mediation. n. the attempt to settle a legal dispute through active participation of a third party (mediator) who works to find points of agreement and make those in conflict agree on a fair result.
Subchapter S (S Corporation) What is a 'Subchapter S (S Corporation)'. A Subchapter S (S Corporation) is a form of corporation that meets specific Internal Revenue Code requirements, giving a corporation with 100 shareholders or less the benefit of incorporation while being taxed as a partnership.
But the paragraphs also describe some of the other, more subtle benefits of S corporation status. First, however, a quick clarification: An S corporation isnât really a corporation. Rather, an S corporation is a corporation or a limited liability company thatâs made a Subchapter S election. People (tax accountants included) call these entities that have made the election âS corporations.â