Corporate Tax Lawyers in Albemarle
In Albemarle, North Carolina, 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 North Carolina are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
An discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Albemarle, North Carolina
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states further have their own corporate income tax, which corporations located in Albemarle, North Carolina have to remit.
At the federal level, and in some states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for individuals maxes out at 33%.
The corporate tax rate in North Carolina 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 best 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 Albemarle, North Carolina 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 Albemarle, North Carolina 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.
As most business owners know, however, the majority of small Albemarle 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 an Albemarle, North Carolina tax attorney immediately.