694aa9ad_omparison_of_Forms_of_Business__6
[0] C Corporations [1] Unlimited number of shareholders allowed; no limit on stock classes [2] Generally no personal liability of the shareholders for the obligations of the corporation [3] Corporation taxed on its earnings at the corporate level and the shareholders have a further tax on any dividends distributed (double taxation) [4] Articles of Incorporation Bylaws Organizational Board Resolutions Articles of Incorporation Stock Certificates Stock Ledger [5] Board of Directors has overall management responsibility and officers have day-to-day responsibility [6] 
Shareholders typically purchase stock in the corporation, either common or preferred
Comparison of Forms of Business