A domestic profit corporation is a business structure that aims to generate profits for its shareholders. One key perk of forming a domestic profit corporation is liability protection. It shields personal assets of shareholders from the company’s debts and lawsuits.
An example is Alphabet, Google’s parent company, which received incorporation registration from Delaware. To operate in California, it is listed as a foreign corporation.
To form a professional corporation in Georgia:
- Search business entity names. Ensure your name is available.
- Prepare articles of incorporation. Submit with $100 filing fee.
- Obtain an EIN to make the business operational.
A domestic corporation conducts business in its country of origin, while a foreign corporation operates outside its home country.
A domestic limited liability company (LLC) combines the benefits of corporations and partnerships into a single business form. Most popular for small businesses, an LLC has a liability shield like a corporation, but LLCs usually avoid the corporate tax rate, as an LLC’s individual members are personally taxed on the earnings of the company, based on their individual percentage of the earnings.