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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:
A sole proprietorship
A limited liability corporation
Do you recommend that this client choose an LLC or not? Explain your rationale.
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williams music store reported cost of goods sold as
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James owns a sole proprietorship. James pays his son Albert, age 17, $8,000 and his daughter Chloe, age 19, $11,000 for their work in the business. Both wages are reasonable for the work they perform. How much FICA tax must the sole proprietorship..
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How will you adjust the net present value analysis to compensate for inclusion of the interest expense ?
services at december 31 2011 are listed belowaccounts payable12000j. trendsetter capital 111110000accounts
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