subchapter S corporation :: legal definition
Subchapter S corporation - n. the choice by a small corporation to be treated under "subchapter S" by the Internal Revenue Service, which allows the corporation to be treated like a partnership for taxation purposes. This may provide the benefit of passing losses (particularly in the early development of the business) to the stockholders. Technically the term "subchapter S corporation" is a misnomer since it is a normal corporation except for the election (choice) which is filed on a form provided by the IRS normally immediately after incorporation, which election can be withdrawn before the beginning of a future taxable year. This election is usually prepared and filed with the IRS by the company's accountant and not the incorporating attorney.
See also: corporation and Related Law Terms ↓
Related Law Terms
articles of incorporation :: n. the basic charter of a corporation which spells ... year's taxes. See also: corporationcompany :: n. any formal business entity for profit, which ma ... s a corporation. See also: business
corporation :: n. an organization formed with state governmental ... ation public corporation securities
foreign corporation :: n. a corporation which is incorporated under the l ... tate or Whoopee's designated agent.
incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock
non-profit corporation :: n. an organization incorporated under state laws a ... harity corporation cy pres doctrine
offshore corporation :: n. a corporation chartered under the laws of a cou ... nds in accounts out of the country.
person :: n. 1) a human being. 2) a corporation treated as h ... amages. See also: corporation party
professional corporation :: n. a corporation formed for the purpose of conduct ... rofessionals. See also: corporation
stock certificate :: n. printed document which states the name, incorpo ... . See also: corporation share stock
Popular Law Searches
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forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
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Other Law Terms - S
said :: adj. a reference back to a thing that was previous ... automobile in a negligent manner."sale :: n. transfer of something (and title to it) in retu ... contract forced sale sheriff's sale
salvage :: 1) v. to save goods. 2) n. payment to a person or ... which saves cargo from a shipwreck.
sanction :: n. 1) a financial penalty imposed by a judge on a ... ction." See also: contempt of court
satisfaction :: n. receiving payment or performance of what is due ... n contract satisfaction of judgment
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
satisfaction of mortgage :: n. a document signed by a lender acknowledging tha ... id off the debt. See also: mortgage
save harmless :: v. 1) also called hold harmless, to indemnify (pro ... . See also: hold harmless indemnify
savings and loan :: n. a banking and lending institution, chartered ei ... vings into the home finance market.
scienter :: n. Latin for "having knowledge." In criminal law, ... ents were lies and thus fraudulent.
scintilla :: n. Latin for "spark." Scintilla is commonly used i ... ark) upon which to base a judgment.
scope of employment :: n. actions of an employee which further the busine ... ter and servant respondeat superior
scrivener :: n. a person who writes a document for another, usu ... r practicing law without a license.
seal :: n. a device which creates an impression upon paper ... e "sealed," but that is rare today.
sealed verdict :: n. the decision of a jury when there is a delay in ... reconvenes. See also: jury verdict
sealing of records :: n. trial records and decisions which a judge order ... eep the terms from public scrutiny.
search :: v. 1) to examine another's premises (including a v ... e search and seizure search warrant
search and seizure :: n. examination of a person's premises (residence, ... robable cause search search warrant
search warrant :: n. a written order by a judge which permits a law ... ble cause search search and seizure
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