LYCOS RETRIEVER 
S Corporation: Entities
built 269 days ago
Shareholders are not personally liable for corporate obligations unless corporate formalities have not been observed; such formalities provide evidence that the corporation is a separate legal entity from its shareholders. Failure to do so may open the shareholders to liability of the corporation's debts. Corporate formalities include:
Source:
Assume everything in the above example is the same, except that Adam’s entity is an LLC and not an S corporation. As an LLC, Adam would have to pay employment tax on the entire $60,000, equaling $9,180.
Source:
Simply put, a corporation is a form of business entity. You probably already know this, so this article delves into a few of the particulars. Separate Entity For legal purposes, a corporation is considered…
Source:
MORE ABOUT
Entities