Corporate Election
/ˌkɔːrpərət ɪˈlɛkʃən/
Definitions
- (n.) A formal choice made by a corporation or its shareholders, often pertaining to tax status, corporate governance, or control of corporate affairs.
The company filed a corporate election to be taxed as an S corporation.
- (n.) An election by a corporation to be treated under a specific tax provision, such as electing S corporation status under IRS rules.
The corporate election under Subchapter S allowed the business to avoid double taxation.
Forms
- corporate election
- corporate elections
Related terms
See also
Commentary
Corporate elections are procedural acts often governed by internal corporate documents and tax regulations; precise drafting and timing are critical to ensure legal effect.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.