WHAT IS A CORPORATION?

[Reef Pilot]

Originally Posted by reefermadness

And as far as paying taxes.....many of the largest US business such as GE paid no corporate income taxes last year.

Yeah, problem in the US is that they get too many tax breaks there, corps and individuals, and they have got even smarter with avoiding them.

It's quite different in Canada where corps pay through the nose (despite our lower marginal rates), at the municipal, provincial and federal levels. The only way (almost) to escape tax here is to lose money.

In the US, there is a major industry (big accounting firms) that advises corps on how to avoid taxes. They really, really need to rewrite their tax code. Even ours here in Canada could use some work.