A corporation that is incorporated North Dakota and doing business in South Dakota is called a(n) corporation in South Dakota. Multiple Choice alien domestic foreign international
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- describe the various legal entities available to an entrepreneur when starting a business. These can be classified in two groups based on how income is taxed and availability of limited liability protection. 1What is the concept of double taxation of income, and which entities can avoid this double taxation? 2What is the concept of legal liability protection, and which legal entities are entitled to that protection?To qualify as a B corporation, a business must be certified by a state government agency? True or FalseHow fill Form 1120 Corporations with this info: (it's a fake company) For learning purposes only The OMS Staff Solutions II company is a for-profit company registered as a corporation, with employer social security number 26-3029054, incorporated on January 2, 1994. The address of this company is 960 Amick Loop, Lakeland, Fl 33815. According to the company's books, there were the following items both at the beginning of the taxable year and at the end. Balance at the end of the year Dec. 31 2021Sales $5,500,000Salaries, commissions and bonuses to employees 900,000Federal Social Security 620,000Medical insurance 20,000Insurance…
- Zoey is the CEO of a corporation she organized herself, and the corporation has 15 shareholders. The company operates in several states, as well as outside of the U.S. Her business consists mostly of training services for in-home medical care personnel. Her company would be a __________ corporation. Subchapter S Closely-held ProfessionalBesides a corporation setting (listed and non-listed), identify a situation, an arrangement, or an organization where an agency problem (dilemma) may arise. What is the main reason for this agency problem? What would you do to resolve or reduce it? Assuming you were the principal in this situation.The Smith family has a very successful family tea shop that also provides wireless Internet access and live entertainment. They believe that there is a great deal of growth opportunity in such tea shops and plan to eventually expand. After meeting with their lawyers and accountants, they realize they need to change their business structure to either a corporation or a limited liability company. They understand that both have limited personal liability. Using the information in your text regarding the advantages and disadvantages of each, make a recommendation as to which you would recommend to the Smiths. Provide at least three reasons for your recommendation. Be prepared to defend your point of view. I recommend that the Smiths form a ________________. corporation limited-liability company The rationale for your recommendation is as follows: (Explain your 3 reasons )
- The Smith family has a very successful family tea shop that also provides wireless Internet access and live entertainment. They believe that there is a great deal of growth opportunity in such tea shops and plan to eventually expand. After meeting with their lawyers and accountants, they realize they need to change their business structure to either a corporation or a limited liability company. They understand that both have limited personal liability. Using the information in your text regarding the advantages and disadvantages of each, make a recommendation as to which you would recommend to the Smiths. Provide at least three reasons for your recommendation. Be prepared to defend your point of view.37 - Which of the following should come in the blank space in the expression "............. companies, combining the characteristics of joint stock companies and collective companies"? a) cooperative businesses B) Limited partnership with share capital NS) Limited company D) Incorporated company TO) collective companyWhy open corporations are required to submit detailed reports to government agencies?
- You have been hired by an inventor of a new power cell for cars, trucks and boats, who has some inquiries from prospective investors who would like to know more about the invention before they put their money into the business. He has not yet incorporated his business, but likes the idea. There are three key issues to deal with: 1) Incorporate his company after explaining the pros and cons of incorporation. The name he proposed was 21st Century Vehicle Batteries Inc. 2) You must advise him as to how to protect his intellectual property. He has only applied for one patent that is not yet approved. What else should he do? Describe any essential steps. 3) Prepare a non-disclosure agreement for him to give to the prospective investors to sign. You will want to keep the NDA fairly easy to understand , so limit the document to 3 pages, but all the key points must be covered.4. Which of the following statements are true about an S Corporation? Group of answer choices A. Shareholders of an S Corps have limited liability B. Shareholders of an S Corps are liable for all profits and losses as a flow-through tax entity C. S Corps only have one class of stock D. S Corps limit the number of shareholders to no more than 100 E. All of the above are true1. Discuss how characteristics of not-for-profit organizations differ from for-profit organizations. 2. Discuss some of the differences in the preparation and presentation of the operating statements of nongovernmental not-for-profit entities and governmental not-for-profit entities reporting as business-type entities.