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Franchise Tax
A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of or capital held by the entity. The franchise tax effectively charges corporations for the privilege of doing business in the state. Nexus Whether or not a business must pay a franchise tax to a state in which it does business can cause some confusion. Some states report using both the economic and physical presence tests, and in some states, there are no written, public interpretations of their test at all.Baker Tilly, 2016 Midyear State and Local Tax Update. http://www.bakertilly.com/insights/midyear-state-and-local-tax-update-income-and-franchise-taxes/ Physical presence test The physical presence test is based on Quill Corp. v. North Dakota, ( 504 U.S. 298 (1992)), a United States Supreme Court rul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US States
In the United States, a state is a constituent political entity, of which there are 50. Bound together in a political union, each state holds governmental jurisdiction over a separate and defined geographic territory where it shares its sovereignty with the federal government. Due to this shared sovereignty, Americans are citizens both of the federal republic and of the state in which they reside. State citizenship and residency are flexible, and no government approval is required to move between states, except for persons restricted by certain types of court orders (such as paroled convicts and children of divorced spouses who share child custody). State governments in the U.S. are allocated power by the people (of each respective state) through their individual state constitutions. All are grounded in republican principles (this being required by the federal constitution), and each provides for a government, consisting of three branches, each with separate and indepen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporations
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes. Early incorporated entities were established by charter (i.e. by an ''ad hoc'' act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stock, or by whether they are formed to make a profit. Depending on the number of owners, a corporation can be classified as ''aggregate'' (the subject of this article) or '' sole'' (a legal entity consisting of a single incorporated office occupied by a single natural person). One of the most att ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Partnerships
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. History Partnerships have a long history; they were already in use in medieval times in Europe and in the Middle East. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini, a merchant of Prato and Florence. The Covoni company (1336-40) and the Del Buono-Bencivenni company (1336-40) have also been referred to as early partnerships, but they were not formal partnerships. In Europe, the partnerships contributed to the Commercial Revolution which started in the 13th centur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Worth
Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net worth can also be conveniently expressed as non-financial assets plus net financial assets. It can apply to companies, individuals, governments or economic sectors such as the sector of financial corporations or to entire countries. By entity Calculation Net worth is a combination of financial assets and liabilities. The financial assets that contribute to net worth are homes, vehicles, various types of bank accounts, money market accounts, and stocks and bonds. The liabilities are financial obligations such as loans, mortgage, accounts payable (AP) that deplete resources. Companies Net worth in business is also referred to as equity. It is generally based on the value of all assets and liabilities at the carrying value which is the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quill Corp
Quill Corporation is an American office supply retailer, founded in 1956, and headquartered in Lincolnshire, Illinois. It services more than one million small and mid-sized U.S. business customers, with access to over one million assorted products. While over 70% of sales are conducted online, it also employs mail-order and direct sales models. It is considered to be among the largest business-to-business direct markets of office supplies in the United States, but it also sells products in other categories such as technology, cleaning & breakroom supplies, furniture, safety products and professional medical equipment through its Quill Healthcare unit. Quill is owned by Staples, Inc., and is recognized as their most profitable division, accounting for about 25% of the company's net income. Between 1998 and 2009, Quill grew from $500 million in revenues to over $1 billion. It employs approximately 500 people and has twelve distribution centers. The president of the Staples subsid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Tax
A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. A country's corporate tax may apply to: * corporations incorporated in the country, * corporations doing business in the country on income from that country, * foreign corporations who have a permanent establishment in the country, or * corporations deemed to be resident for tax purposes in the country. Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts or types of entities may be exempt from tax. The incidence of corporate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Delaware
Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Delaware Bay, in turn named after Thomas West, 3rd Baron De La Warr, an English nobleman and Virginia's first colonial governor. Delaware occupies the northeastern portion of the Delmarva Peninsula and some islands and territory within the Delaware River. It is the second-smallest and sixth-least populous state, but also the sixth-most densely populated. Delaware's largest city is Wilmington, while the state capital is Dover, the second-largest city in the state. The state is divided into three counties, having the lowest number of counties of any state; from north to south, they are New Castle County, Kent County, and Sussex County. While the southern two counties have historically been predominantly agricultural, New Castle is more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Franchise Tax Board
The California Franchise Tax Board (FTB) administers and collects state personal income tax and corporate franchise and income tax of California. It is part of the California Government Operations Agency. The board is composed of the California State Controller, the director of the California Department of Finance, and the chair of the California Board of Equalization. The chief administrative official is the executive officer of the Franchise Tax Board. History In 1879 California adopted its state constitution which among many other programs created the State Board of Equalization and the State Controller, which administered all tax programs.PublicationFranchise Tax Board at a Glance, page 2/ref> In 1929, the state legislature created the office of the Franchise Tax Commissioner to administer California’s Bank and Corporation Franchise Tax Act. In 1950, California abolished the office of the Franchise Tax Commissioner and created the Franchise Tax Board as it exists to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Taxation In The United States
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes. Early incorporated entities were established by charter (i.e. by an ''ad hoc'' act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stock, or by whether they are formed to make a profit. Depending on the number of owners, a corporation can be classified as ''aggregate'' (the subject of this article) or '' sole'' (a legal entity consisting of a single incorporated office occupied by a single natural person). One of the most att ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Taxation In The United States
State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, United States * ''Our State'', a monthly magazine published in North Carolina and formerly called ''The State'' * The State (Larry Niven), a fictional future government in three novels by Larry Niven Music Groups and labels * States Records, an American record label * The State (band), Australian band previously known as the Cutters Albums * ''State'' (album), a 2013 album by Todd Rundgren * ''States'' (album), a 2013 album by the Paper Kites * ''States'', a 1991 album by Klinik * ''The State'' (album), a 1999 album by Nickelback Television * ''The State'' (American TV series), 1993 * ''The State'' (British TV series), 2017 Other * The State (comedy troupe), an American comedy troupe Law and politics * State (polity), a centralized political organizatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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