A corporation is a form of business ownership that helps prevent personal liability for business debts. Here you can learn how to create a corporation, how a C corporation and an S corporation are taxed, and how to keep corporate minutes and records to preserve your business’s corporate status.
Corporations and their owners must observe certain formalities to retain the corporation’s status as a separate entity. Specifically, corporations must:
- hold annual shareholders’ and directors’ meetings
- keep minutes of shareholders’ and directors’ major decisions
- make sure that corporate officers and directors sign documents in the name of the corporation
- maintain separate bank accounts from their owners
- keep detailed financial records, and
- file a separate corporate income tax return.
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