Business Law
Incorporation
Incorporation Quick Facts
- A corporation can open a bank account and buy property
- Corporations protect your assets
- A corporation is treated like a person by law
- Corporations have many tax benefits
Corporate Structure
A corporation must have at least one director in charge of the business. A corporation must have a president, secretary, and a treasurer. One person may hold all positions.
A corporation must also have a corporate records book. The corporate records book contains the Articles of Incorporation and other important documents.
There are two types of for-profit corporations. The two types are S Corporations and C corporations. The S corporations are usually for small businesses. C Corporations are usually larder corporations.