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.
It was founded in 1955 as the University of Libya . History It was founded on 15 December 1955 as the University of Libya . In 1973 the University of Libya was split into two independent universities: the University of Tripoli (later Al Fateh University) in Tripoli , and the University of Benghazi in Benghazi. In 1976 the latter was renamed Garyounis University.