This post will attempt to answer answer two questions: what is a B-corp, and how are they taxed.
Can a corporation use a spreadsheet instead of a traditional general ledger to keep the corporate books? There are certainly corporations that think they can. I know many of my tax and accounting brethren are shouting “NO!” In response to this question. My answer is more on the fence. It depends on what your corporation is up to.
If a corporation has its corporate status terminated by a state, does that terminate its corporate status for federal taxes? The IRS says the answer is no, though it depends on the facts and circumstances.
For people unfamiliar with tax law the terms S-corporation and C-corporation can be confusing. Here’s the best way to look at what these terms mean.