Corporate Tax in Beverly Hills, California
In Beverly Hills, California, a "corporation" is specified as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."
This doctrine is recognized as "corporate personhood." While the concept is somewhat abstract, the law of California treats corporations as individual persons, for most purposes. This means that, legally, corporations have most of the same rights, privileges, and commitments as living, breathing human beings.
An evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Beverly Hills, California
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Beverly Hills, California corporations are required to pay.
Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than $18.3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than $50,000 per year.
The corporate tax rate in California may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and thus improve their economies) is to have a low corporate tax rate.
Whatever their legal tax rate, all corporations in Beverly Hills, California are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
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How Can a Beverly Hills, California Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.
As most business owners know, however, the majority of small Beverly Hills corporations can't afford to have attorneys on staff full time. Therefore, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Beverly Hills, California tax attorney immediately.
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Life in Beverly HillsBeverly Hills, California is located in Los Angeles County and is one of the most affluent cities in the country. The city is famous for being a trendsetter for fashion, beautiful homes, and high-end living. Many celebrities and movie stars live in Beverly Hills. Along with Bel Air and Holmby Hills, it forms part of the "Platinum Triangle" of wealthy L.A. neighborhoods.
The area of Beverly Hills, California is home to a number of Fortune 500 companies, including Platinum Equity and John Paul Mitchell Systems. In addition to major corporate businesses, the economy of Beverly Hills is supported by an abundance of high-end fashion retailers. In particular, Rodeo Drive is a world-famous shopping district filled with cutting-edge fashion boutiques and designer label stores. It is estimated that the operating budget of Beverly Hills, California exceeds $300 million, which is comparable to the Gross National Product for the entire British Virgin Islands.
Beverly Hills is frequently featured in movies and television shows. A few familiar examples include the hit television series Beverly Hills, 90210 and the Beverly Hills Cop movies. Other attractions include the Beverly Hills Hotel (referenced in the Eagles' song "Hotel California"), Walden Drive, and Beverly Gardens Park.
Lawyers in Beverly Hills, California perform legal services to meet the unique needs of the city's residents. Many Beverly Hills lawyers file lawsuits at the West District branch of the Los Angeles Superior Court, located within the city. Attorneys in Beverly Hills represent clients in both general and specific areas of law.