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Essay / Research Paper Abstract
This 8-page paper discusses business set-ups and discrimination lawsuits. Bibliography lists 5 sources.
Page Count:
8 pages (~225 words per page)
File: AS43_MTbusisetp.doc
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for debts and tort actions to the amount of their business investment. Double-taxation would be nice to avoid, as well. Larry is contributing
$20,000 and use of a building; Curly is kicking in $50,000 and equipment, while Moe is on the hook for $5,000 and expertise (i.e., "sweat equity").
There are two different business forms that will limit personal liability of the owners while optimizing their tax advantage: Limited Liability Company and the S-corp. An s-corp
is a standard corporate set-up - this is typically used by smaller businesses because it doesnt require a whole bunch of shareholders. Furthermore, S corps can pass income, losses, deductions
and credit to their shareholders. Shareholders then report the income (or loss) on their tax returns. S corps, however, can only have 100 owners, or shareholders.
However, a limited liability company, or LLC, doesnt have limitations on the number of shareholders. Much like an s-corp, any liability is passed to the company,
rather than staying with the owner. The LLC, in the meantime, is taxed as a partnership (Corporations vs. LLCs). Much like our S-corp, it means income and loss is passed
through to the shareholder, to declare on his/her income tax statement. An LLC is also allows more flexible in management, as its controlled
by a members agreement, rather than a Business Corporate Act required by the state (Corporations vs. LLCs). If we had to choose between
these two, the suggestion would be to go with the LLC. As noted above, the LLC and S-corp have a lot in common, such as liability and taxation. The difference,
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