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Cartoon: A closely held company... (Original Post) doxydad Jul 2014 OP
Great cartoon Gothmog Jul 2014 #1
Translation of "corporation" and "closely held" from legalese to English: merrily Jul 2014 #2

merrily

(45,251 posts)
2. Translation of "corporation" and "closely held" from legalese to English:
Wed Jul 2, 2014, 08:16 AM
Jul 2014
Corporation.

A corporation is a for profit business that wanted the protection from liability to people it hurts, intentionally or by accident, that state legislatures provided corporations because.....job creators. Tax advantages, either statutory or those that come about simply because the IRS doesn't scrutinize certain corporate tax deductions as closely as it does deductions by sole proprietorships or by individuals.

For example, if an individual claims part of a car's expenses as business expenses or expenses incident to employment, that deduction is likelier to be scrutinized than a corporation giving an employee free use of a car and taking a deduction for 100% of the expenses as a business expense. That is not the law, but it is the reality.

Closely held corporation, aka privately held corporation.

A corporation owned by people who did not need or want to raise money from the general public, aka by "going public," and diluting the percentage of their ownership in the corporation or who could not raise money by going public.


S.C. Johnson, for example, is a closely held corporation, one of several closely held corporations owned by Johnson Family Enterprises, also a closely held corporation.

http://en.wikipedia.org/wiki/Johnson_Family_Enterprises

S.C. Johnson & Son (commonly referred to as S. C. Johnson and S.C. Johnson, A Family Company in its commercials), previously known as S. C. Johnson Wax (and earlier, Johnson Wax), is an American privately held, global manufacturer of household cleaning supplies and other consumer chemicals based in Racine, Wisconsin.[1] It has operations in 72 countries and its brands are sold in over 110. It is the largest component of the Johnson Family Enterprises, which also includes the Johnson Financial Group, and Johnson Outdoors. In 2006, S. C. Johnson & Son employed approximately 12,000 and had estimated sales of $7.5 billion.



And now, not only do members of the Johnson family get the same religious freedoms as you do, but they get another say in the matter via their corporations, which you don't (unless, you too, own a corporation).

Proving, once again, that, for oh, so many reasons....."It's good to be the king." (Well, until guillotine time, anyway.).


But, your majesty, the people will soon have no clean water to drink!"

"Then, let 'em drink Windex."

I don't mean to pick on the Johnson family. I really know nothing about them. Just making a point. I chose S.C. Johnson as an example only because it proudly advertises being a "family-owned business."
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