close corporation
A close corporation is a corporation which is held by a limited number of shareholders and is not publicly traded.
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partnerships
fiduciary duty
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.
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partnership
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.
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pass-through taxation
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.
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piercing the corporate veil
Overview
"Piercing the corporate veil" refers to a situation in which courts put aside [wex:limited liability] and hold a [wex:corporation|corporation's] [wex:shareholder|shareholders] or [wex:director|directors] personally liable for the corporation’s actions or debts. Veil piercing is most common in [wex:close corporation|close corporations].