Georgia legislators approved several statutory changes during the 2021 legislative session, including new provisions that allow for remote meetings and a new tax option for privately owned S-corporations that could reduce their federal tax liability.
A new provision allows Georgia S Corporations directly owned and controlled by natural persons to apply a tax rate of 5.75% on income earned by the entity. If the S Corp decides to go this route, the entity’s shareholders or partners may not recognize this income on their individual returns. Georgia is the 11th state to adopt an entity level tax for S corps, as a possible way to work around the SALT (State and Local Tax) deduction limitation for federal purposes.
Legislators also approved provisions allowing nonprofit corporations to hold remote meetings and allowing corporations to hold remote shareholder meetings. Remote attendees can be counted as present at the meetings, and can participate and vote.
These and other legislative updates have been captured in the 2021 edition of CSCPublishing’s Georgia Laws Governing Business Entities Annotated. A Table of Sections Affected provides a list of legislative changes, and legislative analysis provides additional detail.
This edition also includes over a dozen new case notes summarizing recent judicial interpretations of the law from state and federal courts, as well as four full-text cases exploring recent legal developments regarding non-existent corporations, conversion, derivative actions, and legislative review committees. New case notes are captured in the Table of New Annotations.
More than 50 fillable Georgia business forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types are available on the LexisNexis Bookstore online download center. A listing of the forms can be found in the book’s appendix. An up-to-date fee schedule provide a snapshot of fees for Georgia filings.
The book’s expansive index, sequential pagination, and page tabs make finding the information quicker and easier, while larger pages and a clean typeface enhance readability. As with CSC’s other annotated statutory collections, Georgia Laws Governing Business Entities is also available as an e-book and is part of the LexisNexis Digital Library.
These features, together with the up-to-date annotated business entity legislation for the state, make this publication a valuable resource for the legal and business communities in Georgia and the surrounding region.
To learn more about the 2021 Edition of Georgia Laws Governing Business Entities, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.
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