Taxation
This business entity is taxed twice: once at the corporate level and once when dividends are distributed to shareholders.
What is a Corporation?
Entities generally seek this kind of liability, which is one of the main reasons for the creation of the LLC.
What is limited liability?
In Georgia, corporations must file this document with the state to formally incorporate.
What are Articles of Incorporation?
This is who governs a nonprofit.
What is a board of directors?
To elect S tax status, an entity must have less than this number of shareholders.
What is less than 100 shareholders?
Nonprofits are exempt from this federal tax if they obtain 501(c)(3) status.
What is federal income tax?
These assets are protected under limited liability.
What are personal assets?
In Georgia, this document is typically filed with the state to create an LLC.
What are Articles of Organization?
This designation under the IRS Code allows donations to a nonprofit to be tax-deductible for donors.
What is 501(c)(3)?
This document governs the internal rules and structure of a corporation.
What are bylaws?
This is the default tax status of a multi member LLC.
What is a partnership?
Sole proprietors and general partners face this kind of liability for business debts.
What is unlimited personal liability?
An LLC should have this internal document to outline the rules and regulations of the business.
What is an operating agreement?
The board members of a nonprofit are required to follow these three duties: duty of obedience, duty of loyalty, and this duty.
What is the duty of care?
The state that the first LLC was formed in.
What is Wyoming?
A corporation can be this kind of election to avoid double taxation.
What is an S election?
In this type of partnership, owners are liable for only their own acts of negligence, not for the actions of others.
What is a limited liability partnership (LLP)?
This type of entity can be managed either by its members or by appointed managers.
What is an LLC?
A nonprofit must be organized for purposes such as charitable, scientific, literary, or these other two purposes.
What are religious and educational purposes?
The year that the first LLC was formed.
What is 1977?
The two types of taxes an owner of a entity taxed as a partnership pays.
What are income taxes and self employment taxes?
One way to potentially lose limited liability is to do this with your personal and business finances.
Nonprofit organizations must file this application with the IRS to receive tax-exempt status.
What is Form 1023?
Nonprofits are restricted from engaging in this type of political activity, which may jeopardize their tax-exempt status.
What is political campaigning?
This corporate form allows the company to prioritize social and environmental goals alongside profits.
What is a B Corporation (Benefit Corporation)?