first I should try to explain what a corporation is. In 1819‚ Chief Justice Marshall of the United States Supreme court said: " A corporation is an artificial being‚ invisible‚ intangible‚ and existing only in contemplation of the law." In the Webster’s College Dictionary corporation is defined as "an association of individuals‚ created by law and having an existence apart from that of its members as well as distinct and inherent powers and liabilities." A corporation is divided into many units called
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forming a corporation under the laws of the Philippines. AND WE HEREBY CERTIFY: FIRST: That the name of the said corporation shall be: ________________________________________________________________________ _ SECOND: That the purposes for which said corporation is formed are: B. That the corporation shall have all the express powers of a corporation as provided for under section 36 of the Corporation Code of the Philippines. THIRD. That the place where the principal office of the corporation is to
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Income and Tax Payable for Corporations I. Calculation of Net Income For Tax Purposes and Taxable Income - Corporations follow the applicable ordering rules of Section 3 in computing NITP Net Income for Tax Purposes Less: Div C deductions Taxable Income Most of the Div. C deductions for corporations are DIFFERENT from the Div. C deductions for individuals. Div C deductions for Corporations: 1. Charitable donations
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BORROW MONIES AND PLEDGE PROPERTY AS COLLATERAL Date: August __‚ 1974 Corporation: ABC Nonprofit Organization President: Richard Nixon Vice-President: Gerald Ford Secretary: Henry Kissinger Treasurer: John Connally Date of Meeting of Board of Directors: August 9‚ 1974 We‚ the President and the Secretary of the Corporation‚ certify the following facts: 1. ABC Nonprofit Organization is a Texas non-profit corporation‚ is organized and operating under the laws of Texas‚ is qualified to
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TASK 1 (PART A) LIT 1 SOLE PROPRIETORSHIP: The owner and the business are considered one. The owner takes all the risk and receives all the profits. It is easy and inexpensive to start up a sole proprietorship however a sole owner has trouble raising capital which could limit growth. • LIABILITY –If the business fails the owner is financially responsible and my lose everything. • INCOME TAXES – The proprietor and the business are taxed together. • LONGEVITY/CONTINUITY – The business dies
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describes how a corporation‚ which has not made any special tax elections‚ and its shareholders‚ are taxed? The corporation is not taxed‚ but the shareholders are taxed on their dividends. The corporation is taxed‚ but the shareholders are not taxed on their dividends. The corporation is taxed‚ and the shareholders are taxed on their dividends. Neither the corporation nor its shareholders
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LIT 1 Task 1 Sole Proprietorship A sole proprietorship is the most common type of business in the United States. It is formed when a person starts a business‚ but does not register it as a corporation‚ or a limited liability company. Most contractors‚ consultants‚ and home businesses operate under this form of business. Sole proprietorships are easy to form‚ and provide the owner with total control over the business. All of the profits belong to the owner‚ because the business and the owner
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Part A (The Report) Sole Proprietorship A sole proprietorship is the most common form of forming a business in the United States. The individual that forms the sole proprietorship and the business is one in the same. For example‚ if the business owes creditors money‚ the individual who created the sole proprietorship business has to pay the bill. When entering into contracts the individual is actually agreeing to the contract since the person and business is one in the same. The biggest advantage
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and maintaining those limits. Several concepts prove why the ethical responsibility of a corporation should be placed internally‚ on producing profit‚ rather than addressing social issues. Friedman’s philosophy supports the rights of shareholders and says that the primary duty of corporations is to maximize profit. Shareholders are owners of the corporation and by investing their money into the corporation‚ they deserve to be properly valued. This illustrates an underlying philosophy known as property
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employee benefits are not deductible from business income on tax returns. The partnership may end upon the withdrawal or death of a partner. Corporations A corporation is different from a sole proprietorship or a partnership in that a corporation is separate statutorily created legal entity from the people who manage‚ own‚ control‚ and operate it. A corporation can be taxed; it can be sued; it can enter into contractual agreements. Being incorporated essentially means the owner receives limited liability
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