South Carolina State Government Secretary Of State

C Corporations are subject to corporate income taxes separate from the owners, where most other forms of business entity allow for the firm profits to pass-through to the individual income tax statements of the owners. As such, C Corporations are the most formal business entity and they have greater tax reporting responsibilities than other business entities. C Corporations allow for profits to be retained in the business, if desired, and frequently these profits can be taxed at a lower rate than individual income.