Getting Regarding Tax Debts In Bankruptcy: Difference between revisions
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Revision as of 11:53, 27 August 2026
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Getting to be able to the decision of which legal entity to choose, let's take each one separately. The most prevalent form of legal entity is the corporation. There are two basic forms, C Corp and S Corp. A C Corp pays tax by its profit for last year and then any dividends paid to shareholders likewise taxed. Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The gain flows by way of the shareholders who then pay tax on cash. The big difference here is that the 15.3% self-employment tax does not apply. So, by forming an S Corporation, your business saves $3,060 for 2011 on real money of $20,000. The income tax still applies, but More than likely someone would rather pay $1,099 than $4,159. That has become a savings.
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