Tax for O/O

[RostyC]

A corporation needs to file an annual report with the state in which you are incorporated. In some states, you also need to pay a franchise and excise or similar tax on the corporations assets. In my home state most small corporations will pay from about $100-300/yr.

Yep, forgot about that.

Corporations also need to have shareholders meetings, and file reports of such. Accountants will do this for you, for a price.

As far as having meetings that's news to me. Were you a Closed Corp or an S? I don't have to have to have any meetings, however I'm the only shareholder.

[Rev.Vassago]

Corporations also need to have shareholders meetings, and file reports of such. Accountants will do this for you, for a price.

As far as having meetings that's news to me. Were you a Closed Corp or an S? I don't have to have to have any meetings, however I'm the only shareholder.

I was an S Corp, and S Corps are required to have annual shareholders meetings. My wife and I were the only shareholders, but we were still required to have an annual meeting, and had to have meeting minutes drafted up by our accountant.