Federal-Taxation-Week-9-Assignment

Apr 30th, 2015
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There are some differences in personal liabilities in a corporation and a partnership. In a corporation, a shareholder may only be held liable for any amount that they may have invested in the corporation(Quick MBA, 2010). In a partnership, a partner may be held liable for any and all amounts invested by all parties. Within a partnership, management decisions are handled within and by the partners, and within a corporation the management decisions are made by the board of directors who are elected on by the shareholders. A partnership is not required by law to take notes from their meetings, but a corporation is required to take notes, or meeting minutes(Quick MBA, 2010). This creates an administrative cost for the corporation that the partnership typically does not incur.

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Week 9: Partnership vs. CorporationLeah M. PasternakDr. Jan D. FeltonFederal TaxationJune 4, 2014Partnership vs. CorporationCompare and contrast the advantages and disadvantages inherent in electing to become a partnership and a corporation. Indicate key aspects in which the resulting choice is likely to impact tax obligations.To be or not to be, that is always the question. The decision on whether to elect on becoming a partnership or a corporation is something that every company must decide on. There are inherent advantages and disadvantages to each, and these are outlined below. There are some differences in personal liabilities in a corporation and a partnership. In a corporation, a shareholder may only be held liable for any amount that they may have invested in the corporation (Quick MBA, 2010). In a partnership, a partner may be held liable for any and all amounts invested by all parties. Within a partnership, management decisions are handled within and by the partners, and within a corporation the management decisions are made by the board of directors who are elected on by the shareholders. A partnership is not required by law to take notes from their meetings, but a corporation is required to take notes, or meeting minutes (Quick MBA, 2010). This creates an administrative cost for the corporation that the partnership typically does not incur. Of course, these differences between a partnership and a corporation also bring about also bring about

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