A close corporation is a corporation which does not exceed a statutorily defined number of shareholders and is not a public corporation. This number depends on the state's business laws, but the number is usually 35 shareholders.
...partnerships
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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, usually financially.
The person who has a fiduciary duty is called the fiduciary, and the person to whom...
(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...
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Overview
Pass-through taxation refers to the fact that a pass-through business pays no taxes. Instead, some control person pays the business's taxes through that person's own personal tax return.
Pass-through taxation typically applies to...
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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...