Corporate Tax Lawyers in Holly Springs

In Holly Springs, North Carolina, a "corporation" is a legal entity that is totally distinct from any person - even its owner. So, this means that a corporation is a distinct "person" from its owners and directors.

This doctrine is identified as "corporate personhood." While the concept is somewhat abstract, the law of North Carolina 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.

One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Holly Springs, North Carolina

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states additionally have their own corporate income tax, which corporations located in Holly Springs, North Carolina have to remit.

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are various tax brackets in between.

Likewise, chances are good that the corporate tax rate in North Carolina are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is considerably lower than the individual rate.

Whatever a company's legal tax rate is, all corporations in Holly Springs, North Carolina must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Holly Springs, North Carolina Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

But most smaller Holly Springs corporations cannot afford to have these professionals on staff. Thus, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and trustworthy tax lawyer in Holly Springs, North Carolina as soon as you can.