For each separate case, indicate which type of organization should be formed. a. Sharif, Henry, and Korb

Question:

For each separate case, indicate which type of organization should be formed.

a. Sharif, Henry, and Korb want to start a tech firm. They are deciding between an S corporation and a C corporation. Thefounders want limited liability, but they also want to avoid paying corporate income taxes.

b. Jackie and Susie are starting an accounting firm. They are deciding between a general partnership and a limited liabilitypartnership. It is crucial to Jackie that she has limited liability and is not personally liable if Susie is negligent.

c. Rob and Bran want to form a snow removal business. They are deciding between a general partnership and a limited liability company. Bran says it is important that the two have limited liability and do not pay corporate income taxes.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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