General Corporation
This is the most common corporate structure. The corporation is a separate legal entity that is owned by stockholders. A general corporation may have an unlimited number of stockholders that, due to the separate legal nature of the corporation, are protected from the creditors of the business. A stockholder's personal liability is usually limited to the amount of investment in the corporation and no more.
Advantages
Owners' personal assets are protected from business debt and liability
Corporations have unlimited life extending beyond the illness or death of the owners
Tax free benefits such as insurance, travel, and retirement plan deductions
Transfer of ownership facilitated by sale of stock
Change of ownership need not affect management
Easier to raise capital through sale of stocks and bonds
Disadvantages
More expensive to form than proprietorship or partnerships
More legal formality
More state and federal rules and regulations