When Form 1120 C Entity 2023-2024

Okay, now let's talk about the corporation, or we refer to a corporation generically as the C corporation. That's a tax election. We'll talk about the S corporation later to differentiate. But first, let's just think of the corporation generally as being the default or the standard. Okay, first, how is a corporation created? Well, it's a state entity. It requires all the formalities to file with the state government. So, you go to the Secretary of State's office and file the necessary documents, the Articles of Incorporation, etc. In a separate lecture, we'll talk about what is required for the Articles of Incorporation. So, you put in those Articles of Incorporation and request the corporate charter. Once you get the corporate charter, you have a separate entity that is the corporation. Now, the maintenance requirements for that corporation are pretty extensive. You have to have routine meetings, at a bare minimum, you have to have an annual meeting. You have to have a corporate secretary to keep up with the business meeting minutes or the record of the business meetings. Decisions have to be made by the appropriate authority. You have to have the structure of shareholders, directors, and officers. Shareholders are the owners of the corporation, directors are the large-level managers, the decision-makers, and the officers are the ones who run the daily affairs of the business. So, you need that corporate structure. Everyone has their authority. A shareholder can't take action that an executive would take. The executive, if they don't share a dual role, can't act as or undertake the activities of the director and vice versa. A director doesn't act as the CEO unless they have a dual appointment, etc. So, they each maintain their function and they should follow the procedures laid out in the...