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    What is a financial corporation? The definition of this word is as follows, “A financial corporation is a legal entity used to facilitate the financial activities of the members of a corporation.” Definition of the word financial. Non-profit organizations, cooperatives, proprietary enterprises, mutual funds, banks, and other types of financial corporations are completely different from the members of an entity that does not engage in any financial activity. Non-profit corporations are called public corporations and members of these corporations are generally limited liability companies.

    For the purpose of discussion let us assume that a Virginian non-profit company has two class members, one has a bookkeeping service and the other has accounts receivable. The bookkeeper will maintain the monthly sales accounts and the accountant will make sure that the accounts receivable payments are made on time, in good faith and in an amount that meet their revenue requirements. Let us suppose further that the revenues of both companies remain constant for each month.

    If the revenues of the bookkeeping service company remain constant, the profits of the company would be equal to the revenues minus the net profits of the bookkeeper or minus the net profits of the account receivable company. That would leave a zero for the profit of the Virginian taxable income company. We have now arrived at a fundamental problem in all economic enterprises; it is this concept of net profit that must be eliminated if we are to arrive at an understanding of the profitability of a business enterprise. In order to arrive at such an understanding, we need to consider the definition of a financial corporation.

    Financial corporations are only financial services provided by people or companies that are strictly limited by the law. All forms of corporations and limited liability companies are financial corporations. finance is to say, all those who own stock in the Virgin Islands, and all who receive dividends or interest from the Virgin Islands stockholders are themselves covered under the definition of a financial corporation. It should be noted that the definition does not cover corporations that issue “pass-through” certificates.

    There are finance of financial corporations that we need to understand. The first type is the entity itself. That is, all publicly traded corporations are considered to be financial corporations. In order to be classified as such, the issuing company must meet some specific requirements. Those requirements generally do not include: being a non-diversified public company; being a U.S. citizen or permanent resident of the United States; having shareholders that are US citizens or residents; and meeting minimum standards of financial quality.

    If the issuer of the stock does not qualify as a non-diversified public company then the next best thing would be to say that they are a “pass-through” or “virtual” corporation. A pass-through entity is one that receives its income primarily from dividends and is not actually controlled by its investors. A virtual corporation, on the other hand, does receive some, but not all, of its income from dividends and is not controlled by any investors. In order for a complaint to be filed under the CFDA, you would need to show that the company in question did receive, directly or indirectly, payments or benefits from an arrangement with a person or entity that is a related person or entity of yours. In the case of an arrangement with an individual shareholder, the company must confirm under penalty of perjury that the arrangement was made in good faith.

    In order for an agreement to be considered valid, it must provide the following response: “I hereby admit (or affirm) that I have received (or are in receipt of the above referenced complaint from) a complaint concerning (here be exact), an act or transaction in connection with my business that violates the provisions of this agreement.” Please note that this response is simply an admission and is not evidence or even meaningful evidence. However, if your complaint has one of these clauses, you should provide the CFDA with an explanation as to why such an action is taking place and the facts of your transaction. If your accountant responds that such an action is not in its best interest, then you should provide additional information as to why such action should not take place and how the transaction will violate such provision of the agreement. If you are unable to provide such information, you should advise your client promptly that he/she should seek another tax practitioner.

    If your accountant fails to incorporate your business as a C corporation, you should provide the CFDA with written evidence that your business meets the definition of a C corporation. Such evidence can include things like a balance sheet, articles of incorporation, and an annual report on the operations of your company, among others. For more information regarding incorporating your business as a C corporation, please do not hesitate to contact a competent tax professional who will be able to assist you in incorporating your business in the most expedient way possible. Should anything further be required, please do not hesitate to contact your local business bureau to ensure that you are complying with all of your state and local tax laws. If nothing else comes up, you should simply proceed to hire a qualified CPA to help you on your way to becoming an S corporation.