A close corporation is a corporation which is held by a limited number of shareholders and is not publicly traded. A close corporation can generally be run directly by the shareholders (without a formal board of directors and without a formal...
partnerships
(Wex page)
Overview
When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else financially.
The person who has a fiduciary duty is called the fiduciary, and the person...
(Wex page)
According to New York Partnership Law, a partnership is a voluntary, contractual association between two or more parties to carry out business for-profit as co-owners. Partnerships are composed of partners, who are agents of the partnership...
(Wex page)
Pass-through taxation refers to businesses that do not pay taxes on the entity level. Instead, the income passes to the owners of the business who pays personal income taxes for their share of the business. Pass-through taxation typically...
(Wex page)
Piercing the corporate veil refers to a special instance where the court holds the shareholder or director of a corporation personally liable for the corporation’s debts.
Piercing the corporate veil is also known as veil-...