meaning of statutory corporations
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- •Statutory Corporation is a body with a separate existence which can sue and be sued and is responsible for its own finance. •It is a corporate body, created by public authority with defined powers and functions and financial liberty.
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What is a 'Statutory Audit' The term statutory is used to denote the audit is required by statute. A statute is a law or regulation enacted by the legislative branch of the organization’s associated government. Statutes can be enacted at multiple levels, including federal, state or other municipality.
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What is a C Corporation? A C corporation is a business term that is used to distinguish this type of entity from others, as its profits are taxed separately from its owners under subchapter C of the Internal Revenue Code. In an S corporation, the profits are passed on to the shareholders, and are taxed based on personal returns. As opposed to a sole proprietor or an LLC, corporations are usually at a lower risk of being audited by the government. 2  The owners and the shareholders of a C corporation have a limited liability towards business debts.
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Definition of a Nonprofit Corporation Definition of a Nonprofit Corporation. A Nonprofit corporation is a special type of corporation that has been organized to meet specific tax-exempt purposes. To qualify for Nonprofit status, your corporation must be formed to benefit: (1) the public, (2) a specific group of individuals, or (3) the membership of the Nonprofit.
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- A statutory declaration is a legal document defined under the law of certain Commonwealth nations.It is similar to a statement made under oath, however, it is not sworn. A.B. do solemnly and sincerely declare, that and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of an Act made and passed in the year of the reign of his present Majesty, intituled “An Act” (here insert the title of this Act).
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- Corporations formed pursuant to the Religious Corporations Law are generally created by filing a Certificate of Incorporation with the office of the county clerk in the county in which the principal office or place of worship is located. (See Section 3 of the Religious Corporations Law.)
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What is a 'Domestic Corporation' DEFINITION of 'Domestic Corporation'. A company that conducts its affairs in its home country. A domestic corporation is often taxed differently than a foreign corporation, and may be required to pay duties or fees on the importation of its products.any companies in the United States are incorporated in Delaware, meaning that they are subject to the laws of that state. If a company incorporates in Delaware but does not do business there, it is considered an out-of-state corporation or a foreign corporation.
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Definition of a Subchapter C Corporation Subchapter C corporations are often called C corps or simply “corporations.” According to the U.S. Small Business Administration, regular corporations are sometimes referred to as C corporations because Subchapter C of Chapter 1 of the Internal Revenue Code lays out the general rules that govern corporations and their shareholders.
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Corporation A corporation is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature).
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Statutory Audit The term statutory audit refers to the review or the record of the company of the government organization which is required by the law or the municipal authority of any particular region.he term statutory audit refers to the review or the record of the company of the government organization which is required by the law or the municipal authority of any particular region.
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STATUTORY Dictionary entry overview: What does statutory mean? • STATUTORY (adjective) The adjective STATUTORY has 2 senses: 1. relating to or created by statutes 2. prescribed or authorized by or punishable under a statute Familiarity information: STATUTORY used as an adjective is rare.
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- Public corporation may refer to: Government-owned corporation; Public company, i.e. a limited liability company that offers its securities for sale to the general public. Statutory corporation, i.e. a corporation created by statute, that is owned in part or in whole by a government (examples being are municipal councils, bar councils, universities).
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- Independent Clearing House for Nigeria's Justice Sector. STATUTORY CORPORATIONS, ETC. (SPECIAL PROVISIONS) ACT. ARRANGEMENT OF SECTIONS. 1. Statutory corporations, etc., affected. 2. Powers of and appointments to boards of corporations affected. 3. Composition of boards of corporations affected. 4. Provisions as to registered companies. 5. Extended meaning of “Minister”. 6. Short title. STATUTORY CORPORATIONS, ETC. (SPECIAL PROVISIONS) ACT . An Act to make special provisions for certain statutory corporations listed therein.
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Statutory Company: Meaning and Definition Statutory Company: Meaning and Definition Meaning and Definition of Statutory Company When a Company is incorporated/formed by passing a Special Act at the Legislature, it is called as a Statutory Company. Though primarily they are governed under that Special Act, still the Companies Act, 2013 will be applicable to them.
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statutory If something is statutory, it is related to or set by laws or statutes. Statutory restrictions on air pollution require drivers to have the emissions from their cars checked every few years. You might wonder what the difference is between statutory and legal. Both are adjectives and both are concerned with the law. If something is legal, it is allowed by the law, whereas if it is statutory, it is regulated by law. In the negative, this is easier to understand. If something is not legal, the law says you can't do it. If something is not statutory, there are no laws regulating it.
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Statutory law From Wikipedia, the free encyclopedia. Statutory law or statute law is written law set down by a body of legislature or by a singular legislator (in the case of an absolute monarchy). This is as opposed to oral or customary law; or regulatory law promulgated by the executive or common law of the judiciary.
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What is a 'Corporation' A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes. It is often referred to as a legal person.. Next Up.
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Australian Statutory Declarations - Commonwealth and State Australian Statutory Declarations-Commonwealth and State. A statutory declaration or stat dec is a written statement declared to be true in the presence of an authorised witness. In Australia a Stat Dec can be made under State Law or Commonwealth Law depending upon the circumstances requiring the document.he legislation sets out the prescribed form that the statutory declaration must be in, which includes specific wording and acknowledgements. The legislation also specifies certain persons who are authorised to witness a statutory declaration.
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C Corporations Prepayment Upon Incorporation. Prior to January 1, 2000, C corporations that incorporated or qualified to do business prior to January 1, 2000, made a prepayment of minimum franchise tax to the Secretary of State for the privilege of doing business in California during the corporation's first year.
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What Is a C Corporation? A C Corp, also known as a corporation, is a type of business entity that is formed and regulated on a state level. The corporation is formed by filing “Articles of Incorporation” with the Secretary of State in the state of incorporation. The policies, articles, cost and regulations for forming a C Corp vary from state-to-state.
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Statutory Law Statutory Law is the term used to define written laws, usually enacted by a legislative body. Statutory laws vary from regulatory or administrative laws that are passed by executive agencies, and common law, or the law created by prior court decisions.Unlike common law, which is subject to interpretation in its application by the court, statutory laws are generally strictly construed by courts.tatutory laws vary from regulatory or administrative laws that are passed by executive agencies, and common law, or the law created by prior court decisions. Unlike common law, which is subject to interpretation in its application by the court, statutory laws are generally strictly construed by courts.
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- A statutory declaration is a written statement that allows a person to declare something to be true. When you make a statutory declaration, you are declaring that the statements in it are true. If you intentionally make a false statement in a declaration, you can be charged with an offence. Commonwealth statutory declaration must be signed in the presence of someone who is on the list of authorised witnesses. If you are authorised to witness Commonwealth statutory declarations, you may be able to witness state or territory declarations as well, if the local law states that:
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What is a 'Corporation' A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.
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corporation An entity, usually a business, created by a legislative act or by individuals who have agreed upon and filed articles of incorporation with the state government. Ownership in the corporation is typically represented by shares of stock.
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Corporate Law Law and Legal Definition Corporate law deals the formation and operations of corporations and is related to commercial and contract law. A corporation is a legal entity created through the laws of its state of incorporation, treating a corporation as a legal person that has standing to sue and be sued, distinct from its stockholders.