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There is no standard answer: the answer depends on the assets of the association and how they are used. Both C and S corps hold tax implications, one of which may be interesting if the association earns money from its assets.
Some associations are also non-profit corporations, especially when there is no asset income.
Your association auditor or tax attorney can best answer your specific question.
What else can I help you with?
Should you have an s corp or a c corp?
in the US, you want an s corp if you want more personal investment in the company. c corp is more limited liability. also for s corp there is no corporate tax rate (it's the same as your personal rate) but for c corp you pay the corporate tax rate.
Can a S corp be owned by a C corp or can a LLC be owned by a C corp or S corp?
Yes, yes, yes. Tax issues get fun when consolidating between entity types. The answer is too long to type. Pay a CPA.
What are the legal structures to form a business?
Limited Partnership, LLC, and Incorporation (S-corp; C-corp) form a business.
How do you find out if a corporation is a c corporation?
The tax form filed by the entity will tell you if it is a C corp (Form 1120), and S corp (Form 1120S), or a Partnership (Form 1065).
Who is C A R F Realty 1997's registered agent in NJ?
CT Corp
How do you Move s-corp to c-corp?
File an 8832, apply for a new EIN. Get a CPA there are some tricky tax treatmetns, look up BIG tax.
Is INC classified as an S Corp?
No, INC is not classified as an S Corp.
How do you dissolve an S Corp in Nevada?
An S Corp is dissolved by filing a certificate of dissolution with the Nevada agency where the Corp is registered. Once the paperwork is filed, the S Corp is considered dissolved.
What has the author Walter C Frame written?
Walter C. Frame has written: 'Annals of the Sacramento Pioneer Association' -- subject(s): History, Sacramento Pioneer Association
What is MedCath Corp.'s population?
MedCath Corp.'s population is 30.
Can an Inc be structured as an S Corp?
Yes, an Inc can be structured as an S Corp.
Is common area that has been sold through a tax sale where the Homeowners Association no longer exists saleable?
If the association has been dissolved, the common area -- which was part of the association's assets -- can no longer be considered part of the association, if that was part of the dissolution process. Your answer lies in the document that dissolved the association. and its description of the distribution of the common area(s) There is no standard..
