A C corporation is a business term that is used to distinguish this type of entity from others, as its profits are taxed separately from its owners under subchapter C of the Internal Revenue Code.
In an S corporation, the profits are passed on to the shareholders, and are taxed based on personal returns.
This is done under subchapter S of the Internal Revenue Code.A C corporation is owned by shareholders, who must elect a board of directors that make business decisions and oversee policies.
In most cases, a C corporation is required to report its financial operations to the state attorney general.
Because a corporation is treated as an independent entity, a C corporation does not cease to exist when its owners or shareholders change or die.
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