S Corporation - Law Dictionary Search Results
Home Dictionary Name: s corporations corporation
s corporation A small business corporation with a limited number of shareholders. Its major significance is the fact that an S corporation usually avoids corporate income tax. Corporate losses can be claimed by the shareholders. Source: FindLaw ...
subchapter s corporation
subchapter s corporation A corporation that has elected under Subchapter S of the Internal Revenue Code not to pay any corporate taxes on its earnings, and instead to have its shareholders pay taxes on it ...
corporation
corporation [Late Latin corporatio, from Latin corporare to form into a body, from corpor- corpus body] : an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals that has most of the rights and duties of natural persons but with perpetual existence and limited liability see also pierce compare association, partnership, sole proprietorship close corporation [klōs-] : a corporation whose shares are held by a small number of individuals (as management) and not publicly traded ;specif : small business corporation in this entry called also closely held corporation compare public corporation in this entry foreign corporation : a corporation organized under the laws of a state or government other than that in which it is doing business government corporation : public corporation in this entry moneyed corporation : a corporation (as a bank) authorized to engage in the investment, exchange, or lending of moneyed capit...
subchapter S
subchapter S : a subchapter of chapter 1 of the Internal Revenue Code that allows a small business corporation's taxable income to be computed in a manner similar to that used for a partnership see also S corporation at corporation ...
Corporation or body politic
Corporation or body politic, an artificial person es-tablished for preserving in perpetual succession certain rights, which being conferred on natural persons only would fail in process of time. It is either aggegate, consisting of many members, or sole, consisting of one person only, as a parson. It is also either spiritual, created to perpetuate the rights of the Church, or lay'sub-divided into civil, created for many temporal purposes, and eleemosynary, to perpetuate founders' charities. It is by virtue of the sovereign's prerogative exercised by a charter, or of an Act of Parliament, or of prescription, that the artificial personage called a corporation, whether sole or aggregate, civil or ecclesiastical, is created. The royal charter gives it a legal immortality, and a name by which it acts and becomes known. It has power to make bye-laws for its own government, and transacts its business under the authority of a common seal-its hand and mouthpiece; it has neither soul nor tangibl...
Corporation
Corporation, a co-operative society is a corporation, Daman Singh v. State of Punjab, AIR 1985 SC 973 (978): (1985) 2 SCC 670. [Punjab Co-operative Societies Act (25 of 1961) s. 30]'Corporation' is an artificial being created by law having a legal entity entirely separate and distinct from the individuals who compose it with the capacity of continuous existence and succession, notwithstanding changes in its membership. In addition, it possesses the capacity as such legal entity of taking, holding and conveying property, entering into contracts, suing and being sued, and exercising such other powers and privileges as may be conferred on it by the law of its creation just as natural person may, S.S. Dhanoa v. Municipal Corpn., (1981) 3 SCC 431: AIR 1981 SC 1395 (1398). [Penal Code (45 of 1860), s. 21, Cl. (12)]'Corporation' referred to under s. 20 Expln of CPC mean not only statutory corporation but also a company registered under the Indian Companies Act, Hakam Singh v. Gamnar (India) L...
Sole, Corporation
Sole, Corporation, one person and his successors, who are incorporated by law, in order to give them some legal capacities and advantages, particularly that of perpetuity, which in their natural persons they could not have had; as the sovereign, a bishop, parson, etc., Steph. Com., 7th Edn., i. 358; iii. 4.The word 'successors' was essential in order to pass the fee simple in a grant to a corporation sole; without it, a life estate only passes: Co. Litt. 94 b. Words of limitation are not now necessary to convey land to a corporation sole [(English) Law of Property Act, 1925, s. 60], and by s. 180 (ibid.) any property which vested at any time in a corporation sole, including the Crown, passes and always has passed to his successors unless disposed of by him, and on his death it does not pas to his personal representatives but to his successor [Administration of Estates Act, 1925, s. 3 (5)]. In the event of a vacancy in office, see s. 180, L.P. Act, 1925. As to the property on a dissolut...
Trust corporation
Trust corporation, is defined by the (English) Settled Land Act, 1925, s. 117 (1) (xxx.), to mean the Public Trustee or a corporation appointed by the Court or entitled under (English) Public Trustee Act Rules [see the Public Trustee [(English) Custodian Trustee] Rules, 1926, S. R. & O., 1926, No. 1423/L. 37]. Trust corporations may exercise solely or jointly all the powers for the exercise of which the Land Legislation Acts of 1925 require two trustees at least (see TRUST; TRUST FOR SALE; SETTLED LAND; ADMINISTRATOR). These corporations include any company incorporated by Special Act or Royal Charter or Companies under the Companies Act, 1929, with an issued capital of not less than 2,50,000l., of which at least 1,00,000l. has been paid up in cash, or any company undertaking trust business for his Majesty's Navy, Army, Air Force or Civil Service having as director or member any person nominated by one of the Government Departments referred to in the Rules or any company authorized by ...
Body corporate
Body corporate, does not include a corporate sole, nor a Scottish firm, but includes a company incorporated elsewhere than in Great Britain, Halsbury's Laws of England, Vol. 9(2), 4th Edn., Para 1189, p. 673.Body corporate, does not include 'corporation sole but includes a company incorporated elsewhere than in Great Britain, it does not include a Scottish firm, Halsbury's Laws of England, Vol. 21, 4th Edn., Para 772, p. 552.The expression 'body corporate' is used in legal parlance to mean a public or private corporation, Ashoka Marketing Ltd v. Punjab National Bank, (1990) 4 SCC 406: AIR 1991 SC 855....
Financial corporation
Financial corporation, means a Financial Corporation established under s. 3 and includes a Joint Financial Corporation established under s. 3A. [State Financial Corporations Act, 1951 (63 of 1951), s. 2 (b)]...
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