Question $5$

E$.$ I. James is a writer with a best selling novel. He wishes to create a corporation called "James, Inc." He will be the only owner and war of flow$-$through taxes $($not even filing a separate tax return$).$

Can James incorporate his business of writing?

Only if he forms an S Corporation.

He needs a partnership to get the flow$-$through tax entity status.

No$,$ the law requires at least two people to be shareholders of a corporation.

Only if he forms a Z Corporation

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