Page 6 - Polk County BoCC CSBA Small Business Guide
P. 6

POLK COUNTY SMALL BUSINESS GUIDE

                                                             Starting Your Business
     DETERMINING LEGAL STRUCTURE (CONTINUED)

     Corporation (S or C)
     A corporation is an entity legally separate from its owners. Owners are not
     responsible for any debt incurred by the company or legal action taken
     against the corporation. Corporations can continue to function even after
     the owner or owners die. Corporations have complex legal structures and
     tax implications. Owners hold shares in the company, which can be sold
     publically or privately to raise capital.

     Nonprofit
     Nonprofit organizations conduct business for the benefit of the general
     public, without the purpose of making a profit. Profits instead go directly
     toward improving its services. Nonprofit companies have complicated tax
     structures and require extensive paperwork.












































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