The Fair Store the store would be completed on that site in 1897. The Fair Store promoted itself as a Discount Department Store in the early 1900s. In 1915, a booklet published by the store stated "The Fair Store is still, as it always has been and undoubtedly always will be, the store of the people, the down-town shopping center for the Savers, the market place for the Thrifty." In 1925 the business was sold to a syndicate headed by S.S. Kresge (predecessor firm of Kmart). Under its management, branches were opened on Milwaukee Avenue (1929), in Oak Park, Illinois (1929), at the
C corporation known as an S corporation. An S corporation is not itself subject to income tax; rather, shareholders of the S corporation are subject to tax on their pro rata shares of income based on their shareholdings. To qualify to make the S corporation election, the corporation's shares must be held by resident or citizen individuals or certain qualifying trusts. A corporation may qualify as a C corporation without regard to any limit on the number of shareholders, foreign or domestic. In the United States, corporations are formed under laws of a state or the District of Columbia. Procedures vary widely