Income Taxes
All businesses have to file an annual income tax return. C corporations pay income tax at the corporate rate, while all other businesses are considered “pass-through” entities and are taxed at the individual rate. Tax liabilty for "pass-through" entities is dependent on income according to the following table.
For LLCs, S Corporations, Partnerships, Sole Proprietorships:

For C Corporations:
C Corporations pay a 21% flat tax rate on profits earned.
If the corporation pays dividends, shareholders pay taxes on those on their personal tax returns. So, C corporation profits are taxed twice. There are two types of dividends: qualified and unqualified. Let’s take a look at those:
Qualified: If you’ve owned the stock for longer than 60 days, that dividend is qualified. Qualified dividends get favorable tax rates and are taxed at long-term capital gain rates.
Unqualified: Also known as ordinary dividends, these are taxed at the shareholder’s regular income tax rate (more on that below!).