User Account

All Pages

Describe the advantages of a sole proprietorship

Assignment Help Financial Accounting
Reference no: EM13492060

Details: Your client through YOUCPA-a 50-year-old owner of a firm-has requested that she become a sole proprietorship in the state. The owner does not like paperwork and reporting of information. Her goal is to keep the business simple for her. The firm will have losses in the early years. However, you forecast steady profits for the firm after the 3rd year. She is contemplating passing on the firm to her son, Kate.
After looking at this situation, you are contemplating recommending that she form a limited liability corporation (LLC).

• Describe the advantages of each of the following:
o A sole proprietorship
o A limited liability corporation

• Do you recommend that this client choose an LLC or not? Explain your rationale.

 

Reference no: EM13492060

Questions Cloud

Explain the addition of solid naso4 to an aqueous solution : The addition of solid NaSO4 to an aqueous solution in equilibrium with solid BaSO4 will cause what? Ksp at 20 degrees C of BaSO4(s) = 1.5 x10^-9
Explain the minimum volume of hcl required metal : What is the minimum volume of 4.5M {\rm HCl} required to completely dissolve 16.0g of magnesium metal
Analyze the financial condition of bellwhether garden supply : Use technology and information resources to research issues in microcomputer applications for accountants.
Explain what volume of rm hcl solution with a ph : What volume of {\rm HCl} solution with a {\rm pH} of 1.0 can be neutralized by 1 dose of milk of magnesia. (Assume two significant figures in your calculations.)
Describe the advantages of a sole proprietorship : Describe the advantages of a sole proprietorship and a limited liability corporation and do you recommend that this client choose an LLC or not?
How does accounting information impact business decision : What information were you able to glean about the financial situation of this company from the financials?
Calculate the cash flows associated with changes in working : Assuming that Castle View currently does not have any working capital invested in this division,calculate the cash flows associated with changes in working capital for the first five years of this investment.
Explain what is the molar concentration of cleaning solution : What is the molar concentration of cleaning solution formed where 8.8 L of ammonia gas at 33 degree c and 0.967atm, dissolve in water to give final volume 0.75 L.
How fast is the boat going relative to the bank of the river : A boat heads directly across a river. Its speed relative to the water is 3 m/s. How fast is the boat going relative to the bank of the river

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd