When the courts of appeals were created in 1891, one was created for each of the nine circuits then existing, and each court was named the United States Circuit Court of Appeals for the _____ Circuit.
What are the main differences between a C corporation and an S corporation? C corporations are subject to double taxation; that is, one tax at the corporate level on the corporation's net income, and another tax to the shareholders when the profits are distributed. S corporations have only one level of taxation. All of their income is allocated to the shareholders.
LLC (Limited Liability Company) and an S corporation are both corporate structures that, in the United States, allow pass-through taxation. The main differences between an S corp. and LLC are: 1  S corporations are more restrictive on who the shareholders (owners) of the company can be.2  S corporations are required to pay a salary to those owners who work for the company and own more than 2% of the company. LLC members are the owners of the LLC much as shareholders are the owners of a corporation or the partners of a partnership. 2  Like shareholders, a member's liability to repay the LLC's obligations is limited to his or her capital contribution. 3  Members may be natural persons, corporations, partnerships, or other LLCs.