One key component of a properly operated corporation is the timely payment of franchise taxes.
The Arkansas Court of Appeals has held that "officers and directors of a corporation who actively participate in its operation during the time when the corporate charter is revoked for failure to pay corporate franchise taxes are individually liable for debts incurred during the period of revocation.
Corporations filing online may pay franchise taxes by Visa, MasterCard, Discover or electronic check.
Corporations can file their franchise taxes online at www.
This article is limited to a discussion of income and franchise taxes
are collected in a capital projects fund and are legally restricted to capital outlay and debt service uses.
To avoid multiple layers of taxation here, language should be included in the Bill providing either an exclusion from the calculation of an unincorporated entity's net worth, a credit for franchise taxes
paid by a lower tier unincorporated business entity, or the ability for affiliated entities to file on a consolidated basis.
Unlike income taxes, franchise taxes are imposed for the privilege of doing business in a state and are not covered by public law 86-272.
The client saved $2 million in state income taxes by filing amended returns that apportioned income from its home state into the other states where it had paid franchise taxes.
EnergyUnited, the electric cooperative headquartered in Statesville, has begun legal action to keep EnergyUnited's members residing within the town limits of Cornelius and Kernersville from having to pay franchise taxes twice.
EnergyUnited, like other utilities throughout the state, collects these franchise taxes through its electric rates from its customers including those residing within municipalities and forwards these taxes to the North Carolina Department of Revenue.
For income tax purposes, including franchise taxes
based on income, federal law (P.