12.3 Types of Corporations | Introduction to Business

C corporation

A conventional or basic form of corporate organization

S corporation

A hybrid entity that is organized like a corporation, with stockholders, directors, and officers, but taxed like a partnership, with income and losses flowing through to the stockholders and taxed as their personal income

limited liability company (LLC)

A hybrid organization that offers the same liability protection as a corporation but may be taxed as a partnership, corporation, or as part of its owner's tax return

benefit corporation

A legally recognized for-profit corporate entity specifically created to offer a benefit to the public

acquisition

The process of buying out another company, thus resulting in the sold company becoming owned by the buyer (parent company)

merger

The process of combining two companies, resulting in only one entity remaining