OVERVIEW

The following chart template is connected to Assignment $1$ in Week $3$ of this course. Please follow the

instructions provided to fill it in and then submit it to your instructor.

INSTRUCTIONS

Complete a Business Tax Structure Chart that identifies the four company structures: C Corporation, $S$

Corporation, General Partnership and Sole Proprietorship and their tax characteristics using the following

criteria:

Identify which tax forms: Form $1040$ Schedule C$,$ Form $1065,$ Form $1120,$ Form $1120$ S are used

in all four of the company structures.

Identify the dates the forms are due to the IRS in all four of the company structures.

Identify who is responsible for the liabilities of the business in all four of the company

structures.

Identify what the owner limits are for each business structure in all four of the company

structures.

Identify the compensation paid to the owners for services rendered in all four of the company

structures in all four of the company structures.

Identify how the payroll taxes on the owner's salary will be managed in all four of the company

structures.

Identify if owners are subject to Medicare tax on compensation leave in all four of the company

structures.

Identify if the business must formally organize with the state in all four of the company

structures.

Identify if the business is suitable for an IPO $($Initial Public Offering$)$ in all four of the company

structures.

Tax Charac

$1.$Tax Form

Tax Form Du

Who is responsil

liabi

Owner Limits fol

business stru

Compensation $p$

owners for services ren$$