S corp gets its name from Subchapter S of the Internal Revenue Code, under which it has elected to be taxed. Taxes The key characteristic of a corporation filed under Subchapter S: It may pass business income,
The definition of an S corporation is either a general corporation or a close corporation that has elected to be taxed pursuant to Subchapter S of the IRS code. To create an S-Corp you must first form one of the following: General Corporation: The most basic form of corporation, often ref...
LLCs, partnerships, and Subchapter S corporations also need their fiscal year to match up with the majority owners’ fiscal year, which is January to December. Unless you run a major corporation, your best bet is to go with a calendar year accounting process. To change it requires petition...
Definition of Net Income Net income is the positive result of a company’s revenues and gains minus its expenses and losses. A negative result is referred to as net loss. (There are a few gains and losses which are not included in the calculation of net income. However, they are part ...
SSpades(playing cards) SSoldering SSparkasse(German: public savings bank) SEntropy(thermodynamics) SStarboard(nautical) SSubchapter S Corporation SSkype(voice-over-Internet service) SSecurity Prison(Cambodia; Khmer Rouge designation) SSerine(amino acid) ...
Describe the major taxation advantages of a limited liability company and a subchapter S corporation over a regular corporation. What is the excess burden of taxation? Why is there an excess burden, and what factors affect the size of the excess burden...
Which is NOT an advantage of a corporation compared with a partnership or sole proprietorship? A) It is easier to raise large amounts of capital. B) The corporation's existence is unaffected by the death of an owner. C) Owners ...
and there is no limit on the number of members. S corporations (which is a corporation that has elected to be taxed as a pass-through entity under Subchapter S of the Internal Revenue Code) are much more restricted in who can be a shareholder, and there is a maximum limit on the numbe...
AnotherwidelyacceptedcooperativedefinitionistheoneadoptedbytheU.S. DepartmentofAgriculture(USDA)in1987:acooperativeisauser-owned,user-controlled businessthatdistributesbenefitsonthebasisofuse.Thisdefinitioncaptureswhatare generallyconsideredthethreehallmarksofcooperatives:user-ownership,user-control, ...
Businesses track income and expenses for reporting to the Internal Revenue Service (IRS) on a 365-day basis. A fiscal year is an annual period that starts on one day and ends 364 days later.