Corporate Tax Lawyers in Williston

In Williston, North Dakota, 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 known as "corporate personhood." While the concept is somewhat abstract, the law of North Dakota 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.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Williston, North Dakota

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

At the federal level, and in certain 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 persons maxes out at 33%.

In North Dakota the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is typically 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 Williston, North Dakota must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.

How Can a Williston, North Dakota Corporate Tax Lawyer Help?

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

However, if you are the owner of a smaller corporation in Williston, you likely can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Williston, North Dakota who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi