A for-profit corporation is a type of business structure that is a unique entity, legally separate from its owners. Under a corporate structure, a business is able to deduct health insurance premiums and take advantage of other corporate benefits (whereas a simpler type of business, such as a sole proprietorship, would not have this ability).

But within the umbrella of the term "corporation," there are two main types of for-profit tax classifications. There are pros and cons to each, and in order to choose the best entity type for your specific and unique situation, it's important to look at all aspects of both a C corporation and S corporation and relate these aspects to your needs and priorities.

First, let's take a look at some of the basic characteristics of a for-profit corporation of either type.

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