Corporation definition

Word Origin late Middle English: from late Latin corporatio(n-), from Latin corporare ‘combine in one body’ (see corporate). A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that individuals possess. How to use corporation in a sentence.

Corporation definition is - a group of merchants or traders united in a trade guild.

Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature). C corporations , the most prevalent of corporations. The interests of management and shareholders often conflict, particularly when a corporation is subject to a possible takeover attempt. Definition of corporate.

The state must generally date-stamp the articles before they are effective. You may wish to consult the law of the state in which the organization is incorporated. Note that for a corporation to qualify.

See more synonyms for corporate on Thesaurus. She considers the new federal subsidy just corporate welfare. An S- Corporation is a regular corporation with between and 1shareholders that passes-through net income or losses to those shareholders in accordance with Internal Revenue Code, Chapter Subchapter S. An S corporation , 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 of the Internal Revenue Code. In general, S corporations do not pay any income taxes. IRS updates automatic approval procedures for accounting-period changes Similarly, an S corporation is also a desirable target in a tax-advantaged acquisition strategy known as a Section 338(h)(10) transaction.

The corporation is liable for the actions and finances of the business – the shareholders are not. One of the most important features of a corporation is that its owners are generally not personally liable for the debts of the corporation. Any corporation that does not meet the limitations for an S- corporation , or one that otherwise qualifies for S- corporation status but elects to be treated as a C-cor- poration.

In other words, one or more people get together and create a C- corporation by creating ownership shares. At minimum, articles of incorporation must be filed with the Secretary of State. An S corporation must also file a special form with federal and state tax authorities that notifies them of the election of the subchapter S status. Corporation tax is a tax placed on the taxable profits of limited companies and other organisations such as clubs, societies, and unincorporated entities. S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

You must pay Corporation Tax on profits from doing business as: a limited company.

Magic Queen Plus Support. Britain) an organization established to run a nationalized industry or state-owned enterprise. Business an association of individuals, created by law and having an existence apart from that of its members. US Corporate Law at books. In fact, a properly formed corporation is a legal entity endowed with the characteristic of “personhood.

A group of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members. A legal entity organized under state laws that is considered separate from its owners. Ownership is evidenced by shares of stock.

In an S corporation , the profits are passed on to the shareholders, and are taxed based on personal returns. One of the primary advantages of corporations is that ownership of the company can change hands without disturbing the operation of the business. This also allows for the continuation of the company in the event of the death of one of its shareholders, and makes it easier to hire non-shareholders to manage the company’s operations.