Alaska Business Corporation Definition
Alaska Business Corporation
DEFINITION
A traditional Alaska business corporation (also referred to as a C-Corp) is a legal business entity, a “person” by law, which exists separate from its shareholders. It is referred to as a C-Corp because this type of corporation is taxed under IRS Subchapter C. The Alaska business corporation is controlled by a Board and includes, but not limited to, the following officials: president; secretary; treasurer; and at least one director. Note: most filings submitted to this office require both the president and secretary’s signatures. The president and secretary cannot be the same person unless that person is sole 100% shareholder. The business corporation, not the shareholders, is liable for actions, debts and liabilities of the corporation. Shareholder liability is limited to the amount of their investment in the corporation. Note: limited liability does not shield owners of the business corporation from the negligence liability. A C-Corp is subject to “double-taxation” which means the C-Corp pays taxes on the corporation’s income and the shareholders pay taxes on their personal taxes for distributions received from the corporation.
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