Corporation: An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures.

 

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Corporation: A type of organizational structure that is an artificial entity, invisible, intangible, and existing only in contemplation of the law.

S Corporation: A domestic corporation that is recognized as a regular corporation under state law but is granted special status for federal income tax purposes.

Corporation Franchise Tax Lien: State governments generally levy a corporation franchise tax on corporations as a condition of allowing them to do business in the state. Such a tax is a general statutory involuntary lien o . . . View Full Definition

Possessions Corporation: A type of corporation permitted under the U.S. tax code whose branch operation in a U.S. possession can obtain tax benefits as though it were operating as a foreign subsidiary.

Advanced Corporation Tax (ACT): This is corporation tax paid in advance when a limited company issues a dividend. ACT is then deducted from the total corporation tax due when it has been calculated at year end. ACT was abo . . . View Full Definition

Articles Of Incorporation: Legal document establishing a corporation and its structure and purpose.

Affiliated Corporation: A corporation that is an affiliate to the parent company.

Resolution Funding Corporation (Refcorp): A government agency established by Congress in 1989 to issue bailout bonds and raise funds for the activities of the Resolution Trust Corporation, as well as to administer struggling institu . . . View Full Definition

Quasi-Public Corporation: In the United States, quasi-public corporations have links to the federal government although they are technically in the private sector. This means that their managers and executives work f . . . View Full Definition

Commodity Credit Corporation (CCC): A wholly owned government corporation created in 1933 to stabilize, support, and protect farm income and prices (federally chartered by the Commodity Credit Corporation Charter Act of 1948 ( . . . View Full Definition