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foreign corporation

   Also found in: Financial, Acronyms, Wikipedia 0.01 sec.

foreign corporation n. a corporation which is incorporated under the laws of a different state or nation. A "foreign" corporation must file a notice of doing business in any state in which it does substantial regular business. It must name an "agent for acceptance of service" in that state, or the Secretary of State in some jurisdictions will automatically be that agent so people doing business with a foreign corporation will be able bring legal actions locally if necessary. Example: the Whoopee Widget Corporation is incorporated in Delaware. It has a sales office in Arizona, which does not make a guaranteed refund to Jack Jones of Arizona. Jones can sue Whoopee in Arizona and serve the Arizona Secretary of State or Whoopee's designated agent.



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person who transferred property to a foreign corporation to report that transfer to the extent prescribed in the regulations.
Since the IRS stated that it did this to facilitate liquidity in the near term, the new exclusion rules apply only for the first two taxable years of a foreign corporation ending after Oct.
In a separate action, the AICPA submitted comments to the IRS and Department of the Treasury urging that guidance be provided concerning the new Controlled Foreign Corporation (CFC) look-through provision of the Tax Increase Prevention and Reconciliation Act of 2005.
 
 
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