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| Description: Options for Legal Structures* Corporation 0 A corporation is a legal entity or ”person" under the law and is composed of stockholders operating under one company name. Stockholders own the corporation and elect a board of directors to manage the company. 0 The corporation is liable for lawsuits that arise from the business. Stockholders have limited liability and cannot have their personal assets taken to pay a judgment from a lawsuit. 0 Corporations are registered by states in the United States and must abide by that state’s laws related to corporations. Laws differ in different states. 0 Main disadvantage in some types of corporations is that corporate profits are taxed twice—once as a corporation and again as dividends to individual stockholders on their personal income tax. Copyrighr @2015 Pearson inc, All Rights Reserved
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