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24 Cards in this Set
- Front
- Back
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Corporation
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A legal entity created by a state to carry out business (if a for-profit entity)
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MBCA
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Model Business Corporation Act, act upon which individual state statues governing corporations are based
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Corporate powers
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List of activities enumerated by a state in which a corporation can engage
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Domestic corporation
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A corporation operating in the state of its incorporation
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Foreign corporation
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A corporation operating in a state other than its state of incorporation
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Alien corporation
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A corporation formed outside the United States
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Federal or state corporation
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An entity formed under the authority of a federal or state statue for some public good
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Public corporation
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A corporation whose shares are sold to the public at large
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Privately held corporation
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A corporation whose shares are owned by a small group of, usually family or friends
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Nonprofit corporation
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A corporation formed not to make a profit but for public benefit, religious purposes, or the mutual benefit or its members
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Close corporation
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A corporation whose shares are held by a small group of shareholders and that is allowed to act informally
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Professional corporation
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A corporation organized by professionals, such as doctors
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S corporation
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A corporation that avoids double taxation by passing through all of its income to its 100 or fewer shareholders
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C corporation
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A corporation that is not an S corporation and that is subject to double taxation
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Parent corporation
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A corporation that creates another corporation (the subsidiary)
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Subsidiary corporation
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A corporation created by another (the parent)
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Stock certificate
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The document that represents ownership in a corporation
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Double taxation
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Concept in corporate law in which money earned by a corporation is taxed; when remainder is distributed to shareholders, they are also taxed
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Franchise tax
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A fee or tax imposed by a state for the privilege of conducting business in the state
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Section 1244 stock
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Stock upon the sale of which (at a loss) receives favorable tax treatment and is taxed as an ordinary loss
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Ordinary loss
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A loss that can be used to offset ordinary income
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Capital loss
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A loss that can only be used to offset capital gains rather than ordinary losses
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Capital gains
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Gains acquired through the sale of appreciated assets
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Qualified small business stock
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Stock issued by a qualified corporation that provides certain tax benefits on the gain realized on sale of the stock
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