QUIK Trip ?

Question

Corporation ?
What can you tell me ?

Answer 1

CORPORATIONS
In a corporation, a legal entity (as opposed to individuals) owns the business assets and is liable for the business debts. A corporation is owned by its shareholders, who may be individuals, partnerships, trusts or even other corporations. There is no limit to the number of shareholders a corporation may have. The corporate entity is separate and distinct from its shareholders, and the shareholders' personal assets aren't available to satisfy corporate obligations. The corporation's creditors may look only to the corporation's assets for payment, a protection commonly referred to as the corporate veil. If a corporation is involved in a number of lines of business, separate corporate subsidiaries (corporations owned by another corporation) may be created to protect the assets of one business activity from the liabilities of the others.

Management responsibility is vested in the company's board of directors, which is responsible for overall policy decisions as well as the general direction and the business plan of the company. The board appoints officers to manage the day-to-day operations.

ADVANTAGES:
A way of raising capital....
Easy ownership transfer....
Limited liability....
Continues until terminated....
Possible tax advantage....
Optional use of sub-chapter S
DISADVANTAGES:
Incorporation costs-Legal fees....
Charter restrictions....
Legal requirements-Reports, records....
More government control....
Franchise tax....
Profits taxed twice

Answer 2

HUHHHHH??