What would be the best entity type for max and cindy

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Assignment:

Max has been in the salon business for 25 years. His salon is in his home, and he has filed returns as a sole proprietor since he began his business. Max and his longtime girlfriend have decided to get married. Cindy has been helping in the salon for years but has received no pay. Now that Max and Cindy are married, she would like to be able to report income under her Social Security number. Based on the following, what would be the best entity type for Max and Cindy?

• They both want to report income under their Social Security numbers.

• They both contribute equally to the business, and both invest money as needed.

• They both maintain equal responsibility regarding workload and decision making.

• They are not concerned about liability issues.

• They both strongly agree that they do not want to be bothered with payroll for the company; therefore, they do not want to become employees of a company.

• They want to file only one tax return and report all income on their personal return.

-S corporation

-Joint venture

-C corporation

-Partnership

Reference no: EM133330734

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