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C Corporation Related Questions

What is a C Corporation?

A C Corporation is a business term that is used to tell the difference from all the others, because its profits are taxed separately from the business owners. This information is stated under subchapter C of the Internal Revenue Code. A C Corporation is also owned by its shareholders. In many cases a C Corporation is required to report any financial operations to the state attorney general. This is because the corporation is treated differently; it is treated as an independent unit. A C Corporation does not stop when the shareholders either change or decease. Read below where Experts have answered many questions relating to a C Corporation.

C Corporation vs. S Corporation?

There are many differences between a C Corporation and a S Corporation. An S Corporations shareholder can elect to have the corporation treated as a flow through unit. An S Corporation is not subject to income tax, this corporation to tax on a pro rata share of income that is based on their shareholdings. Unlike S Corporations, a corporation can qualify as a C corporation without considering any limit of the number of shareholders, foreign or domestic.

What are the C Corporation requirements?

The C Corporation requirements are just about the same from country to country. Some of the requirement include keeping a board of directors. A board of director is in charge of managing the operations of the business. A C Corporation must be owned by its shareholders. Any corporation is required to have at least two officers. Also, a C Corporation is required to assign a resident agent. A resident agent is either a person or business unit that is selected by the corporation to accept a petition if any lawsuit is filed against the corporation.

How can someone dissolve a C Corporation without a shareholder’s approval?

When wanting to liquidate and dissolve a corporation the shareholder must speak for any and all debts and liabilities that the corporation has provided. Many reporters often fear that this normally leaves the shareholders exposed to any personal liability for the corporate and therefore this is recommended that interested party leave the corporation sit, if the shareholder is not present.

If there is only one shareholder can they change the corporate from a c corporation to a s corporation, if so do all the assets and unused Net Operating Loss (NOL) transfer over?

In order to do this, the shareholder must use a 2553 form. A 2553 form must be signed and dated by the president, vice president, treasurer, assistant treasurer, chief accounting officer and any other officers. Below are the steps in order to change one corporation to another corporation:

Step 1. Need to file a 2553 Form with the appropriate Service Center.

Step 2. The corporation will then receive an approval of the S corporation election. If the approval is not received the corporation should then follow up with the Service Center where the 2553 form was filed. Step 3. The Shareholder will need to file the last C Corporation return by the due date.

Step 4. Next the shareholder will need to file the S Corporation return (From 1120S) also by the due date.

When filing the Form 1120S the return will complete the change of the filing requirement on the Internal Revenue Service’s records.

There are many requirements when setting up a C Corporation, and how to dissolve a C Corporation. Also, there are many confusions between a C Corporation and a S Corporation. To receive more information, answers and insight turn to the many available Experts.

Ask a Business Lawyer

Law Pro
Law Pro, Attorney
Category: General
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11688690
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