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Types of Business Entity: Comparisons of C-Corporations, S-Corporations and LLCs C-Corporation A C-Corporation is a standard, general for profit, state formed corporation. Some if its benefits include: Separate Legal and Tax Life A corporation assumes a separate legal and tax life distinct from its shareholders. A corporation pays taxes at its own corporate income tax rates and files its own corporate tax returns each year. Fringe benefits. In some cases owner-employees may often deduct health insurance premiums paid by the corporation from corporate income. Some Corporate defined plans may offer better retirement options and benefits than those offered by non-corporate plans. Fringe Benefits In some cases owner-employees may often deduct health insurance premiums paid by the corporation from corporate income. Some Corporate defined plans may offer better retirement options and benefits than those offered by non-corporate plans. Avoiding Double Taxation Generally, a corporation is a taxed for its own profits; then, any profits paid out in the form of dividends are taxed again to the recipient as dividend income and the individual shareholders tax rate. However, most small corporations rarely pay dividends. Rather, owner-employees are paid salaries and fringe benefits that are tax deductible to the corporation. Sub Chapter S-Corporation Taxation S corporations avoid the possibility of double taxation on profits .Shareholders of an S corporation are typically not personally responsible for the debts and liabilities of the business. LLC A Limited Liability Company is a State formed Entity. Some if its benefits include: Taxation LLC'S allow for pass-through taxation Liability Protection In most liability claims associated with management of the company the individual proprietor and his/her personal assets are protected. Ease of Maintenance The annual compliance paperwork is less complicated and in most cases less expensive than a corporation.