corporations

By: Bob Poeschl, EA

IN GENERAL A CORPORATION IS DEFINED AS A PERSON OR GROUP OF PEOPLE WHO INCORPORATE BY RECEIVING A CHARTER FROM THEIR SECRETARY OF STATE, THIS INCLUDES JOINT STOCK COMPANIES, INSURANCE COMPANIES (REQUIRED TO BE CORPORATIONS) AND TRUSTS AND PARTNERSHIPS THAT OPERATE AS ASSOCIATIONS OR CORPORATIONS. WE WILL ALSO DISCUSS LLC’S THAT MEET THE DEFINITION OF OR HAVE ELECTED TO BE TAXED AS CORPORATIONS.

CORPORATIONS HAVE TWO MASTERS. THEY ARE