Business and Personal Finance Dictionary

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• S CORPORATION
  
  Legal entity that is a special kind of Corporation. An S corporation offers shareholders the same limitations on personal liability that are available to corporate stockholders. At the same time, S corporations are taxed similarly to partnerships, that is, the income or loss incurred by the S corporation is allocated to the stockholders for tax purposes. S corporations are subject to limits on stockholders and may not be part of affiliated corporate groups.
  
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