​421 Discussion Question 1

Anonymous
timer Asked: Oct 18th, 2018
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Question Description

421 Discussion Question 1: Bob has been a self-employed (sole proprietor) in his business for many years. Wanting to be able to pass his business on to his children more efficiently, he incorporates his business as Bobco, Inc., a C corporation. What are some adjustments that Bob will need to make and lessons he will need to learn as he learns to operate as a corporation, not a proprietorship?

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Kishnewt2017
School: UIUC

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Bob’s decision to go corporate is a plausible one given the advantages that are
associated with the latter, for instance, getting limited liability protection and lowering the
taxes that the business pays. But for him to incorporate, there are some adjustments that need
to be made. Firstly, it is closing the existence of the business as a sole proprietorship. This
will involve can...

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