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Updated: May 2

Separate entity from the people who started it.

Businesses that pay tax by filing 8832 entity election classification.

Use Form 1120 for Income and Expenses

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C Corporations are subjected to double taxation. First corporate taxes its profit as business income at entity level, then when distributions are made the shareholders pay tax again on shareholder level. (can have multiple class of stock)

S Corporations or Subchapter S Trust are exempt from taxation directly. Income is pass through to the shareholders who pay income tax on their individual tax returns. (can only have one class of stock (disregarding voting rights)

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