You are a newly designated CPA and are contemplating opening your own accounting firm with two...
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You are a newly designated CPA and are contemplating opening your own accounting firm with two of your colleagues from your graduating class. The three of you have been debating what type of business structure to use. All three of you are concerned about liability and want to have some flexibility for tax planning purposes. You seem to the think that the three of you could incorporate, but one of your colleagues is equally sure that the only available option is a partnership, but she is not sure what kind. You decide to consult with your former law professor to determine what business structure options are available for your new firm. What do you discover as part of your research? What option should be chosen and why? You are a newly designated CPA and are contemplating opening your own accounting firm with two of your colleagues from your graduating class. The three of you have been debating what type of business structure to use. All three of you are concerned about liability and want to have some flexibility for tax planning purposes. You seem to the think that the three of you could incorporate, but one of your colleagues is equally sure that the only available option is a partnership, but she is not sure what kind. You decide to consult with your former law professor to determine what business structure options are available for your new firm. What do you discover as part of your research? What option should be chosen and why?
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Different types of structures explained below after consulting the professor 1 Sole Proprietorship If the three students agree on settling in sole proprietorship then it means doing business alone A s... View the full answer
Related Book For
Auditing Cases An Interactive Learning Approach
ISBN: 9780134421827
7th Edition
Authors: Mark S Beasley, Frank A. Buckless, Steven M. Glover, Douglas F Prawitt
Posted Date:
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