What are the types of corporate entities?

In Indiana, there are four types of corporate entities recognized by the state. The most common type is the corporation, which is a legal entity that is distinct from its owners with the ability to enter into contracts, hold property, sue or be sued, and do business in its own name. Two other types are limited liability companies (LLCs) and limited partnerships (LPs). LLCs provide the owners with limited liability similar to corporations, but are considered pass-through entities for tax purposes. LPs are similar to LLCs but involve two or more persons who are liable only to the extent of their personal investments. Lastly, professional corporations, which are specific to certain professions, such as lawyers, doctors, and accountants, that are separate legal entities from their owners. All corporate entities have some common elements, including a separate legal identity, limited liability for shareholders, and perpetual existence. These entities also must generally be organized in accordance with the state laws of Indiana.

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What are the types of corporate entities?

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