Small Business:

Medina Corp is passionate about small business.  We work with the small business owner in building a solid foundation for the future.  Selection of entity type has a bearing on future growth, succession, as well as Estate and Trusts.
                           
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Partnership (Form 1065):
A partnership is an organization having tow or more owner's that functions as a trade or business.  A joint undertaking merely to share expenses or ownership of property does not necessarily constitute a partnership.  An LLC with two or more members is generally classified as a partnership for tax purposes.  A partnership can elect to be taxed as a corporation.
C-Corporation (Form 1120):
A corporation is a business entity that carries its own legal status, separate and distinct from its owners.  A corporation cannot elect out of corporate taxation.
S-Corporation (Form 1120S):
A corporation can elect to be taxed as an S corporation by filing form 2553.  Only domestic corporation with one class of stock are eligible.  An S corporation is limited to 100 shareholders, and may not have another corporation as a shareholder.
Limited Liability Company (Form 1065):
An LLC is a liability-limiting entity formed under state law.  It is treated a a disregarded entity, partnership or corporation for federal income tax.  Single-mmeber LLCs are usually treated as disregarded entities taxed directly to their owner.