Your business corporation should NOT own your house. Such ownership would give your business creditors access to your home equity. Also keep in mind that you cannot create business deductions out of personal expenses merely by having your business own your personal property. On the other hand, if you do use personal property for business purposes, youi can rent such property to your business. You would then have to include such rent as personal income, complete a Schedule E tax form on your personal return, and claim such expenses against the income as the IRS allows. IN the case of a home, for example, if you use 25% of it for a business office or a carpentry shop, you would then be entitled to deduct 25% of the properties expenses against your rental income, including depreciation. It's complicated. Hire a local CPA.
A distributor will pay taxes as would any other business. They would file the return based on the type of business they are legally. If a sole proprietorship, they would file a 1040 with a Schedule C for the business section. If a C Corporation, they would file a 1120 Corporate return. If a Subchapter S corporation, they will file 1120S. A partnership will file a form 1065 return. Their income is calculated as income minus cost of good sold minus expense will equal income.
Yes, as long as you are cashing the check on behalf of the business (as a legal representative of the business) or if you are depositing the check into the account held by the business you can legally cash the check. No - of you are not a representative of the business or if you are trying to deposit it into an account that doesn't belong to the business.
This varies not only from person to person, but school to school. I attend DeVry University online, once I have a credit balance (meaning they owe me money in excess of what was paid for tuition etc) in my account they legally have 14 "business" days to send out the refund. Note business days are Monday-Friday, so this is nearly 3 weeks.Most of the time I have noticed that they generally try to get it out sooner and the longest I've had to wait for a refund was about 7 days. But as I stated, they legally have 14 "business days" in which to refund any money due to you.
You have whats called a "short year" for that one day, and it legally requires a filing...obviously a simple one as the Co was probably inactive for that period.
With a judgment and execution, the sheriff can. Without it no. But the collection agency can never legally access it. However, there are ways to do it illegally. Can the creditor do it... ? If you have a citizens acct and a debt with them, then yes, they can legally access whatever accounts you have with them. But a creditor can't just get access to you bank accounts. (I own a collection agency)
corporation
A corporation is a business that has been legally incorporated. Being incorporated is signified by the initials Inc. after a business or after the name of a person who has incorporated themseves as a corporate business.
Yes. You are legally obligated to pay homeowner association dues. As long as the homeowner's association was part of the public land records when you purchased your property you agreed to be bound by its terms and provisions. You need to review the recorded documents relating to your property.
A corporation is an artificial person, legally independent of its owners and/or operators. The owners of a corporation are its shareholders.A business that is not a corporation legally is just its owners and operators, usually in the form of a sole proprietorship or a partnership.If someone sues a corporation that is as far as it can go, they cannot sue either the owners or operators.If someone sues a business that is not a corporation they are automatically suing all the owners and operators.There are now also other options that limit the ability to sue the owners and operators, but are not corporations (e.g. LLC or LLP).
A global corporation is a business that is incorporated throughout the world, and therefore legally able to sell their products globally. Managing to make a product and business that is accepted by every countries different laws is extremely challenging.
Legally, a hotel is owned by a single owner and the property managed for the benefit of both the owner and guests. Each condominium unit is owned individually, and its association manages the business of the condominium.
It really depends on who you are attempting to obtain a small business grant from. However, in general, you do not have to be a corporation to win a grant. You do have to be a legally established business, meaning that you have a business license.
Ownership is the status of having the right to at least some incidents and benefits of a legally-cognized and legally-recognized property interest, which need not be possessory rights.
The association is a legal entity and is legally responsible under your state law for certain tasks, such as 'protection, preservation and maintenance' of the real estate assets that the unit owners own in common. This requirement is based in property law; your CC&Rs being a public record of the land use as a condominium. This means that there are title, property tax, insurance and infrastructure issues included in the association's business affairs, and possibly more, depending on the physical structure of your community. Business affairs are based in the Articles of Incorporation -- if any, and your By-laws, as a guide for conducting association business. Best practices indicate that the association hire an association-savvy attorney to help sort out all the issues that must be addressed in the process of dis-assembling an association. This person can advise you whether or not disassembly of your association is possible in your case.
It stands for Professional Association.. a legally established business designation. Usually obtained for tax purposes
Yes, unless there is some zoning restriction.
a Corporation is an entity that legally functions separate and apart from its owners.