What is a domestic profit corporation?


Quick Answer

Domestic profit corporations are legally recognized organizations that conduct business for profit in their countries of origin. A domestic corporation may be held to different laws and standards than a foreign organization.

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Full Answer

A corporation is defined as a business that is legally recognized as an individual and is held accountable to applicable laws and required to operate with a specific purpose. Domestic corporations are usually taxed at a different rate or in a different way from foreign corporations. A domestic corporation is submitted for approval to the state or territory in which it is based and held to the rules and regulations of that state or territory in addition to those of the country's central government.

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