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 ...
Appointed day
Appointed day. A day fixed by an Act of Parliament for some purpose of the statute; see, e.g., the Local Government Act, 1894, s. 84; Merchant Shipping Act, 1906, s. 5.In relation to a Tribunal or an Appellate Tribunal, means the date on which such Tribunal is established under sub-s. (1) of s. 3 or, as the case maybe, sub-s. (1) of s. 8. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (13 of 1985), s. 2 (c)]In relation to a Tribunal, means the date with effect from which it is established, by notification, under s. 4. [Administrative Tribunals Act, 1985 (13 of 1985), s. 3 (c)]In relation to any provision of this Act, means the day on which that provision comes into force. [Advocates Act, 1961 (25 of 1961), s. 2 (b)]Means the date on which the Corporation is established under s. 3. [Life Insurance Corporation Act, 1956 (31 of 1956), s. 2 (1)]Means the date on which these rules shall come into force. [Supreme Court Rules, 1966, s. 2 (1) (c)]Means the day following i...
Meeting
Meeting, an assembly of persons whose consent is required for anything to decide, by a proper majority of votes, whether or not that thing shall be done; e.g., the meeting of the town council under s. 22 of the (English) Municipal Corporations Acts, 1882 (45 & 46 Vict. c. 50), or (English) Local Government Act, 1933 (23 & 24 Geo.5, c. 51), s. 75.By Common Law in the absence of other provisions a corporation is bound by the majority present at a regular corporate meeting and not only by an absolute majority of the corporation (this does not apply to companies), Perrott and Perrott Ltd. v. Stephenson, (1934) 1 Ch 171; and see Kyd on Corporations, Vol. 1, p. 400; or of the parish or parish council: see PARISH COUNCIL; PARISHMEETING. Also a meeting of the shareholders of a company under ss. 66-80 of the (English) Companies Clauses Act, 1845 (8 & 9 Vict. c. 16). As to meetings of creditors, see (English) Bankruptcy Act, 1914, ss. 13, 79 and 95. A company formed under the Companies Act, 1929...
corporal punishment
corporal punishment : punishment inflicted on a person's body see also cruel and unusual punishment NOTE: The prohibition on cruel and unusual punishment in the Eighth Amendment to the U.S. Constitution imposes limits on the use of corporal punishment on convicted offenders and prisoners. The U.S. Supreme Court has found the Eighth Amendment to be inapplicable to the use of corporal punishment on schoolchildren. ...
Corporation Act (English)
Corporation Act (English), 13 Car. 2, s. 2, c. 1, by which no person could thereafter be elected to office in any corporate town who should not within one year previously have taken the Sacrament of the Lord's Supper according to the rites of the Church of England.-An obligation to subscribe a declaration was substituted for the necessity of taking the Sacrament by 9 Geo. 4, c. 17,and the Corporation Act itself, with a body of similar Acts, was repealed by 34 & 35 Vict. c. 48....
Postmaster-General
Postmaster-General. The head of the Post-office, whose appointment and powers are regulated by the (English) Post Office Acts, 1908 to 1920 and the (English) Post Office (Amendment) Act, 1935 (25 & 26 Geo. 5, c. 15). He acts in a corporate capacity (Post Office Act, 1908, s. 33), and for the purpose of holding land is a corporation sole. See CORPORA-TION, s. 45, ibid. He is usually one of the Ministry, and may sit in the House of Commons (see 29 & 30 Vict. c. 55), and if an Assistant Postmaster-General is appointed he can sit and vote in the House of Commons by virtue of the Assistant Postmaster-General Act, 1909. There were two before 1822, when one was abolished....
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...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Trust
Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...
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