
Bylaws, Stock Options and Other Requirements for C Corporations
Bylaws are the rules of a corporation that will be performed throughout the organization’s existence. The following bylaws should be factored into a C-corp’s structure.
Entrepreneurs love solving puzzles, and one of the more complicated puzzles to try and piece together is deciding whether C corporation status makes sense for your business.
Incorporating a business can be expensive and involve ongoing paperwork and compliance requirements. Some businesses should steer clear of the headaches required of maintaining C corporation status.
Other businesses, however, will gladly invest the extra time and money required to incorporate. If you are considering pursuing a C Corporation status for your business, it would be prudent to conduct a thorough examination of the tax history of C Corporations, as well as the intricacies of formation, including the development of bylaws, stock option plans, and other regulatory requirements, before arriving at a decision.
For businesses that use the C corporation entity structure correctly, the decision to incorporate an offer is a very attractive legal and tax planning options.
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Tax returns for calendar-year C corporations are due April 18. C corporations must also make estimated tax payments if required. First-quarter payments are due April 18th; second-quarter payments are due June 15th; third-quarter payments are due September 15th; fourth-quarter payments are due December 15th.
A C corporation with a fiscal tax year must generally file its tax return by the 15th day of the 4th month after the end of its tax year. The one exception to this rule is for a C corporation that has a fiscal year ending June 30th, whose due date is the 15th day of the 3rd month after the end of its tax year (i.e. September 15th).
A C corporation files its tax return on Form 1120. (Don’t confuse this form with Form 1120-S, which S corporations use to file tax returns.) Shareholders can receive money from the corporation in the form of wages or salary (for which they would receive a Form W-2), or dividends (reported on Form 1099-DIV), but a C corporation shareholder does not report an allocated amount of revenue and expenses as an S corporation shareholder does.
This section discusses filing a C corporation tax return. Please contact our office with any questions about filing a Form 1120, Form 1099-DIV, or a Form W-2.
Bylaws are the rules of a corporation that will be performed throughout the organization’s existence. The following bylaws should be factored into a C-corp’s structure.
Understanding the tax history of C corporations will help you understand why this entity has lost its popularity over the years, and how you can benefit from forming a C corp business today.
The entity structure and nature of your business are factors that determine your tax filing requirements.
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Disclaimer: This page is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written, and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.