An S corporation is a standard business corporation that has elected a special tax status with the IRS. This tax treatment allows the corporation not to be a separately taxable entity. Instead, the income of the corporation is treated like the income of a partnership or sole proprietorship; the income is "passed-through" to the shareholders. Thus, shareholders' individual tax returns report the income or loss generated by an S corporation.

A DBA (doing business as) filing is an official and public registration of a business name with either the state or local jurisdiction. A DBA name is also called an assumed name, trade name, or fictitious business name. DBAs enable sole proprietors to conduct business under a name other than their own personal name and enable corporations or LLCs to do business under a name other than that which is used on the company's articles of formation.

A federal tax identification number, also known as an employer identification number or EIN, is basically a social security number for businesses. It is the number the IRS uses to identify the business, and it must be included on tax filings the business makes. Businesses apply for an EIN by preparing IRS Form SS-4 and filing it with the IRS. BizFilings can assist with the preparation and/or obtainment of your company's tax ID number.

Yes, a corporation can be formed with only one stockholder. However, corporate formalities, such as director and shareholder meetings, are still required in order to preserve the corporate form and prevent the stockholder from personal liability.

Anyone who completes the articles of incorporation and pays the state filing fee can form a corporation. There is no age, residency or other legal requirement.

A limited liability company, or LLC, is an entity created under state laws which has characteristics of both a corporation and a partnership. Like a corporation, the owners of a LLC are not personally liable for the debts of the LLC. Like a partnership and sole proprietorship, an LLC has operating flexibility and is a pass-through entity for tax purposes. This means that the profits of the LLC are passed through and taxable to the owners of the LLC.

A corporation is a distinct legal entity created under state laws which can open a bank account, purchase property, enter into contracts and operate a business. One of the most important features of a corporation is that generally, its owners are not personally liable for the debts of the corporation.