Is a corporation a person or a group?

A corporation is a group of persons that sit together to make and run a business. This business is considered an entirely different human and unrelated to the group that manages it. Because the government recognizes it as a company and not a person, the corporation must pay its taxes and conform to state and federal law.

How do I form a corporation in the United States?

To form a corporation in the U.S., it is necessary to file articles of incorporation with the state in which it will be registered. The details vary from state to state. In the U.K., Ireland, and Canada, corporations may use the abbreviation Ltd., which stands for "Limited," after the company's name.

What is the difference between an LLC and a corporation?

An LLC is a pass-through entity. That is, its profits and the responsibility to pay taxes on the profits are passed to the owners rather than being paid by the LLC. Establishing an LLC is a relatively straightforward process. By comparison, a corporation must elect a board of directors, conduct annual meetings, and adopt bylaws.