Corporation
A corporation is legal entity which generally limits the personal liability of the owners and is subject to double taxation.
A corporation can be formed by one or more persons, partnerships, associations or corporations. The owners of the corporation, known as shareholders, are generally not liable for debts and other obligations of the corporation.
A corporation is managed or under the direction of the board of directors. Officers of the corporation manage the day-to-day affairs of the corporation. Except in the case of a statutory close corporation, shareholders have no right to participate in the day-to-day management of the corporation.
A corporation and its shareholders are subject to double taxation because the corporation pays tax on its income and the shareholders pay tax on dividends received from the corporation and the corporation is not permitted to deduct the dividends as an expense. Corporations are required to perform certain formalities such as holding annual meetings and keeping corporate minutes.
- Areas of Practice
- Revocable Living Trust
- Living Wills
- Durable Power of Attorney
- Irrevocable Life Insurance
- Charitable Remainder Trust
- Tax Planning
- Estate & Gift Tax
- Advanced Estate Planning
- Private Foundation
- Trust Administration
- Probate & Trust Litigation
- Business Succession Planning
- Asset Protection
- Corporation
- Limited Liability Company