Disadvantages
Depending on the type of Corporation they may pay taxes on its income, after its shareholders already payed taxes on it. This is called?
Double Taxation
What is a Dividend?
A sum of money paid regularly by a company and or shareholders
What are the Formalities of an corporation?
That it should have its own bank account because they are worried about liability.
What is the first thing that a corporation must do by NYS Requirements?
Name their Corporation.
What is a Corporation?
A form of business operation that declares separate, legal entity guided by a group of officers known as the board of directors.
What is something that the state does to corporations?
States charge annual franchise fees to corporations.
"S" Corporation
A corporation that offers investment opportunities, perpetual existence, that coveted protection of limited liability?
What is the Corporation liable to pay?
Corporate Tax Rate.
What person must every New York Corporation appoint to in the New York Department of state?
Appoint an Agent
What is one thing the United States is taxed on like most other nations?
International Income.
Independent Management
What is the Tax cuts and Job Acts?
This is act that made our federal tax rate decrease
The federal tax rate is at what, and was originally at what in 2017?
21% was 35%
A corporate record book is?
In which they keep all records on the corporations important papers and shareholder meetings.
Which country has the highest corporate income tax? And what is the Percentage?
United States and 39.2%
What is an "S" Corporations limit to share holders?
100.
Owner of shares in a company.
The reason for the decrease was for what act?
Tax cuts and Jobs Act.
What is a corporate Bylaw?
Its an internal corporate document that set out the basic ground rules for operating your corporation
What two states do not give you a state corporate income tax as opposed to the rest?
South Dakota, and Wyoming
What is Excessive tax fillings?
The various types of income and other taxes that must be paid.
What is a tax exempt?
What is New York states corporate income tax?
6.5%
What is a MUST for the a corporation in NYS?
they must comply with all tax and regulatory requirements.
Which one of these is not a example of a corporation,
General Motors
Microsoft
Ford Motor
FedEx
Burger King
Hewlett-Packard
Macy’s
eBay
Kraft Foods
Berkshire Hathaway
Staples
Staples