Corporate Tax Lawyers in St. Louis Park
In St. Louis Park, Minnesota, a "corporation" is an entity that is, under the law, distinct from any of its owners. Basically, this means that the people who own a corporation, and the corporation itself, are distinct "persons."
This system is sometimes called "corporate personhood" by Minnesota lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in St. Louis Park, Minnesota
Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in St. Louis Park, Minnesota are required to pay.
Under federal laws that govern corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
The tax rate in Minnesota for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
Whatever their legal tax rate, all corporations in St. Louis Park, Minnesota are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.
How Can a St. Louis Park, Minnesota Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.
However, if you are the owner of a smaller corporation in St. Louis Park, you probably can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in St. Louis Park, Minnesota who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi