ACCT 553 Week 6 Assignment You Decide
Penelope Mark and John Entity Selection
After 20+ years of working for other firms, Penelope (Enrolled Agent, age 41), Mark (CPA, age 43) and John (CVA, age 65) want to leave the firms they are currently employed by and become their own bosses. Penelope specializes in Taxes, Mark is the Auditor and John is a Business Valuation expert.
There are so many options available to how they can structure the new business(s). The appropriate business entity for any individual(s) will depend on their particular facts and circumstances.
You are a valued colleague and friend of this three-some and they have come to you seeking advice as to how to structure their new business. They have the knowledge to figure it out themselves, but are looking for the advice of an unbiased 3rd party. Please consider the following tax and non-tax considerations as you recommend an entity choice to Penelope, Mark and John.
Tax Memo #2-Executive Compensation
Issue One and Applicable Case Law, Code & Regulations
Issue Two and Applicable Case Law, Code & Regulations
Issue Three and Applicable Case Law, Code & Regulations