What is an S corporation?, writing assignment help

timer Asked: May 11th, 2017
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Question Description

Your client has been informed that an S corporation is a popular business form and wants to know more about it. Please write a professional memo to your client responding to his inquiry. Be sure to at least discuss the following items:

  • What is an S corporation?
  • When is it advisable to be taxed as an S corporation?
  • How does an organization become an S corporation?
  • If The Car Wash is a corporation, can they be taxed as an S corporation?
    • Why or why not?
    • What criteria must be met?
  • If The Car Wash is a LLC, can it be taxed as an S corporation?
    • If so, what does it need to do to elect S corporation status?
  • How would The Car Wash report and pay tax if it is an S corporation? 800 words or more whichever

Tutor Answer

School: UC Berkeley

final attach

What is a S enterprise?
S Enterprise is a one of a kind structure of business ownership by which the organization can
avoid twofold duty evaluation since it is not required to pay corporate compensation charge on
the advantages of the association. All points of interest and mishaps are passed on clearly to the
shareholders of the association. The shareholders record particular appraisal structures and pay
wage charge on whatever share of advantages they get from the business. In the event that the
firm has more than one shareholder, the organization must record an instructive cost shape to
give unobtrusive components of the corporate pay of each shareholder. This article will talk in
knowledge about the positives and negatives of combining an association as S organization.
Another importance of the S enterprise is that it is a United States government pay impose
purposes, it makes a substantial decision to be saddled. This partnership is laws state in which
the element is composed.
When is it advisable to be taxed as an S corporation?
While a S association is not saddled on its advantages, the proprietors of a S organiza...

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