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LSDefine

Simple English definitions for legal terms

corporation

Read a random definition: Lord Tenterden's rule

A quick definition of corporation:

A corporation is like a pretend person that can do things like a real person, such as borrowing money and suing people. It can also sell parts of itself to other people. Corporations are made by following rules set by the government, and they have to follow those rules to keep existing. Corporations can be sued if they do something wrong, but usually only the money the corporation has is at risk, not the money of the people who own the corporation. However, sometimes the people who own the corporation can be sued if they did something really bad. Corporations have to pay taxes on their money, and sometimes the people who own the corporation have to pay taxes on the money they get from the corporation. This can make it hard for corporations to make money, so some corporations are made in a different way to avoid paying extra taxes.

A more thorough explanation:

A corporation is a type of business entity that is treated as a single, fictional person. This means that it can do things like sue or be sued, lend or borrow money, and own property. It is created by filing articles of incorporation with the state government.

One of the main benefits of incorporating is limited personal liability. This means that the shareholders of the corporation are not personally responsible for the debts or liabilities of the corporation. For example, if a corporation is sued and loses, the shareholders will not be personally responsible for paying the damages.

However, there are some downsides to incorporating. One of these is double taxation. This means that the corporation's profits are taxed at the corporate level, and then again when they are distributed to the shareholders as dividends. This can result in a lower overall profit for the shareholders.

For example, let's say a corporation has 10 shareholders and makes a profit of $100,000. If the tax rate is 10%, the corporation will pay $10,000 in taxes, leaving $90,000 in profits. If this is distributed equally among the shareholders, each will receive $9,000. However, this $9,000 will be taxed again at the individual level, resulting in a lower overall profit for each shareholder.

There are different types of corporations, such as S-corporations, which are taxed differently and may be more beneficial for certain businesses.

Overall, a corporation is a legal entity that allows businesses to operate as a single person, with limited personal liability for the shareholders.

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i know im getting rejected but i sent my app to georgetown on december 14th and not a single update
it is in the "mass reject" pile im guessing
over 16k applications for 600 spots
yeah but they know, i know, it is a rejection
have you interviewed
What waves are we seeing today gang
Hoping for Georgetown or NYU
alright guys please give me a green todday
i love saying thanks at the end of teams messages
The smith family has fired us. Thanks.
Client called requesting a medium be at the deposition. Thanks
I’m at the point in this process where the glimmers of hope have faded and at this point I just want these schools to reject me and get it over with rather than jerk me around until July.
eggan
10:39
i think you should have applied earlier tbh
eggan
10:40
its only been 2 weeks since you applied at some of these schools
10:41
dog what did you write your ps on if you dont mind me asking
10:41
hi eggy
Mostlylegal
10:43
guys this week is the week
eggan
10:43
hi pink!
eggan
10:43
@Mostlylegal: NYU plsssss
Mostlylegal
10:44
@pinkandblue: i hope this teams message finds you well, thanks. Mostly Legal LSD connesuer
Mostlylegal
10:45
egg ur gonna hatch into a NYU law student today
eggan
10:46
i hope so....
eggan
10:46
berk showers bring NYU flowers <3
Mostlylegal
10:46
fade sf, roll lower mannhattan
Yeah some of those schools I applied to on a whim last minute. Mostly bummed about Touro. Thought I had a shot at getting in a lower tier school but from what I read they get back to As usually within a month and let the Rs go for months. Might give it one more shot for the spring, maybe try to get a higher score but I’m 34 and my grades are my grades and nothing I can really do about it. Probably was always a pipe dream.
Mostlylegal
10:48
me thinks vandy wave tmrw
11:17
boston college wave soon too i feel it
11:18
3 decisions left i need 3 more decisions
MrThickRopes
11:21
Waves TD?????
I have 6 left this sucks
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