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An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.
A 2016 mapping of 41 countries’ corporate liability systems shows wide variations in approaches to liability, and that corporate liability is a dynamic area of legal innovation and evolution. [ 1 ] The term legal person refers to a business entity (often a corporation, but possibly other legal entities, as specified by law) that has both ...
It combines the simplicity and flexibility of an LLC with the tax benefits of an S-corporation (self-employment tax savings). [28] Some legal scholars argue that corporate income taxes are intended to limit the power of corporations and to offset the legal benefits corporations enjoy, such as limited liability for their investors. [29]
An S corporation is a special form of corporation designed for smaller companies. They can only have a maximum of 100 shareholders. Like other corporations, S corps have detailed accounting and ...
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company, or joint venture. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets ...
If, for example, a limited liability business goes bankrupt, then the owner(s) will not lose unrelated assets, such as a personal residence (assuming they do not give personal guarantees). [3] Forms of businesses that offer the limited liability protection include limited liability partnerships, limited liability companies, and corporations.
This page covers the naming convention of businesses, corporations, companies, public limited companies, limited companies, limited liability partnerships, limited liability companies, proprietary companies, unlimited liability corporations, and other types of corporation. A corporate entity is not excluded from this guideline if it is not-for ...
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