Term
| How is ownership of a corporation transferrable? |
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Definition
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Term
| How is a C Corporation taxxed? |
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Definition
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Term
| Are shareholders taxxed separate of the corporation on distributed profits? |
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Definition
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Term
| How is an S Corporation taxxed? |
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Definition
| Generally as a partnership |
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Term
| How do profits flow in an S Corporation? |
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Definition
| Through the corporation onto the owners |
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Term
| What are the restrictions on forming an S Corporation? |
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Definition
Stock held by less than 100 persons.
Shareholders are individuals
Only one class of stock
No foreign shareholders |
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Term
| What is a corporate promoter? |
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Definition
| A joint venturer with fiduciary relation to fellow promoters. |
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Term
| What is the function of a corporate promoter? |
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Definition
| Seek capital and other assistive instrumentalities used by the corporation AFTER formation. |
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Term
| How can a promoter breach his or her fiduciary duty? |
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Definition
| Pursue secret personal gain at the expense of fellow promoters. |
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