S corporation

S corporation
Legal entity that is a special kind of Corporation. An S corporation offers shareholders the same limitations on personal liability that are available to corporate stockholders. At the same time, S corporations are taxed similarly to partnerships, that is, the income or loss incurred by the S corporation is allocated to the stockholders for tax purposes. S corporations are subject to limits on stockholders and may not be part of affiliated corporate groups. American Banker Glossary
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A corporation that elects not to be taxed as a corporation. That is, the corporation does not directly pay federal income tax on its earnings. Similar to a partnership, it passes its income or losses and other tax items on to its shareholders. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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