SUBCHAPTER S Definition

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SUBCHAPTER S is a legal corporate entity organized under the United States Federal Tax Code that allows Subchapter S Corporations to distribute all income / loss proportionately to its shareholders, who then claim that income / loss on their personal income taxes; thereby avoiding the payment of corporate taxes.

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UNITIZE is to separate or classify into units, e.g. auto manufacturers unitize along model designations.

PREFERRED CREDITOR is a creditor whose account takes legal preference for payment over the claims of others.

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