Examlex
On March 9,2012,all of the shareholders of Kingfisher Corporation (a calendar year entity)voluntarily revoke the S election (effective as soon as possible).For all of 2012,Kingfisher Corporation will be a C corporation.
Unlimited Liability
A legal structure in which owners are personally responsible for all of the company's debts and liabilities without limit.
Limited Liability
A legal structure where a company's owners are protected from personal liability for the company's debts or liabilities.
Limited Liability
Refers to a legal structure where a company's owners are not personally liable for the company's debts or liabilities.
Sole Proprietorship
A business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.
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