A General Corporation may have an unlimited number of stockholders that, due to the separate legal nature of the corporation, are protected from the creditors of the business. A stockholder's personal liability is usually limited to the amount of investment in the corporation and no more.
Corporations are required to perform certain formalities such as holding annual meetings and keeping detailed corporate records (minutes). However, corporate meetings and records can be held and kept anywhere in the world.
Advantages
Owners' personal assets are protected from business debt and liability
Corporations have unlimited life extending beyond the illness or death of the owners
Tax-free benefits such as insurance, travel, and retirement plan deductions
Shares of stock owned by individuals outside the State are not subject to any Delaware taxes.
Easier to raise capital through the sale of stocks and bonds.
Change of ownership does not affect shares of stock owned by individuals outside the State
Transfer of ownership facilitated by the sale of shares of stock is not subject to any Delaware taxes.
Disadvantages
Can be more expensive to form than proprietorship or partnerships
More legal formality
More state and federal rules and regulations
To Be Incorporated The Name of the Corporation Must Include One of the Following:
Incorporated or Inc.
Corporation or Corp.
Association
Institute
Union
Limited or Ltd.
Club
Foundation
Fund
Society
Syndicate
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