PROJECT

The corporation is an independent legal entity that exists separate from its owners. The debts of the corporation is not pushed on to the owners, and your own personal assets can not be taken to pay for liabilities incurred by the corporation... Doing the taxes for a corporation can be a bit more complicated, but there are also advantages. For instance, a corporation can retain its profits instead of sending the money on to the owners. Therefore, money can be retained within the company - to save up for future investments and to avoid creating a tax liability... The company stock consists of shares, and each owner of a share is a co-owner of the corporation.

Also known as: Project Enterprise, S Corporation