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Today's Terms
Subchapter S
Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
Limited Liability Company
Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
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