We Also Provide Other Corporations
- A non-profit corporation is one recognized by the IRS as tax-exempt,
and is organized for a public or charitable purpose.
This type of company must have at least five directors or trustees,
and upon dissolution must either distribute its assets to the state or
federal government, or another entity.
Closely Held Corporation
- A family or close group usually owns a closely held corporation and
shares are not to be sold outside the family or group.
Individual corporations are closely held corporation if it at any time
throughout the past half of the tax year, greater than 50% of its worth is
outstanding stock and is owned indirectly or directly by five or less than five individuals.
Personal Service Corporation
- Personal Service Corporation is another label you want to avoid.
There is a 35% flat tax on all personal service corporation profits.
Personal service corporations are generally owned and operated by lawyers,
accountants, and consultants.
Public Corporation vs. Private Corporation
- A public corporation registered with the SEC (Securities Exchange Commission)
and has stock available for purchase on one of the major stock exchanges.
A private corporation is one in which the ownership of the company is not
available for sale on any market.