C-Corp Basics
This is what the "C" in C-Corporation is in reference to
What is Subchapter C of the Internal Revenue Code?
C-Corporations file this federal tax form annually
What is Form 1120?
The C-Corp’s organizational structure is commonly represented by a hierarchy with these three levels: Board of Directors, Officers, and this group.
Who are the Shareholders?
A common disadvantage of C-Corporations.
What is double taxation?
This entity type is taxed at both the corporate and shareholder levels.
What is a C-Corporation?
How many number of shareholders can a C-Corporation have?
What is unlimited shareholders?
This date is when C-Corporations are required to file
What is April 15th?
C-Corp ownership is usually represented by these, which can be bought, sold, and traded.
What are shares of stock?
This gives shareholders' personal assets protection from the debts and liabilities of the corporation.
What is Limited Liability?
These two entity types avoid double taxation by passing profits directly to owners' personal tax returns.
What are LLCs and S-Corporations?
This document must be filed with the state to legally create a C-Corporation
What are the Articles of Incorporation?
Dividends distributed to shareholders are taxed as ____ income
What is personal income?
This group owns a C-Corporation
Who are the shareholders?
C-Corporations can continue to exist even if this happens to a shareholder
What is death or sale of ownership?
This business structure can issue multiple classes of stock.
What is a C-Corporation?
This type of liability is what shareholders of a C-Corporation have
What is limited liability?
C-Corporations are taxed on their net taxable income at this rate.
What is the corporate tax rate?
C-Corporations must file this document to establish their internal rules and regulations, covering matters like voting rights and officer roles.
What are bylaws?
This advantage of a C-Corp allows the business to raise significant capital by selling shares to a large number of investors.
What is access to capital markets?
In this structure, all owners have an equal say unless the operating agreement says otherwise.
What is an LLC?
Unlike S-Corporations or LLCs, C-Corporations face this type of taxation.
What is double taxation?
This is the current federal tax rate applied to the income of a C-Corporation in the United States.
What is 21%?
In a C-Corp, if the CEO and other executives do not fulfill their duties properly, the shareholders can remove them by voting at this type of meeting.
What is the annual shareholders' meeting?
Shareholders of a C-Corp can receive money in the form of this, which is paid out of the corporation's profits, but is subject to double taxation.
What is a dividend?
A business structure that allows the owners of a business to be legally separate from the business itself