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What is a Form 1099-B from the IRS? What is Form 1099 from the IRS? What is tax avoidance? What is tax-exempt interest? What are the bylaws for a nonprofit organization? What is the definition of a publicly traded organization?
Thedefinitionis important because the IRS determines which professional organizations or associations must pay taxes. The IRS states the following: “To qualify under section501(a) of the Code, the association must have a written document, such as articles of association, showing its creation. At ...
What is a corporation? Learn the types of corporations, corporate form, and the main advantages plus disadvantages of corporations, including...
As the bylaws are solid, try to keep them as brief as possible. Bylaws are legal documents and even though their inclusion requirements differ from state to state, the format for writing bylaws is standard. Definition of Bylaws Bylaws explain essential matters of running the business. They ...
What is the compensation committee? Definition, roles & best practices April 13, 2023 • 4 min read The compensation committee determines all executive compensation packages, including salary and any other forms of compensation. Depending on the company’s bylaws and the compensation committee's cha...
What is revenue? Explain. What is commercial business acumen? What is the definition of retailing? What does it take to be successful in business? What information may be needed in a business? What is globalization in business? What is a DBA in business?
Inone decision, a board of directors wanted to amend the corporation’s bylaws to reduce the quorum for shareholders’ meetings to twenty percent of shares. The court held that it couldn’t because the corporation statute requires that any change to the statutory default rule (which is that a...
Writing corporate bylaws Conducting shareholders’ meetings Keeping minutes of significant company meetings The main difference between an S corp and a C corp is how each is taxed. C corp profits are taxed when earned, and then taxed again when distributed to shareholders asdividends. This results...
They must keep the corporation's information private. While these may seem like onerous requirements, a director who is completely loyal to the company will have no problem in adhering to the duty of loyalty. However, problems will arise when people place their own interests above those of the...