Structure their organization as a partnership

Assignment Help Finance Basics

Reference no: EM133430149

Question: Oliver Williams, Dwight Whittington, and Natalie Maloney have decided to start an accounting firm located on 123 Forest Drive, Myrtle Beach, South Carolina 29538 named Accounting Consultants, Inc. The business was started January 1, 2020 and has 12-3456789 as its Employer Identification Number (EIN). They want to structure their organization as a partnership.

Accounting Consultants, Inc. has elected to use the accrual method. Oliver Williams is the manager and the only accountant of the firm and works 40 hours per week completing accounting duties. Natalie Maloney works as the marketing director and works 20 hours at the office location and 20 hours outside of the office (in the field) maintaining and generating customers. Dwight Whittington and Natalie Maloney each contributed $100,000 in year 1.

Oliver and Natalie both receive guaranteed payments of $5,000 each month for their services to the LLC. Natalie and Dwight both receive $5,000 guaranteed per month for their use of capital. All revenues and expenses are allocated in the expected 25%/50%/25% ratios to Oliver, Natalie, and Dwight, respectively.

Reference no: EM133430149

Questions Cloud

Which he may think injurious to the public or an individual : "Each House shall keep a Journal of its proceedings, and cause the same to be published immediately after its adjournment, and the yeas and nays of the members

Explain the relation of performativity to precarity : Explain the relation of performativity to precarity and gender in Judith Butler's essay 'Performativity, Precarity and Sexual Politics'.

What educators should do to ensure that all children : What educators should do to ensure that all children and families are invited to fully participate in educational settings and the wider Australian society

How felt as a child struggling beca his dad is going to war : Neil's point of view on the world in the short story War by timothy findley. Please focus on the idea of how felt as a child struggling beca his dad is going

Structure their organization as a partnership : The business was started January 1, 2020 and has 12-3456789 as its Employer Identification Number (EIN). They want to structure their organization as a partners

Can you write a couple paragraphs about different museums : Can you write a couple paragraphs about different museums and the art movement Impressionism and romanticism. Journal Entry Video Tour Assignment Can you write

What stands out for you as you read those poems : Read the selections from Ghalib's poetry. Which two poems did you choose to read? Was there anything similar in both of them like the theme of the poems?

How might you compare these characters to one another : Shadow Man and Prophet Samuel represent trickery and quick rich success. If you have seen the movie, how might you compare these characters to one another?

Analyze the effectiveness of advertisements based on : Analyze the effectiveness of advertisements based on the techniques used Complete the chart below by conducting an Internet search to locate advertisements.

User Account

All Pages