Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
business corporation
A corporation formed to engage in commercial activity for profit. Cf nonprofit corporation.
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).