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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.
In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
Unincorporated associations may be for any non-profit purpose, but do not have legal personality and so cannot own property, enter into contracts, sue or be sued in their own name and the liability of their members and officers is unlimited. Charitable unincorporated associations are nonetheless common because they require no registration or ...
Shareholders can in some cases make decisions on the corporation's behalf, though in larger companies they tend to be passive. Otherwise, most corporations adopt limited liability so that generally shareholders cannot be sued for a corporation's commercial debts. If a corporation goes bankrupt, and is unable to pay debts to commercial creditors ...
Pamela Davis, NIA's Founder, President and CEO, was a graduate student at UC Berkeley during the liability insurance crisis of the 1980s, when insurance companies raised their premiums drastically, reduced their coverages, and left some segments of the market, including many nonprofits, completely uncovered. [2]
Proper insurance coverage protects your small business from unexpected circumstances and costs. Yet, according to the 2023 Hiscox Underinsurance Report, 75% of small businesses in the U.S. don’t ...
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