Understanding the Different Types of Corporations

The video tutorial provides an overview of corporations, explaining their characteristics and structures. It differentiates between C and S corporations, focusing on taxation and ownership. The tutorial also covers close corporations, highlighting their management and ownership differences compared to public corporations. Lastly, it discusses professional corporations, emphasizing their unique tax status and management structure.

What is a close corporation and how does it differ from a public corporation?

Describe the concept of a professional corporation and its typical characteristics.