Examlex
List and discuss five advantages and five disadvantages of electing to be taxed as an S corporation over a C corporation or a partnership.
Substitute
A replacement or alternative for someone or something.
Contract
A binding contract between multiple parties that is supported by legal enforcement.
Principal Purpose
The primary or predominant reason for which an activity, agreement, or operation is intended or carried out.
Substantially Frustrated
A condition in contract law when an unforeseen event undermines the purpose of the contract, justifying its termination.
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