What is the difference between corporate name and business name?

A corporate name is the name under which an entity is formed, or registered. In most cases, corporate names ends with a distinct suffix (i.e., Inc., LP, LLC, etc.). A trade name is a fictitious/alternate name under which an entity may choose to operate. register and operate under more than one trade name.

What is a business’s legal name?

The legal name of a business is the official name of the person or entity that owns a business. If you are the only owner of your business, then its legal name is simply your full name. For limited partnerships, LLCs, and corporations, the legal name of the business is the name registered with the state filing office.

What is considered a business corporation?

A corporation, sometimes called a C corp, is a legal entity that’s separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable. Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures.

What is entity name and business name?

The LLC name, or legal name, is the official name of the entity that is used to sign documents, file tax returns, file lawsuits, or to submit a loan application with a bank. On the other hand, a business name, or trade name, is the name the public uses to identify your business.

What is an example of an S Corp?

S corporation. noun. The definition of an S corporation is a legal definition for a corporation that does not pay any federal income taxes and instead passes all income, losses and deduction directly to the shareholders for tax purposes. An example of an S corporation is a small corporation where the founders are also the shareholders.

How do S corporations pay taxes?

S-corps pass their income, deductions, and credits through to the owners of the company. The S-corp is responsible for completing its own tax return and allocating its income to shareholders. Shareholders pay tax on their personal tax returns on their share of the S-corp net earnings and on salary paid to them.

Who is owner of S Corp?

In the U.S., it is legal for any corporation to have only one owner or shareholder. A privately held corporation designated as an S-corporation can have a maximum of 100 shareholders. Shareholders can be individuals, other corporations, LLCs or trusts.

What are some examples of Corporation companies?

Alcoa Inc.