Washington Agreement to Incorporate Close Corporation
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How to fill out Agreement To Incorporate Close Corporation?
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FAQ
A C corporation or C corp (named for being in subchapter ?C? of the Internal Revenue code) is an independent legal entity owned by its shareholders. A C corporation's profit is taxed twice?as business income at the entity level and the shareholder level when distributed as dividends or realized as capital gains.
A close corporation can generally be run directly by the shareholders (without a formal board of directors and without a formal annual meeting), and is exempt from a number of the formal rules which usually govern corporations. A close corporation is also commonly referred to as a closely held corporation.
C corps can be compared with S corporations and limited liability companies (LLCs), which also separate a company's assets from its owners, but with different legal structures and tax treatment.
If you want to dissolve a Washington corporation, you must undertake a two-step process. You must first file with the Department of Revenue, which will confirm that you have paid all of your business taxes. Second, you must file with the Secretary of State, which will dissolve your Washington corporation.
Any corporation may be incorporated as a close corporation, except mining or oil companies, stock exchanges, banks, insurance companies, public utilities, educational institutions and corporations declared to be vested with public interest in ance with the provisions of this Code.
If your close corporation does not elect S-Corp status, then it is taxed as a C-Corporation, the regular taxation status for corporations. While a C-Corp must file its own tax return, S-Corp status allows corporations to "pass through" its income and expenses to the corporation's owners.
A close corporation may generally be treated as a C-corporation, or elect to be treated as an S-corporation.
Closed corporations are companies with a small number of shareholders that are privately held by managers, owners, and even families. These companies are not publicly traded and the general public cannot readily invest in them.