A corporation is a legal entity created by individuals or shareholders that functions as a separate organization from its owners. Corporations have some of the same legal rights as individuals. They ...

An S corp is an organization that has chosen to pass its tax burden to its shareholders, rather than report income, losses, deductions and credits directly to the Internal Revenue Service (IRS).

The nonprofit corporation definition is an organization that is legally incorporated and also recognized by the IRS as tax-exempt based on business activity. The vast majority of nonprofits are ...