wners which receives its right to exist from the state in which it is incorporatedDomestic CorporationA corporation doing business in the state in which it is incorporatedForeign CorporationA corporation doing business in a state other than the one in which it is incorporated.Alien CorporationA corporation formed in another country but doing business in the U.S.Treasury StockThe share a corporation owns in itself.Right of First RefusalA provision requiring shareholders who want to sell their stock to offer it first to the corporation.BylawsThe rules and regulations the officers and directors establish for the corporation’s internal management and operation.Double TaxationCorporation profits are taxed twice, at the corporate rate and at the individual rateArticle of OrganizationThe document that establishes for an LLC its name, method of management, duration and etc.Operating Agreement“ “ “ “ “ “ the provisions governing the way it will conduct businessAn S-Corporation retains similar characteristics of a legal corporation but has the advantage of being taxed as a partnership, provided that it meets certain requirements. The advantages of an S-Corporations is that they get to retain the advantages of regular corporations while having the ease of transferability of ownership, the continuity of existence, and the limited personal liability for its owners. Also, S-Corporation owners get the opportunity to make year-end payouts to themselves if profits are high. Lowering their tax bills is another attractive benefit for the S-Corporation owners. The disadvantage they face is the cost of many fringe benefits such as insurance, meals and lodging, paid to shareholders with 2% or more of stock cannot be deducted as business expenses for tax purposes. Shareholders of S-Corporations are constrained to a limited range of retirement benefits. S-Corpor...
