Most business owners have more on their minds than legal structures. They focus on locations, supplies, target audiences, and more. Although not as exciting, the legal structure is a critical factor that requires thoughtful consideration. There is no one-size-fits-all structure, however. The structure that best suits one business’s needs can be the wrong fit for another business.For this Discussion, you will weigh the pros and cons of each type of business structure and identify which structure you would choose if you were to start a business, if you have not done so already. Keep in mind that you do not have to have plans to become an entrepreneur in order to participate in this Discussion. The purpose is to place yourself in the position of someone who needs to make this decision.To prepare for this Discussion:Focus on the differences and similarities between legal business structures. Consider the positives and negatives for each structure, as well as how certain structures work better for certain situations.Your Discussion will be based on a business idea that comes from you. If you have a business idea that you want to pursue (or if you have already started a business), you can use that idea. If you do not have one in mind, use a hypothetical example from an industry with which you are familiar.By Day 3Post a 150- to 225-word (2- to 3-paragraph) explanation of which type of legal structure you would choose if you were going to start a business. In your explanation:Briefly describe your business idea (whether real or hypothetical).Describe the legal structure you would select for your business, including the aspects that make it unique compared to the other structures, and provide a rationale for why it fits best with your business idea.Be sure to share any questions you would need to answer before making a final decision about the legal structure for your business.Include reference(s) to a minimum of one scholarly source to support your response.

FULL INSTRUCTIONS are attached. Please see attachment for FULL INSTRUCTIONS.Complete the following for this assignment: Prepare a 1120 U.S. Corporation Income Tax Return as Jim’s Auto Body, Inc. Complete the appropriate schedules in the 1120 and Statement 1 – Other Deductions. Prepare a 1065 U.S. Return of Partnership as Jim’s Auto Body, LLC. Complete the appropriate schedules in the 1065, Statement 1 – Other Deductions and the 1065 Schedule K1 for Jim. Note: This project is to be completed without the use of tax preparation software. Use of tax preparation software is considered cheating and is grounds for a failing grade. Additional Information needed to complete the assignment: Link to forms needed to prepare 1120 US Corporation Income tax Return: https://www.irs.gov/forms-pubs-search?search=1120 Link to forms needed to prepare 1065 US Return of Partnership: https://www.irs.gov/forms-pubs-search?search=1065 Additional information needed to complete tax returns: Jim’s Auto Body (Inc., or LLC) 1122 Sesame Street New York, NY, 10002 EIN 90-1234567 Dated incorporated January 1st, 2010 Jim Jameson 8701 Electric Avenue New York, NY, 10002SSN: 123-45-6789 Jim Jameson took on Fred as a partner for the LLC. Fred owns 50% of all profits, losses, and capital. You do not have to complete Part 2 K, L, or M on the 1065 Schedule K1 (there is not enough information provided). $4,500 salary expense is officer’s compensation for the corporation and guaranteed payment to partners for the LLC. $55,000 equipment is 7-year property in its 5th year of service and was placed into service in the middle of the year, thus using the half-year convention. Use the correct table from the IRS—Publication 946: How to Depreciate Property—to determine the tax deductible depreciation. Form 4562 is not required. Jim made four quarterly estimated tax payments of $800 each over the course of the year. In accordance with IRS instructions: "Corporations with total receipts and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2" (Internal Revenue Service, n.d.). This also applies to the LLC. For the 1065 Schedule K1, you will not have enough information to fill out Part 2 K, L, and M. Jim's Auto Body Revenues: Service Revenue $28,000.00 Total Revenue $28,000.00 Expenses: Salary Expense $4,500.00 Rent Expense $1,200.00 Utility Expense $300.00 Depreciation Expense $500.00 Insurance Expense $100.00 Supply Expense $400.00 $7,000.00 Net Income $21,000.00 Jim's Auto Body Balance Sheet As of April 30, 2015 Assets Cash $101,800.00 Acct Rec'able 20,000 PP In $1,100.00 Equipment 55,000 Accu. Dep. $500.00 Supplies $2,600.00 Total Assets $180,000.00 ______________________________________________ ______________________________________________ Liabilities and Stockholders' Equity Liabilities: Accounts Payable $8,000.00 Salary Payable 3,000 Total Liabilities $11,000.00 Stockholders' Equity: Common Stock 150,000 Retained Earnings $19,000.00 ______________________________________________ ______________________________________________ Total Stockholders' Equity $169,000.00 Total Liabilities and Stockholders' Equity $180,000.00 ______________________________________________ ______________________________________________