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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.
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]
This entity classification election is made by filing Internal Revenue Service Form 8832. Absent filing the form, a default classification applies. U.S. corporations of the type that can be publicly traded must be treated as corporations. There is a list of specific foreign entities that must be treated as corporations. [2]
A staggered board of directors or classified board is a prominent practice in US corporate law governing the board of directors of a company, corporation, or other organization, in which only a fraction (often one third) of the members of the board of directors is elected each time instead of en masse (where all directors have one-year terms).
Aside from the U.S., a slew of groundbreaking elections are expected in 2024, including national elections in India, the world's largest democracy, and South Africa, among others.
With the U.S. presidential election only one day away, tensions are bubbling to the surface, but there are some surefire ways to guide employees through the storm.
Citizens United v. Federal Election Commission, 558 U.S. 310 (2010), is a landmark decision of the United States Supreme Court regarding campaign finance laws, in which the Court found that laws restricting the political spending of corporations and unions are inconsistent with the Free Speech Clause of the First Amendment to the U.S. Constitution.
Brian Bingman wins Corporation Commission primary election race. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 ... Elections. Entertainment. Fitness.