There are many disadvantages to creating a corporation and conducting business as a corporation. One of the disadvantages is double taxation. Which of the following best describes what is meant by double taxation?

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15-02-2022
Business

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There are many disadvantages to creating a corporation and conducting business as a corporation. One of the disadvantages is double taxation. Which of the following best describes what is meant by double taxation?

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Tundexi Tundexi · Answer 1 · 2022-03-09T09:34:16+01:00

In a corporation, the term called "double taxation" is seen as disadvantage because its involves taxation on profits when they are earned and taxation again as personal income of stockholders.

What is Double taxation?

Double taxation refers to a situation whereby there is taxation of corporation income taxes twice on the same source of income.

In conclusion, because "double taxation" involves paying of different tax, its reduces the retained earnings of a corporation.