| Term | Definition |
|---|
| Corporation | a business that is charted, or registered, by a state. |
| C-corporation | the most common corporate form, it protects the entrepreneur from being sued for actions and debts of the corporation. |
| Limited Liability | The owners are liable only up to the amount of their individual investments. |
| Subchapter S Corporation | Form of corporation which is taxed like a sole proprietorship or partnership. |
| Nonprofit Corporation | Legal entities that make money for reasons other than the owners' profit. |
| Limited Liability Company | The most recent form of business; it has the limited liability of a corporation. Its members are not liable for the company's debts. It has the passthrough tax advantages of a partnership. Shareholders are only taxed once. |
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