A close corporation is a corporation which is held by a limited number of shareholders and is not publicly traded. A close corporation can generally be run directly by the shareholders (without a formal board of directors and without a formal...
partnerships
(Wex page)
Overview
When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else financially.
The person who has a fiduciary duty is called the fiduciary, and the person...
(Wex page)
Overview
A partnership is a for-profit business organization comprised of two or more persons. State laws govern partnerships. Under various state laws, "persons" can include individuals, groups of individuals, companies, and corporations. As such...
(Wex page)
Pass-through taxation refers to businesses that do not pay taxes on the entity level. Instead, the income passes to the owners of the business who pays personal income taxes for their share of the business. Pass-through taxation typically...
(Wex page)
Overview
"Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation’s actions or debts. Veil piercing is most common in...