Corporation

Front

when a group of people form a business or organization and have rights and liabilities separate from the individuals involved

Back

Corporation

Front

most widely used form of business in the world; treated as separate legal entities from its shareholders, so they have the ability to sue or be sued, are capable of holding assets in its own name, can sign contracts and have the ability to make by-laws, which govern its internal affairs

Back

C Corporation

Front

any person, company or other institution which owns at least one share in a company (also known as a stockholder)

Back

Shareholder

Front

item of ownership having an exchange value

Back

Asset

Front

money or debt owed

Back

Liability

Front

What is it called when a corporation pays federal corporate income tax on profit and stockholders pay taxes on dividends?

Back

Double Taxation

Front

general corporations which have elected a special tax status with the IRS after the corporation has been formed; most appropriate for small business owners and entrepreneurs who prefer to be taxed as if they were still sole proprietors or partners

Back

S Corporation

Front

made up of social security taxes and Medicare taxes

Back

FICA Taxes

Front

provides benefits for certain retired, disabled or deceased workers and their families

Back

Social Security Tax

Front

pays for the medical expenses of most people over the age of 65

Back

Medicare Tax