal entity that is separate from its owners, providing limited liability protection but subjecting profits to double taxation—first at the corporate level and then as shareholder dividends. C Corporations do not have restrictions on the number and type of shareholders they can have.
A Professional Corporation (PC) is a specific type of corporation designed for licensed professionals such as doctors, lawyers, and accountants. A PC provides limited liability protection to its owners. However, it is typically formed under specific state laws that restrict ownership to licensed professionals in the same field.
A non-profit organization is a type of entity that operates for purposes other than making a profit. Instead of distributing its income to shareholders or owners, a non-profit reinvests any surplus revenue to further its mission or goals, which often focus on social, educational, religious, or charitable activities.
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