Why does a person want to become a corporation? One main reason is limited liability that means the shareholder is only liable for debts up to the amount he invests in the corporation. That is true for all corporations whether they are c-corporations, s-corporations or family corporations.
Corporations can be as large as GM or as small as a doctor’s practice. That practice is run by a licensed professional and is called a professional corporation. That business must have only licensed professionals as shareholders. There can be many professionals or just one licensed professional.
In Oregon licensed professionals range from doctors to massage therapists. A person needs to check the current Oregon Revised Statutes to see if he qualifies as a professional.
If there is only one shareholder in the corporation, there can be many tax advantages. A primary advantage the shareholder can also be the president. As president he can pay himself a salary that equals the entire corporation’s income. In this way he is taxed on his salary, but the corporation has no income, so it pays no corporate tax.
On the other hand, if the person wants to be GM someday, he would have to have some investors, like in the Tank Shark. He could remain a controlling shareholder with 51% of the shares and his investor could have 49% of the shares. The combinations are endless, but if he wants to maintain control of the corporation, he must have more than 50% of the shares.
Just contact the Oregon Secretary of State to reserve a name that has not been taken to start the process of incorporation. The Secretary of State can give you all the necessary forms, that include the Articles of Incorporation, to get your corporation under way.
This is only general information from the legal beagle not legal advice. Please consult an attorney.