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An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.
This requirement is met if more than 20% of the corporation's compensation cost for its activities of performing personal services during the testing period is for personal services performed by employee-owners. 3. Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period.
The corporation must pay its shareholder(s) compensation as bonuses equal to or less than the payment made in the prior tax year, or 95% of the corporations taxable income earned in the taxable year ended December 31. [11] Consequently, a loan-out corporation experiencing increasing revenues will benefit from the use of fiscal year tax deferral.
The owners of the LLC, called members, are protected from some or all liability for acts and debts of the LLC, depending on state shield laws. In the United States, an S corporation is limited to 100 shareholders, [b] and all of them must be U.S. tax residents. [c] An LLC may have an unlimited number of members, and there is no citizenship ...
Wabash National was founded as a start-up in 1985 in Lafayette, Indiana and has been publicly traded since 1991. [4] [5] The company was co-founded in April 1985 by Jerry Ehrlich, formerly the president of Monon Corp., an Indiana-based trailer manufacturer.
NiSource was founded in 1912 as the Northern Indiana Public Service Company, which merged with several other companies to become the Columbia Gas and Electric Corporation. Under the Public Utility Holding Company Act of 1935 , Columbia was forced to reorganize its subsidiaries and eventually spun off its electric utilities, becoming the ...
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Most new employers in the state of Indiana start with a 2.5% unemployment tax rate unless your company is a construction company, successor company, or a government entity, at which point your tax rate is 2.53%, .5% to 9.4%, 1.6% respectively. [9] Indiana employers are required to pay unemployment taxes for any year in which they have employees ...