A Corporation is a "person" and has a separate legal personality which can own and operate businesses, hire employees, buy and sell real estate, provide goods and services, rent office spaces, make contracts, have bank accounts, maintain retirement plans for employees, and sue and be sued. The existence of a Corporation is not affected by the death or bankruptcy of a shareholder, officer or director, but has a continuous existence as long as it complies with the statutory requirements of the state wherein it was incorporated. The corporate board of directors may elect to have the fiscal year-end coincide with the calendar year-end, a fiscal quarter, or any calendar month of its choosing. “C” Corporations file an 1120 tax election with the Internal Revenue Service (IRS) and file a separate annual tax return from those of an individual who files a 1040. Double taxation only occurs upon the distribution of dividends (if any are made) to corporations whose shareholders are also employees. Profits may be kept as retained earnings and taxed at the corporate level to be properly reinvested for continued growth. The great state of Nevada is the only state in the union which, in addition to having no formal personal income tax or corporate income tax, has extended the charging order protection to qualifying "C" Corporations.
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