Say what? That may have been your reaction the first time you tried to decipher a legal document, state code section, or correspondence making use of legalese, the specialized language used by lawyers, judges, lawmakers, and others in the legal field.
Each week, our series Legalese From A to Z takes on some of the more important bits of legalese, one letter of the alphabet at a time. This week, we take on five legal terms that start with the letter "S":
- S corporation. For a small business with a limited number of shareholders, forming as an S Corporation may offer significant tax advantanges. S corporations provide the protection of the corporate form while allowing shareholders to avoid the double taxation of other corporate forms.