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An S Corporation Can Have Both Voting and Nonvoting Common

question 103

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An S corporation can have both voting and nonvoting common stock as long as the shares of stock have identical rights to share in the profits and assets of the corporation.


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Federal Fair Labor Standards Act

U.S. legislation that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting employees in the private sector and in federal, state, and local governments.

Minimum Wage

The lowest hourly pay that employers can legally give to workers.

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Employer Identification Number

A unique nine-digit number assigned by the IRS to businesses for purposes of identification and tax reporting.

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