A corporation is either a regular corporation

A corporation is either a regular corporation - their...

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A corporation is either a regular corporation (called a C corp), or a corporation that has filed for S Corp. status, which is  then called an S corp. A C-corporation files an 1120, and an S Corp. files an 1120S as their main federal income tax forms.  A sole proprietor (SP) is by far the most common form of business ownership in the country. A SP is seen as one with the  business, there is no distinction between owner and business. He or she "is" the business. The owner files a Schedule C with 
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Unformatted text preview: their annual 1040. Another common legal form of entity is a partnership. A partnership files an annual Form 1065. An LLC is also one of the most common forms of business. An LLC can file as a partnership (they file a 1065), or they can file as a SP (a Schedule C) depending on the agreement and circumstances in the business. A non-profit agency files a Form 990 once a year, at the end of their taxable year....
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