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If a foreign corporation is not identified on the list included in these regulations, it qualifies as an eligible entity. The list of foreign entities classified as corporations for federal tax purposes (so called per se corporations, not eligible to make an entity classification election) includes, as of September 2009: [4]
To be considered a Partnership, LLC, Corporation, S Corporation, Non-profit, etc. a business must obtain an EIN. This applies to business with no income, which are not exempt from filing federal income tax returns. Before 2001, the first two digits of an EIN (the EIN Prefix) indicated the business was located in a particular geographic area.
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]
LLC. Corporation. Ownership. Can be owned by one or multiple members. Owned by shareholders. Paperwork. Annual business filings can be handled by the business owner or manager
Small business owners face severe penalties if they don't report to the federal government by year's end. Thousands of businesses may not realize they are subject to a new reporting process ...
New York Business Corporation Law section 1104-a, the holders of 20 per cent of voting shares of a non-public corporation may request that the corporation be wound up on grounds of oppression. NY Bus Corp Law §1118 and Alaska Plastics, Inc. v. Coppock , 621 P.2d 270 (1980) the minority can sue to be bought out at a fair value, determined by ...
Groups of corporations may elect to file consolidated returns at the federal level and with a few states. Electronic filing of federal [58] and many state returns is widely encouraged and in some cases required, and many vendors offer computer software for use by taxpayers and paid return preparers to prepare and electronically file returns.
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