Differences between a sole proprietorship and an llc

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Reference no: EM133711655 , Length: word count:900

Question: The textbook, Business Law with UCC Applications, Chapter 32, "The Professional Liability." examines an accountant's liability in the performance of professional duties. The following scenario corresponds to the reading within the textbook.

Scenario Assume you are the CPA for Barry Stone, a business associate, who has secured a $100,000 small-business line of credit to establish a food truck. Instructions Use the Week 10 Assignment Template to write a 3-5 page academic paper. (Please be aware that the title page and the resource page do not count towards the total number of pages.) Outline the key differences between a sole proprietorship, an LLC, and a partnership.

Clarify your narrative by thoroughly explaining how each business type is impactful to Barry's liability and tax obligations. Provide your suggested business organization for Barry and the rationale for your choice. Use at least three current, quality academic or authoritative sources in this assignment.

Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment.

Note: Wikipedia and similar websites do not qualify as quality scholarly and/or authoritative sources.

Reference no: EM133711655

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