C-corporations have double taxation (tax on income at the corporate level, and tax on dividends when earnings and profits are distributed to the shareholder/member), while S-corporations are flow-through (so no double tax).

S Corp as entities, however not specific to any one individual or business, just in their generic form...Both generally protect members and shareholders from personal liability for the debts and obligations of a business.

Nevada is still used for corporations or other entities where you attract other people’s money as they have very good shareholder protection features too.

Would there be tax/legal liability if the increased loan amount is used to pay for the business's salaries and operating expenses while the natural revenue from the business solely went to shareholder distributions.Business owners realize they would be paying higher taxes due to higher shareholder distributions. 

Again, this is more of a personal issue perhaps in that for my S-Corps and having shareholders I disperse dividends to, five checks didn't work.  

Calculate out the profits and start with 50% as salary and 50% as Shareholder Distributions. 

If you're a corporation, or an LLC taxed as an S-corp, then your business can retain earnings for tax purposes and you would not be taxed until it is distributed.That is incorrect - Shareholders of an S-corp report income as the S-Corp earns the money and not necessarily when dividends/distributions are made. 

Note: Participation by Shareholder's Spouse- When applying the material participation rules, participation by a shareholder's spouse is considered participation by the shareholder, regardless of whether the spouse has an ownership interest.

Co-op boards are made up of shareholders (that what the owners are referred to), and they make sure your financials are in order and you're not a shithead - so you're unlikely to to be foreclosed upon - and thus the maintenance is paid and you're contributing to the building.It's a really wonderful living arrangement for your primary residence or pied a terre in NYC. 

Another thing to consider: you are basically in the best tax bracket ever at this income level, if you invest in a REIT index fund (VNQ) within a Roth IRA you can get a high dividend yield and never have that money be taxed (REIT dividends are only taxed once they are paid to the shareholder and since you will be holding them in a Roth all those dividends will be completely tax free).