IRS Code

2 Posts
1 Sections
1 Types

Definitions

Business Activity Code Professional Activity Code IRS Code NAICS Business Classification Tax Reporting Enterprise Type Industry Code

Business or Professional Activity Code refers to six-digit code numbers used to classify enterprises by the type of activity for the administrative purposes of the Internal Revenue Service (IRS). These codes are analogous to the North American Industry Classification System (NAICS).

Definitions

C Corporation

C Corporation Taxation Corporate Tax Business Structure Liability Protection IRS Code Subchapter C

A C Corporation is a type of corporation that is taxed separately from its owners under Subchapter C of the Internal Revenue Code. This structure allows the corporation to retain earnings and provides liability protection for its shareholders.