Corporation A corporation is a unique entity. It has a life separate from its owners and has rights and duties of its own. The owners of a corporation are the stockholders. Managers may or may not be stockholders. Disadvantages include a potential for double taxation of income.
Corporations are more complicated to organize than the other forms of ownership.
Business activities must comply with the corporate charter. State and federal controls must be followed. In view of the progress made by several states, particularly Nevada, to meet the needs of modern business conditions, we feel that the corporate entity is the best practical choice for safe operation in today's marketplace. The other options expose too much unnecessary risk to your family's home, your child's college education, and your other valuable assets. You and your family need not be personally subjected to losses arising from business misfortunes, especially in today's lawsuit inclined society.