Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Legal Services Corporation
A corporation established by the Legal Services Corporation Act of 1974 (42 USCA § 2996) to provide legal help to clients who cannot afford legal services.
S corporation
A corporation whose income is taxed through its shareholders rather than through the corporation itself. ( Only corporations with a limited number of shareholders can elect S-corporation tax status under Subchapter S of the Internal Revenue Code. -Also termed subchapter-S corporation; tax-option corporation. Cf. C corporation.
business corporation
A corporation formed to engage in commercial activity for profit. Cf nonprofit corporation.
religious corporation
A corporation created to carry out some religious purpose.
small-business corporation
1 a corporation having 75 shareholders or less and otherwise satisfying the requirements of the Internal Revenue Code provisions permitting a subchapter S election. IRC (26 USCA) § 1361. See S corporation under CORPORATION. 2. A corporation receiving money for stock (as a contribution to capital and paid-in surplus) totaling not more than $1,000,000, and otherwise satisfying the requirements of the Internal Revenue Code section 1244(c) thereby enabling the shareholders to claim an ordinary loss on worthless stock. IRC (26 USCA) § 1244(c).
subchapter-S corporation
See S corporation under CORPORATION.