Personal Service Corporation Law and Legal Definition
A personal service corporation refers to a corporation whose principal activity is the performance of personal services. In a personal service corporation, the personal services are substantially performed by the employee-owners. At least 10% of the outstanding stock of the personal-service corporation on the last day of the initial one-year testing period must be owned by the employee-owners. The income of a personal service corporation is taxed at the higher corporate rate.
Legal Definition list
Related Legal Terms
- Absent Uniformed Services Voter
- Acceptable Identification of Goods and Services Manual
- Acceptable Quality Level [Agricultural Marketing Service]
- Acceptance [Agricultural Marketing Service]
- Acceptance of Service Agreement
- Accidental Personal Injury
- Accountable Personal Property
- Actio Personalis Moritur Cum Persona
- Action for the Loss of Services
- Active Military Service
