— The Corporation —
The Corporation is a unique business entity, which is governed by New York’s Business Corporation Law. If you incorporate your business, you must file a Certificate of Incorporation with New York’s Department of State. A corporation has shareholders, who own an interest in the corporation and officers, who run the corporation. Personal liability is limited for shareholders. The life-span of the corporation can be limited as set forth in the Certificate of Incorporation or it can, conceivably, exist forever. A corporation pays state franchise taxes and taxes on income. The shareholders of the corporation pay taxes on the income they make through distribution of the company’s dividends.