are many types of corporations and each is an entity, separate from the
individuals which make up that entity. In many cases, those individuals which
are part of a corporation, have no legal or financial liability for the
corporation, unless they act separately from the corporation but do so using
their position at the corporation.
type of corporation may have different responsibilities for taxation. Some are
taxed one time, while others are taxed two times, once as a profit of the
company and again when the money is distributed to shareholders.