Corporations Lawyer Fall RiverLearn More About Legal Matters Regarding Corporations
The main difference that sets apart a Corporation from other forms of businesses, is that the government considers it a completely different legal entity. Even though a limited liability company is considered a different legal entity, the taxation of a limited liability company is the same as a partnership or a sole proprietorship. In a corporation, the company is considered its own legal entity for tax purposes, contracts, and debts which are separate from its owner or owners. Another benefit of a corporation is that it does not dissolve if any of its stockholders change or die. Also any debts or accounts receivable incurred by a corporation are not the personal responsibility of its owners or shareholders, thus providing personal protection for the owners.