Avoiding personal liability and reducing business taxes

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Reference no: EM131606045

"Susan Stallings wants to open a business whereby she rents out personal water craft in Florida and Missouri. She can secure the right to run her business out of two large and popular boat docks on major lakes (one in Florida and one in Missouri). She will lease the water craft and, in return, sell rental time to vacationers. She wants you to become the COO and is asking your advice on what legal structure she should use to form and operate the business."

The choices of business structure include a Sole Proprietorship, Corporation, LLC, Partnership, Cooperative, or an S Corporation.

Which legal structure is best in terms of achieving the specified owner’s objectives of avoiding personal liability and reducing business taxes?

What are the advantages and disadvantages of selecting that business structure?

Reference no: EM131606045

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