Paint is often all the finish any furniture requires. Latex paints are flexible, durable and resistant to sunlight. Oil-based paints are also suitable for furniture, though they can become brittle over time and may crack. All types of paint create an impenetrable surface that protects furniture and will not chip if applied properly. However, sometimes a clear coat can be useful to preserve an older paint job -- this is where a clear coat can really shine.
Clear coats, commonly called varnishes, are made from a variety of oils and resins. There are four main groups. Phenolic varnishes are the longest-lasting, but often yellow with age, so are not good as clear coats for light-colored paint. Alkyd varnishes do not yellow as much as phenolic varnishes, but are not designed for frequent exterior use. Polyurethanes are also not recommended for outdoor use and yellow with age, but they produce a hard surface on furniture that doesn't need to flex (they are excellent for table tops). Latex coatings are easy to clean up and do not yellow, but their durability varies.
Clear coats offer protection from moisture and accidental chipping of furniture if applied properly. They can be used to create a smooth finish in a variety of sheens, even on furniture that is nicked or irregular. Clear coats are longer-lasting than waxes and provide a long-term solution for surfaces that are subject to abuse.
Clear coats do require regular maintenance and special care -- certain harsh chemicals may penetrate or destroy these finishes. Clear coats generally cannot hold up to extended exposure to ultraviolet rays and should not be used for outdoor applications. Clear coating can be a time-consuming process, since every layer must be fully dry before you apply the next.