Corporate Tax Lawyers in University
In University, Missouri, a "corporation" is a legal entity that is completely distinct from any person - even its owner. So, this means that a corporation is a distinct "person" from its owners and directors.
Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Missouri are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in University, Missouri
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in University, Missouri have to pay.
In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are many tax brackets in between. However, the individual federal income tax rate tops at 33%.
In Missouri the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.
Whatever a company's legal tax rate is, all corporations in University, Missouri must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.
How Can a University, Missouri Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
But most smaller University corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in University, Missouri as soon as you can.