Corporations are an organization formed with state and government approval to act as an artificial person to carry on business, which can sue or be sued, and can issue shares of stock to raise funds with which to start a business or increase its capital. Corporations become separate legal entities from their owners, so liability for debts or damages caused by the corporation are limited to the company’s assets. There are two primary types of corporations: S Corporations and C Corporations. The biggest differences between the different types of corporations is with how many stocks there are and how taxes are assessed.
Do not hesitate to contact the attorneys at Tishkoff if you have questions regarding business law or litigation. The attorneys at the Tishkoff law firm, located in downtown Ann Arbor, Michigan, may be reached by phone or email. This contact information is available at Tishkoff’s web site www.Tish.Law.