Please explain the need for and how to fill out the following:A. Format of Report Needs Revision
The candidate does not have a subheading for each business form with the required information.
A1a. Sole Proprietorship
Control, profits, liability are described. Please clarify or discuss three of the following: taxation, longevity, location or convenience.
A1b. General Partnership
Profits and liability are described. Please clarify or discuss four additional characteristics of a general partnership: control, longevity, taxation, location or convenience.
A1c. Limited Partnership
Liability is described. Some discussion for control is provided, but the discussion is not complete. Please clarify or discuss 5 of the following: control, longevity, taxation, profits, location or convenience.
A1d. C-Corporation
Control and liability are discussed. Please clarify or discuss 4 characteristics of a C-corp: profits, taxation, longevity, convenience or location.
A1e. S-Corporation
Convenience is discussed. Please clarify or discuss 5 of the following: control, taxation, liability, profits, location or longevity.
A1f. Limited Liability Company
Control and liability are described. Please clarify or discuss 4 of the following: profits, location, longevity, taxation or convenience.B1. Recommendations
A general partnership is recommended. This does not adequately address the owners concerns regarding control, longevity, expansion or liability. Please revise.
B2. Justification
Some justification is provided for the recommendation of a general partnership. Please justify the revised recommendation in terms of liability, control, taxes, investment for expansion and longevity. C. Sources
A website is listed. Please include references and in-text citations for all sources used to complete the task.http://www.nolo.com/legal-encyclopedia/how-sole-proprietors-are-taxed-30292.htmlThe candidate does not have a subheading for each business form with the required information.
A1a. Sole Proprietorship
Control, profits, liability are described. Please clarify or discuss three of the following: taxation, longevity, location or convenience. Taxation in a sole proprietorship requires for the sole proprietor to report all business income or loses on personal income tax returns as the business itself isnt taxed separately by the IRS. Convenience or burden: Sole proprietorship may require that you pay higher income taxes because of the fact that you report business income on your personal tax returns. This can be burdensome depending on the individual businesses circumstances. Sole proprietorships doesnt possess longevity and has a limited lifespan because it ceases to exist if the business owner dies or decides to sell the business to another owner. Therefore, its difficult for Sole Proprietorships to possess longevity.
http://smallbusiness.chron.com/define-sole-proprietorships-4458.html A1b. General Partnership
Profits and liability are described. Please clarify or discuss four additional characteristics of a general partnership: control, longevity, taxation, location or convenience. For General Partnerships the type of partnership will have a determination on the longevity of the business as three different forms of partnership exist to help the business owner choose the most appropriate form of general partnership for their individual business. Joint Tenancy, Tenants in Common, and Tenancy by entirety are the three forms of general partnership.Control: There is 50/50 control and each partner shares 50\% of the control if there are 2 partners. They also will have equal voting rights on decision-making for the business.Profit retention: The partners will share equally in the profits from the business and share in the gross profits on a 50/50 basis.Income taxes: In similarity to sole proprietorship general partnerships only deal with one level of taxation. Therefore, the taxes arent paid by the business per se but must be reported on the partners personal income tax returns.
http://smallbusiness.chron.com/advantages-general-partnerships-4437.htmlA1c. Limited Partnership
Liability is described. Some discussion for control is provided, but the discussion is not complete. Please clarify or discuss 5 of the following: control, longevity, taxation, profits, location or convenience. Income taxes: Taxes can be split amongst partners if the taxation meets certain requirements but if these arent met, the Limited Partnership can be taxed as a corporation. • Control: There is little control with limited partnerships because of a lack of managerial control authority.• Profit retention: Limited partnerships are akin to corporations in regard to how the partners receive returns on their investments that are similar to dividends paid to shareholders in corporations. • Location: Limited Partnerships must abide by laws in accordance to the region that they operate, and therefore, must register in every region under different laws. • Convenience or burden: Company management isnt an issue in Limited partnerships, which depending on the business model may be a burden or a convenience. A1d. C-Corporation
Control and liability are discussed. Please clarify or discuss 4 characteristics of a C-corp: profits, taxation, longevity, convenience or location. Income taxes: C-Corporations are possibly double taxed and always taxed at the corporate rate. The dividends that are paid are also taxed at the individual level when distributed to shareholders. IRS Tax Form 1120 is the form that is used.Longevity or continuity of the organization: C-Corporations have longevity and can persist when investors die or people cash out their shares.
Control: Control is limited because the directors who manage business activities can be removed by shareholders because they elect the directors who manage business activities.Profit retention: Dividends paid to shareholders represent the profit disbursement.Convenience or burden: Unless the business owner is a nationwide company that can appropriate time for mandatory annual meetings, stockholder meetings, Board of Directors meetings etc., C- Corporations can be burdensome. A1e. S-Corporation
Convenience is discussed. Please clarify or discuss 5 of the following: control, taxation, liability, profits, location or longevity. Liability: The financial risks attributed with S-Corporations are primarily financial as shareholders typically dont have to worry about any liability for companys losses or debts.Income taxes: Taxes dont exist at the entity level and income is passed through to shareholders. Longevity or continuity of the organization: The S-Corporations have longevity as they can persist despite the leaving of directors, owners, or founders as well as withdrawal of shareholders.Profit retention: Employment taxation doesnt exist and dividends are paid to shareholders. A1f. Limited Liability Company
Control and liability are described. Please clarify or discuss 4 of the following: profits, location, longevity, taxation or convenience. Liability: Losses and debts arent a liability for members. Income taxes: Salaries are subject to self-employment taxation but at the corporate level there is no tax because income is passed through to members.Longevity or continuity of the organization: States can require fixed amount of time but unless this occurs the business can have longevity. Profit retention: It doesnt matter how the decision to distribute profits is decided, the Income will passed through to members.Convenience or burden: No owners or partners have personal liability but also possess limited control. B1. Recommendations
A general partnership is recommended. This does not adequately address the owners concerns regarding control, longevity, expansion or liability. Please revise. B2. Justification
Some justification is provided for the recommendation of a general partnership. Please justify the revised recommendation in terms of liability, control, taxes, investment for expansion and longevity. C. Sources
A website is listed. Please include references and in-text citations for all sources used to complete the task.
The reason why the general partnership will represent the best form of business structure for the owner is because it represents the easiest form of legal business structure to create and maintain. Each partner has equal liability, control, and decision-making on investment for expansion depending on the betterment of the business. Partners have financial obligations to each other and to the best interests for the business. Therefore, they are able to maintain a level of control over the business, which is what the owner in the scenario wants. In addition, they arent taxed for their business but must only report their business income on personal tax returns with the autonomy to deduct business losses on their income tax returns. A pass through entity as described by the IRS enables the owners to divide taxes in relation to profits according to the business agreement entered by both parties.
http://smallbusiness.chron.com/advantages-general-partnerships-4437.html




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