The effect of the S corporation tax election is to exempt the company from paying taxes on net income itself. Instead, the corporation is deemed a pass-through entity, which means the corporation is taxed in the same way as a partnership.
King Idris I represented Libya in the subsequent UN negotiations. When Libya declared its independence on December 24, 1951, it was the first country to achieve independence through the United Nations and one of the first former European possessions in Africa to gain independence.Libya was proclaimed a constitutional and a hereditary monarchy under King Idris.hen Libya declared its independence on December 24, 1951, it was the first country to achieve independence through the United Nations and one of the first former European possessions in Africa to gain independence. Libya was proclaimed a constitutional and a hereditary monarchy under King Idris.
The struggle for independence started after world war II. This led to the independence of the Union of South Africa in 1931 through negatiations with the British empire and Libya in 1951 from Italy; followed by others in the late 1950s. The road to African independence was very hard and tortuous often through bloody fights, revolts and assasinations. For example; Britain unilatearlly granted The Kingdom of Egypt independence on Feb. 22nd 1922 after a series of revolts, but continued to interfere in government.