The Miller family, who operates a musical instrument manufacturing concern, has decided to incorporate. The three members

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The Miller family, who operates a musical instrument manufacturing concern, has decided to incorporate. The three members of the Miller family, Mary, Mark, and Sue, would like to become a corporation and obtain limited liability; however taxation as a corporation would be very costly for them. If possible, Mary Miller would rather be taxed as a partnership. Mark Miller is worried about the additional paperwork and meetings that a corporation would surely bring. Sue Miller does not want a large board of directors to be formed. Sue fears that the board would somehow detract from the family goals and orientation the business has always enjoyed. In light of these concerns, is there one or more business organization forms that would better suit the Miller family? Be sure to explain your choices and the reasoning behind those choices.
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...
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Canadian Income Taxation Planning And Decision Making

ISBN: 9781259094330

17th Edition 2014-2015 Version

Authors: Joan Kitunen, William Buckwold

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