The state of Iowa prohibits private ownership of certain types of firearms but allows these types of firearms to be registered by 'corporations' just wondering what the definition is?
2007-08-08 06:54:39 · 7 answers · asked by Ravenmoon 2 in Business & Finance ➔ Corporations
by accounting standards, there are three types of businesses:
1. Sole proprietership (one owner)
2. Partnership (many individual owners)
3. Coropration (stockholders are the owners)
...thus the law that says only corporations can own certain types of firearms, because a corporation can be sued but the managers and stockholders cannot lose their wealth, whereas a Sole Proprieter and partnership can be sued and lose their personal wealth.
2007-08-08 06:58:46 · answer #1 · answered by an_articulate_soul 4 · 0⤊ 0⤋
A corporation is created by law. Each state identifies how a corporation can be created in that state. Typically, States require that the corporation register with the state, identify an address and responsible person to accept service of process (lawsuits) for that entity, and obtain a tax id number so that the state can tax its earnings. Sometimes they require corporations to have a Board of Directors and other details of operation. Fees are associated with the creation of a corporation. By monitoring the creation of corporations, the state protects consumers (for ex., by making sure that corporate names can't be too similar which might confuse consumers, ensuring that they can be located in case they may be sued, and can further identify and regulate particular types of businesses -- for ex., by requiring that companies engaged in asbestos work have additional licenses and minimum insurance. This process also ensures that corporations can be identified and taxed. Registering corporations can be a big business.
A business is an activity that earns money. Corporations engage in business. Partnerships, or a d/b/a (ie, an individual, division of a company or other entity doing business under an assumed name), or an individual may all engage in business, but will not be corporations. The entity that engages in a business may be taxed or regulated differently depending on whether the business has been established as a corporation or in some other structure..
2007-08-08 14:07:20 · answer #2 · answered by Neonzeus 3 · 0⤊ 0⤋
A corporation is a legal entity that the state recognizes as entirely separate from its owners. This is not true of a sole proprietorship or a partnership. To get this recognition, the organizers of the corporation must apply to the state for a charter, sometimes called a certificate of incorporation. You have to file articles of incorporation that state the purpose of your corporation and outline its powers. You pay a fee when you incorporate and you pay franchise taxes ever after. These are modest compared to income tax, property tax and sales tax, but they are the price you pay for being incorporated.
A business is the occupation, work, or trade in which a person is engagedonly and depending on that what type of business you are in you have to find out in your local City Hall the type of permits required to operate.
Now, as far as how to become a corporation and obtain a permit to obtain a fire arm, click on the links below for all of the information you need.
I hope it helps...Good Luck!!!
2007-08-08 14:10:11 · answer #3 · answered by Scarlett 3 · 0⤊ 0⤋
A business could include any type of business, whether a corporation or sole proprietor owned company.
Corporations have multiple types and ultimately laws in order to get incorporated do vary to a degree by state, and there are multiple types of corporations.
I'm sure in the case of what you are looking for the state would only allow registration to corporations documented to be within a certain industry as well.
2007-08-08 14:05:06 · answer #4 · answered by Riot 3 · 0⤊ 0⤋
A corporation is just a certain way a business can be structured for legal purposes. Anyone can from their own corporation.
Others include - LLP, LLC, ect
On that note - why do you need these firearms you douche!
2007-08-08 13:59:00 · answer #5 · answered by dmaniscool21 2 · 0⤊ 0⤋
I dont know where Steve P is getting his answer, but in my state that is not the case.
Go to Iowa's website and do a search of firearms and see what they mean. If you dont understand, call them.
2007-08-08 13:59:40 · answer #6 · answered by hirebookkeeper 6 · 0⤊ 0⤋
a corporation is a business that has been incorporated. It must have a minimum 3 employees -- and a board of directors which could be the owners
2007-08-08 13:57:38 · answer #7 · answered by Steve P 5 · 0⤊ 0⤋