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Author Question: Which form of ownership offers the best tax advantage and why? What will be an ideal ... (Read 16 times)

lilldybug07

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on: Jul 26, 2018
Which form of ownership offers the best tax advantage and why?
 
  What will be an ideal response?

Question 2

What is the liability of partners in relation to debt obligations and lawsuits?
 
  What will be an ideal response?


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meganlapinski

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Reply #1 on: Jul 26, 2018
Answer to Question 1

The form of ownership that offers the best tax advantage is corporations since profits are taxed at corporate tax rates rather than individual tax rates and the corporation is allowed to deduct all normal and customary business expenses including depreciation.

Answer to Question 2

The liability of partners in relation to debt obligations and lawsuits is joint and severable liability where each partner is legally liable for the entire debt or legal obligation.


lilldybug07

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Reply #2 on: Jul 26, 2018
Thank you!


meganlapinski

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Reply #3 on: Jul 26, 2018
Always glad to help...


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