In business, a(n) is a legal entity created and treated as a(n) legal person.
In the UK, it is called a limited company, and is a legal person.
This is a question that comes up a lot, especially when we start talking about businesses and being an employee. A lot of people are confused by the fact that a person can “be” and be treated as a person. In the UK, it’s called being a “franchisee”, and in the US, it’s called being a “trademark”. Trademarks are generally considered to be the rights to a brand name, and can be held by a business only.
When you’re working online, you might be able to get away with it by not being able to use a specific word or type of word in your work. But the fact is you’re not going to be able to use something like “cancel” or “pipeline” by not knowing it. That’s why it’s called “canceling”.
Canceling is the act of dissolving a business’s trademark and thereby making it a corporate entity. It’s more of a legal concept than a physical one. One can simply close a company and say, “Well I’m going to be a company, not a business.” A corporation is actually a legal entity, and is usually treated as such. Corporations are formed by a board of directors, and are considered to be legal entities, but can’t be taxed as such.
In the case of a business, though, the company IS considered a legal entity. And that is why it has to be taxed as such. Its the same way that a corporation needs to be taxed as such.
A corporation has no power to tax itself if you don’t like it. The law doesn’t even exist in the first place.
The problem is that when you create a business for yourself, but you treat the business as a distinct legal entity, then you are legally exempt from paying taxes. You have to pay all the taxes, or pay nothing at all. This is because the company is treated as a legal entity, and has to be taxed like one.
I just can’t see how a legal entity has to be taxed like a corporation. I know that this is probably just me reading too much into this, but it just seems wrong to me.
Yeah, we all make mistakes. But if you treat a company like a legal entity and treat it like a business, then you are legally exempt from paying the tax, and the company is treated as an entity that is exempt from paying taxes. How many times have you heard someone say, “I don’t have the money to pay the taxes for my business, so I just created an LLC for it.” I don’t know about you, but I’ve never heard anyone say that.
