Dave and kathy both operate construction contracting busines

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Dave and Kathy both operate construction contracting businesses as proprietors. They have decided that they will merge their proprietorships. They have asked you for advice as to the preferred form of business entity. Dave and Kathy have indicated that they want, in descending order of importance, the following from their choice of business entity: Limited liability, the lowest tax burden, owner management and ease of organization and periodic compliance. What are the benefits and detriments of the following business entities: General Partnership, Limited Partnership, Limited Liability Company and Corporation. What are the requirements for organization, management and taxation of each of these entities for Dave and Kathy. Make a recommendation for Dave and Kathy, set out the benefits of your choice and the reasons this form of entity is preferable to the others.

Reference no: EM13769101

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