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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?
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.
What else can I help you with?
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 edd collect tax that has been assessed on a corporation that has no assets?
Yes, the EDD (Employment Development Department) can attempt to collect taxes assessed on a corporation, even if the corporation has no assets. However, if the corporation is insolvent and lacks assets, actual collection may be challenging. Additionally, personal liability may arise for certain individuals involved with the corporation, such as corporate officers, depending on the circumstances and state laws.
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 legal implications arise from reverse piercing the corporate veil in cases of corporate liability?
Reverse piercing the corporate veil in cases of corporate liability can have significant legal implications. This legal concept allows a court to hold individual shareholders or members of a corporation personally liable for the corporation's debts or obligations. This can impact the limited liability protection typically afforded to shareholders in a corporation, potentially exposing their personal assets to satisfy corporate debts. It is important for shareholders to be aware of the risks involved in reverse piercing the corporate veil and to take steps to protect themselves from personal liability.
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.
How can a plaintiff pierce the corporate veil to hold individual shareholders personally liable for the debts of a corporation?
A plaintiff can pierce the corporate veil by showing that the shareholders abused the corporate structure for personal gain or to commit fraud, making it unfair to shield them from liability. This can be done by proving factors such as commingling of assets, undercapitalization, or lack of corporate formalities.
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.
Can edd collect tax that has been assessed on a corporation that has no assets?
Yes, the EDD (Employment Development Department) can attempt to collect taxes assessed on a corporation, even if the corporation has no assets. However, if the corporation is insolvent and lacks assets, actual collection may be challenging. Additionally, personal liability may arise for certain individuals involved with the corporation, such as corporate officers, depending on the circumstances and state laws.
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.
How is a corporation treated as an individual?
A corporation is treated as a legal entity separate from its owners, meaning it can own property, enter contracts, sue, and be sued in its own name. This concept, known as corporate personhood, allows corporations to have rights and responsibilities similar to individuals, such as the ability to protect intellectual property and engage in legal proceedings. However, it also limits the personal liability of shareholders, protecting their personal assets from the corporation's debts and obligations.
