Examples of filing status in the following topics:
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- The income level at which various tax rates apply for individuals varies by filing status.
- The income level at which each rate starts generally is higher, therefore, tax is lower for married couples filing a joint return or single individuals filing as head of household.
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- Bankruptcy is the legal status of an insolvent person or organization, that is, one who cannot repay the debts they owe to creditors.
- In involuntary bankruptcy cases, creditors file the petition.
- A case is typically referred to by the chapter under which the petition is filed.
- Liquidation under a Chapter 7 filing is the most common form of bankruptcy.
- Individuals usually file Chapter 7 or Chapter 13.
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- The sole proprietorship is one type of business structure from a legal status perspective.
- A large advantage of the sole proprietorship structure is its ease of filing incorporation and tax documents as well as having uninterrupted control of the business.
- The sole proprietorship is one type of business structure in the US that does not require formal incorporation, meaning that sole proprietors do not need to formally file articles of incorporation, hold regular meetings, or elect an advising or directing board.
- This simplicity is also reflected in tax treatment, as a sole proprietor files taxes as personal income.
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- Bankruptcy is a legal status of an insolvent person or an organization, that is, one who cannot repay the debts they owe to creditors .
- Usually, when a debtor files a voluntary petition, his or her bankruptcy case commences.
- In the U.S. firms that go bankrupt normally file for Chapter 7 or 11.
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- Generally, a corporation files articles of incorporation with the government, laying out the general nature of the corporation, the amount of stock it is authorized to issue, and the names and addresses of directors.
- In most countries, corporate names include a term or an abbreviation that denotes the corporate status of the entity (for example, "Incorporated" or "Inc." in the United States) or the limited liability of its members (for example, "Limited" or "Ltd.").
- Some jurisdictions do not allow the use of the word "company" alone to denote corporate status, as it may refer to a partnership or some other form of collective ownership (in the United States it can be used by a sole proprietorship but this is not generally the case elsewhere).
- All corporations must have a distinctive element, and in most filing jurisdictions, a legal ending to their names.
- Usually, there are also corporate bylaws which must be filed with the state.
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- The '34 Act also regulates broker-dealers without a status for trading securities.
- Provided that the company has more than a certain number of shareholders and has a certain amount of assets (500 shareholders, above $10 million in assets, per sections 12, 13, and 15 of the Act), the '34 Act requires that issuers regularly file company information with the SEC on certain forms (the annual 10-K filing and the quarterly 10-Q filing).
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- The incorporator must file articles of incorporation with the secretary of state's office in the state in which it will be incorporated, as well as hold an organizational meeting to elect a board of directors.
- S status combines the legal environment of standard corporations with U.S. federal income taxation similar to that of partnerships.
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- A company can file a shelf registration statement with, for instance, a prospectus for 100,000,000 shares, $1,000,000,000 face value of bonds, $500,000,000 dollar face value of convertible bonds, $50,000,000 Series A warrants, and $50,000,000 Series B warrants.
- Before each offering and sale is actually made, the company must file a relatively short statement regarding material changes in its business and finances since the shelf prospectus was filed.
- Firms often use universal shelf filings and choose between debt and equity offerings based on the prevailing relative market conditions.
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- Unless they qualify for an exemption, securities offered or sold to the public in the U.S. must be registered by filing a registration statement with the SEC.
- If person A registers a sale of securities to person B, and then person B seeks to resell those securities, person B must still either file a registration statement or find an available exemption.
- If certain requirements are met, Form 144 must be filed with the SEC.
- In cases of mergers, buyouts or takeovers, owners of securities who had previously filed Form 144 and still wish to sell restricted and controlled securities must refile Form 144 once the merger, buyout, or takeover has been completed.
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- A large advantage of the partnership structure is its ease in filing and tax treatment.