owners of corporations are referred to most frequently as:

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A corporation is also commonly referred to as a "limited company" or just "company". A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law 'born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes. Some of the states allow for one director in a company, irrespective of the number of owners. – Corporations formed or organized under this Code may be stock or nonstock corporations. Corporations generally have assets composed of money, real estate. Although they may serve a public purpose, as a public utility does, they are owned by private persons rather than by the government. Page 1/3 But, as we describe in Part II, none of them has been successful. In effect, the accounting entries tell a story of the life of a business. Most corporations are private. 3. What is a “fictitious name?” A fictitious name is a name under which any person shall do or transact any business in this state which is other than the true name of such person. C Corporations : A C corporation, under United States federal income tax law, refers to any corporation that is taxed separately from its owners. While the overall risk of an individual tax audit is low, the odds go up when you file a business tax return. Piercing the veil can become an issue for businesses of all sizes. A corporation is a separate legal entity created by following the procedures set out in the applicable statute. Step 6: File Documents for Articles of Incorporation The use of eminent domain power to take property is referred to by many terms and varies from state to state as well as internationally. This bylaw is typically referred to as “Bylaw Number 2”, which authorizes the Corporation and its directors to borrow money, usually without the prior authorization of the shareholders. However, owners can report their share of profit and loss in the company on their individual tax returns. The first, often referred to as the doctrine of de facto corporations, has been applied in those cases where there are elements showing: (1) the existence of law authorizing incorporation; (2) an effort in good faith to incorporate under the existing law; and (3) actual use or exercise of corporate powers. Most corporations are private. Private hospitals, educational institutions, charities, and religious organizations, for instance, are frequently organized as nonprofit corporations. Corporations that are formed without a profit making purpose are called nonprofit, not_for_profit, or eleemosynary (charitable) corporations. A) bondholders, principals B) stockholders, bondholders C) agents, principals D) principals, agents Answer: D Diff: 1 Topic: 1.8 The Financial Management Setting: The Agency Model AACSB : 2 Ethical Understanding and Reasoning Abilities Hmwrk Questions: * Taken from "Prepping … S Corporations have a number of restrictions. Most major companies (and many smaller companies) are treated as C corporations for U.S. federal income tax purposes. : 10 Early incorporated entities were established by charter (i.e. Frequently, accounting is described as the language of business. State Corporation Laws – Corporations Corporation Law. Corporation law (also referred to as company law) is the body of law that governs the formation, governance and dissolution of corporations. Typically, the creditor will successfully sue the corporation or LLC for the unpaid debt. The S-Corporation files IRS form 1120S to report income. Since corporations are set apart from the company overseers, the owners, directors, officers and shareholders’ personal assets are protected from liability. Sometimes, private corporations such as oil and gas companies, railroads or redevelopment authorities may be granted eminent domain power to construct projects providing a benefit to the public. One of the most important features of a corporation is that, generally, its owners are … A C corporation is distinguished from an S corporation, which generally is not taxed separately. buildings, machinery, patents, copyrights, etc. Owners so much as investors or even speculators eleemosynary ( charitable ) corporations income. Report income limit on the number of stockholders, making it easier bring... Frequently the directors of a company, irrespective of the number of owners money, estate. Corporations provide a number of owners legal forms tax returns of other mechanisms to corporate! 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