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Do you have to pay personal taxes as well as corporate taxes on a sub-chaper S Corporation in New Hampshire?
Wiki User
∙ 16y ago
According to http://www.residual-rewards.com/new-hampshire-s-corporation.html,
With only a few exceptions, under the Subchapter S election for taxation as a partnership the S corporation pays no income taxes and corporation income or loss is passed through direct to the stockholders.
I hope that helps,
Jahno B.
Wiki User
∙ 16y ago
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What is a s corporation?
An S corporation is one that passes corporate income, losses, deductions, and credits to it's shareholders. The shareholders then list these ups and downs on their personal income tax returns and are assessed as individuals rather than a company.
How are corporate profits taxed?
Earnings are taxed first as corporate profits, then as personal income after dividends are paid.
What is the employer identification number for a self employed person?
Usually in America, this is your Social Security Number, unless you construct some kind of corporate shield, such as a limited liability corporation (LLC) or other legal barrier to protect your personal assets.
What is the term for a tax levied on individual and corporate earnings?
Personal income tax or corporate income tax, it's not that hard to figure out
What is the purpose of a corporate bank account?
The purpose of a corporate bank account is for a business to have a place for their revenue and expenses. It helps keep their business and personal expenses separate.
Can personal property be seized from the president of a corporation that has a judgment against it?
No personal property of an indivual officer of a corporation may be seized to pay a corporate debt. This is so even if that individual is the person responsible for the claim against the corporation. As long as the judgment is against the corporation, only corporate assests may be seized. Sometimes plaintiffs in actions against corporations try to get judgments against the individual officers or shareholders as well as the corporation itself by means of a legal theory called "piercing the corporate veil". This is usually not successful. But even if the plaintiff were successful and got a judgment against the corporation and the individual, the individual's property would not be subject to seizure because of the judgment against the corporation. His/her property would be subject to seizure because there would be a judgment against him/her personally. This is the whole purpose of the corporate structure to begin with, that is, the ability to run a business without fear of personal liablity.
What is a K-1 used for?
If a corporation has elected sub-S tax status (corporate profits are passed through to the stockholders and taxed on their personal returns), the K-1 is a form isuued by the corporation to the stockholder indicating the amount of income from the corporation that the stockholder should report on their personal return.
What if you file chapter 7 will you still owe creditors if you have a corporation?
To the extent of your personal guarantee for the corporate debt, or if both you and the corporation borrowed the money, you will not owe anything if the debts are discharged in your personal chapter 7. If the corporation has any assets, it will be subject to lawsuits and attachments by the creditors. You should discuss the situation with an experienced bankruptcy attorney, as it may be better to wind up the corporation before filing a personal bankruptcy.
What is a s corporation?
An S corporation is one that passes corporate income, losses, deductions, and credits to it's shareholders. The shareholders then list these ups and downs on their personal income tax returns and are assessed as individuals rather than a company.
Can a notary notarize a corporate document where they are an officer of the corporation?
yes. they can notarize anything but their own personal documentation. they can notarize company documentations.
In a civil lawsuit against a corporation can the corporate veil be broken and the personal assets of the defendant be part of the lawsuit?
In some cases, yes. There would have to be a showing that somehow the corporation was invalid, such as mismanagement of corporate assets, failure to comply with state laws, using the corporation only as a facade to hide fraudulent activities, etc. Since this can vary widely, and is made even more complicated by the fact that the laws of the state where the corporation was incorporated will govern, see an attorney about this matter.
Does a corporate officer have personal liability?
Usually not, that is one of the main reasons businesses are incorporated. The corporation becomes its own entity and the officers are shielded, to a certain extent, from personal liability for the acts of the corporation.
Can a personal garnishment be placed against a corporation if you are an officer of that corporation?
No.
What is the definition of a limited liability company?
The limited liability company is a hybrid legal entity that has both the characteristics of a corporation and of partnership. An LLC provides its owners with corporate like protection against personal liability.
What services does Lloyds Online offer?
"Lloyd's Online is apparently a renowned online banking corporation. It offers bank accounts, personal banking, internet banking, small groups, corporate banking, etc."
Where can you find information about corporate bankruptcy laws?
Does corporate bankruptcy affect personal credit?
What are the advantages of corporate company?
Here are some advantages of a Corporate Company: A corporation provides owners with personal asset protection. A company that incorporates, the owner has limited liability protection against company's debts and obligations. That means creditors of a incorporated business may not pursue the business owner's personal assets to attempt to recover business liabilities and obligations. The owner of a corporate business are liable for business losses and debts up to their investment in the corporation. Businesses in a corporation find it easier to transfer ownership. Ownership interest in a corporation can be sold or assigned by simply transferring the company's stock certificate to another shareholder. And potential investors will be more likely to invest in your corporation rather than a sole proprietorship or partnership, because of the limited liability protection given to its owners. In some cases , an incorporated business may have a "buy-sell" agreement that prohibits when and to whom shares of the company may be sold. A business in corporate form increases the credibility of the company. Plus customers, suppliers, and lenders feel more at ease when dealing with a corporation. Also a business in corporate form appear to be more professional compared to the other types of businesses. A business that takes out the time, effort, and money to organize a corporation lets people know that the company is around to stay. A business in corporate form has unlimited life. That means a corporation may stay in existence well beyond the lifespan of its original owners. A corporation will continue to exist, and will not be dissolved or cancelled when shareholders die or withdraw from the company. In fact, a business in corporate form will continue to operate in that manner, regardless of who owns it.
