Tax for O/O

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#21

10-30-2006, 11:35 AM

RostyC

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Join Date: Oct 2005

Posts: 2,303

Quote:

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.

Quote:

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.

#22

10-30-2006, 11:26 PM

Rev.Vassago

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Join Date: Apr 2006

Location: The other side of the coin

Posts: 9,368

Quote:

Originally Posted by RostyC

Quote:

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.