Corporate Tax Lawyers in Laconia
In Laconia, New Hampshire, 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 New Hampshire 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.
An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Laconia, New Hampshire
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 Laconia, New Hampshire 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.
There's also a good chance that the tax rate applicable to corporations in New Hampshire differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever a company's legal tax rate is, all corporations in Laconia, New Hampshire 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 Laconia, New Hampshire Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.
However, if you are the owner of a smaller corporation in Laconia, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Laconia, New Hampshire who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi