Delete Pages From Legal North Carolina Franchise Forms For Free

Returns filed after the due date are subject to a failure to file penalty of 5% of the net tax due for each month, or part of a month, the return is late (maximum 25% of the additional tax), If the return is filed under an extension, the late filing penalty will be assessed from the extended filing date rather than ...

LLCs are classified by default as partnerships (or, in the case of single-member LLCs, as ?disregarded entities?), but you may choose to have your LLC classified as a corporation. If you make that decision, your LLC will be subject to franchise and corporate income taxes.

The North Carolina franchise tax does not apply to an organization if it is exempt from federal income tax, it is not organized for profit, or no profit inures to the benefit of any member, shareholder or other individual.

Upon request of the Secretary, an exempt corporation must establish its claim for exemption in writing: (1) A charitable, religious, fraternal, benevolent, scientific, or educational corporation not operated for profit. (2) An insurance company subject to tax under Article 8B of this Chapter.

Every corporation doing business in North Carolina and every inactive corporation chartered or domesticated here must file an annual franchise and income tax return using the name reflected on the corporate charter if incorporated in this State, or on the certificate of authority if incorporated outside this State.

Some customers are exempt from paying sales tax under North Carolina law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.