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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 as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.
When taxed as a C-Corporation, the entity will pay corporate taxes before profit is distributed to members who will also be required to pay tax on their gains. This is sometimes called double taxation. [22] [19] Prior to electing a taxation form, members of the L3C should consider the personal tax consequences of each election form.
合同会社 (gōdō gaisha or gōdō kaisha, "G.K.") – lit. "amalgamated company", a close corporation form similar to the American LLC, introduced in 2006 有限会社 (yūgen gaisha or yūgen kaisha, "Y.K.") – lit. "limited company", a close corporation form for smaller businesses, abolished in 2006 and replaced by G.K. above
The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [5]
The Department of Corporations was originally known as the "State Corporation Department" and was created by the "Investment Companies Act". [1] Governor Hiram Johnson appointed H.L. Carnahan as California's first Commissioner of Corporations in 1914. The Investment Companies Act faced immediate opposition but was approved by the voters in a ...
Corporations The Office of the Secretary of State has a number of responsibilities related to corporations; the largest portion office is the Business Programs Division, which handles corporate filings. The Business Entities Section processes, files and maintains records related to corporations, limited liability companies, partnerships and ...
In an effort to strengthen consumer financial protections in California, Governor Gavin Newsom in 2020 proposed an initiative [3] to modernize and revamp the Department of Business Oversight (DBO). The measure included an increase in staff and authority, to enhance the department's regulatory scope and enable it to become a national model for ...
An entity, which is eligible to make an election, is referred to as an eligible entity. Generally, a corporation organized under U.S. federal or state statute (and referred to as a corporation, body corporate or body politic by that statute) is not an eligible entity. However, the following types of business entity are treated as eligible ...