Flying O, Inc. is a corporation that operated truck stops and gas stations across the entire nation. It has recently been discovered following an investigation by Federal law enforcement officials that the corporation has been defrauding customers from rebates that they were entitled to. It was estimated that the customers of Flying O cumulatively lost in the hundreds of millions of dollars of rebates. Several of the officers and employees of Flying O were convicted of several crime associated with their actions that led to the defrauding of the Flying O customers. Will Flying O also be held liable for the crimes of its employees? If so, how will the corporation be held liable?

B Terry's BBQ was incorporated in the State of Ohio. Terry and his wife were the lone shareholders of the corporation and also the only officers. True or False An S-election would not benefit the corporation or its owners because they would pay corporate and individual income taxes.

Select one:

True

False