Explain the Differences Between an S-Corporation and a C Corporation

question 78

Essay

Explain the differences between an S-corporation and a C corporation.

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Definitions:

Dishonored Note

A promissory note that has not been paid at maturity or is in default.

Due

Describes obligations or payments that are scheduled to be paid or completed by a certain date.

Not Paid

Refers to invoices or debts that have not been settled or fulfilled as per their due dates.

Allowance Method

An accounting technique used to account for bad debts by estimating and setting aside a portion of accounts receivable deemed likely to be uncollectible.