What is a corporation?

A corporation is a separate legal entity, which is represented and governed by a Board of Directors
(physical persons). This Board is elected by the shareholders. In practice, a small corporation is very
similar to a sole proprietorship or partnership, especially from the administrative point of view.
In this case, the founder is the owner, shareholder, and director.

After registering a corporation and creating a corporate bank account, operating your business is
essentially the same as if you were a sole proprietor or partner. The key difference is you cannot
transfer money to your personal account in a manner that is not organized and allowed. Any
payment from a corporation must always be accounted for. In this case, the payments must be done
as advantageously as possible. Payments can be in the form of earnings, loans, investment returns,
or dividends. This should be planned in advance by a specialist, like us.