Candace is considering incorporating her photography business and knows that there are many drawbacks, except
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Candace is considering incorporating her photography business and knows that there are many drawbacks, except ________.
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- Valeri is opening a hair salon, but she does not know whatbusiness form it should take. What can you tell her aboutthe advantages and disadvantages of operating as a soleproprietorship versus a corporation?A local clothing shop has been operating as a proprietorship. The business is growing and now the owner wants to incorporate. Which of the following would NOT be a reason for this owner to incorporate? Select answer from the options below 1.desire to limit the owner's personal liability 2.easy to do and costs very little time and money 3.the ease in transferring shares of the corporation 4.ability to raise capital for expansionSam is deciding whether he should operate his business as a C corporation or as an S corporation. Due to potential environmental hazard problems, it is imperative that the business have limited liability. Sam is leaning toward the S corporation form because it avoids double taxation. However, he is concerned that he may encounter difficulty several years in the future is he decides to issue some preferred stock to his son as a way of motivating him to remain active in the business.
- Three ladies decide to go into business publishing cookbooks. They form a corporation, having been told that the corporate form of ownership carries limited liability. They decide not to purchase any form of liability insurance for the corporation because their loss in the event of an uninsured liability loss will be limited to the amount of their initial investment. Is there a fallacy in their logic?Marty Byrd is debating setting up his new business venture as a corporation. He comes to you for advice. What would you tell him? Include at least 3 advangates and 1 disadvantage to incorporatingWizardry Corporation's purpose clause in its charter states, "To operate a home-cleaning service business." After a few years of successful operation, Wizardry is offered the challenge of landscaping a neighboring business. If Wizardry accepts the offer, it would be violating its charter under: O a. the estoppel theory. O b. the de facto doctrine. O c. the de jure doctrine. O d. the ultra vires doctrine.
- Nicholas is a software engineer and is starting a consulting practice. What form of businessorganization limits his liability to the amount he has invested in the business?a. Proprietorshipb. Partnershipc. Corporationd. None of the aboveQuestion # 1: Which of the following statements is CORRECT? a. One of the disadvantages of incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. b. Sole proprietorships are subject to more regulations than corporations. c. In any type of partnership, every partner has the same rights, privileges, and liability exposure as every other partner. d. Sole proprietorships and partnerships generally have a tax advantage over many corporations. e. Corporations of all types are subject to the corporate income tax.In one of the following situations, the member acted properly. Which one? Group of answer choices a. Joe was providing consulting services to client Lowery Company and in that capacity learned trade secrets that he used to convince Richter Corporation to hire him as a consultant who could help Richter compete against Lowery. b. Fiona prepared a joint tax return for Tom and Pam, a married couple. When Tom and Pam got into a vicious divorce proceeding, Fiona helped Pam, whom she perceived to be the wronged party, and refused to share any information with Tom, whom she thought was a bad husband. c. Han prepared corporate income tax returns for Nadle Corporation until he became uncomfortable with how aggressive in seeking deductions Nadle was asking him to be. He“fired” Nadle as a client. When Nadle sought to replace Han with Jennifer, she called Han and asked: “What can you tell me about Nadle?” Han replied: “Well, I think you should ask Nadle to grant me permission to speak…
- Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to form a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. (a) What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: the requirement for the registration of the business in Jamaica, the advantages and disadvantages of the business type and information on the dissolution of the business. (b) Assume the friends opted to create a partnership, and has asked for your assistance in creating a Partnership deed; create a partnership deed that…Technical & Ethical Issues with TaxSky recently spoke to her father who is an experienced businessman because she isn’t sure about herrevenues and costs for the past year. Her dad vehemently stressed the importance of a sole proprietormaintaining accurate records for business and tax purposes. Sky had grown impatient with theconversation and ended it but is now curious about what her father may have meant. In Sky’s opinion,as a sole practitioner, she can expense her cell phone (personal and business use), any costs surroundingher personal car (maintenance, gas, insurance), and any meals she has with friends. She keeps thereceipts of their meals and would like to claim the entire amount as a business expense to reduce herown tax exposure. Any inventory she purchases will be recorded as an expense on her incomestatement to further reduce any tax exposure. Please advise Sky of why accurate tax reporting isimportant in Canada and about any misconceptions she currently has. She would…which type of organization should be formed. Sharif, Henry, and Korb want to start a tech firm. They are deciding between an S corporation and a C corporation. The founders want limited liability, but they also want to avoid paying corporate income taxes.