Pro rata refers to the proportionate allocation of a particular expense or resource among individuals or entities based on their respective shares or contributions.
The term 'ratable' refers to something that can be estimated or assessed proportionally, often in the context of taxation, bankruptcy, or legal financial obligations.
An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) requirements allowing the company's income, losses, deductions, and credits to be passed through to shareholders for federal tax purposes.
