Quick Bites:
- Close and Family Corporations do not exist in all jurisdictions
- They are still taxed as a regular corporation unless an s-election is made.
- Professional Corporation:
- Corporation that is engaged solely in a licensed profession.
- All owners must be licensed professionals
- Close Corporation:
- Small corporation (under a certain number of members set by statute)
- Certain corporate formalities waived
- Family Corporation
- Like a close corporation, but all owners must be relatives.