Sole proprietorship

Sole Proprietorship A sole proprietor is a business owned by a person. This person will file his or her business taxes using Schedule C while filing form 1040. For a charitable contribution, it will not be filed on the person’s Schedule C it will be taken as a deduction on his or her personal taxes. The taxpayer would file a Schedule A. However, the caveat for this would be if the individual does not have enough deductions to itemize and must take the standard deduction. Then the person…

1. List two reasons why licensing is important to child care centers. One reason that licensing is important to child care centers. Is because it is a requirement as well as way to help keep the center organized. Another reason that licensing is important in a child care center. Is because it ensures the health and safety of the children and staff at the childcare center. 2. Explain why accreditation teacher-to-child ratios are usually more stringent than those required by licensing.…

Lyric the Canine Companion is planning to be a dog walking business that also offers pet sitting. Lyric The Canine Companion is a sole proprietorship owned and operated by Lyric Eden Davis. It is a fact that many dogs misbehave because of a lack of exercise, Lyric is looking to give many dogs that exercise they need. Giving the dogs the exercise they need will not only help the dogs, but it will also help their owners. Lyric Eden Davis will achieve this by being passionate, motivated, and…

be a limited liability corporation. A limited liability corporation is, “A company (LLC) in the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation” (Webster, 2004). I believe that this is the perfect fit…

In 2002 the introduction of the concept of single member company is to facilitate sole proprietorship to get corporate status, giving them certain privileges. Single Member Company: It is a company which is formed by a single individual, limited by shares with one member. It is a subclass of a private company. In SMC there is one owner and also a single director which is owner. They required auditor under role of 1984. The secretary can be a member other than the secretary. They have various…

From the birth of a child to the sale of a business, there are a number of life events that can impact your federal and state tax returns. With more than 20 years of experience, Cheryl Hawkins Tax and Accounting in Jordan, MN specializes in comprehensive reviews of unique tax situations and recommending adjustments to benefit the tax filer. One of the reasons why it’s important to have a periodical tax return review is to determine if family and employment additions or subtractions are…

Unit 7 Discussion Sometimes companies move their corporate headquarters out of their home countries to countries with more favorable tax treatment. Which duty do you believe is higher, the duty of corporations to pay tax to government or the duty of corporations to pay dividends to shareholders? I believe that corporations have the duty to pay dividends to the shareholders. Corporations incur in double taxation; therefore, the government will tax the corporations since the taxing authorities…

primarily based on several key factors for your organizations foundation choices. I will now explain the propositions of each legal structure opportunity. Legal structure opportunities would include ideals, such as: sole proprietor, partnerships, and cooperation’s in its forming stage. Sole Proprietors legal structure for a business are accompanied with the simplest foundation of your company. There are numerous disadvantages and advantages of the structure. Structure advantages include…

putting his assets and business at risk, taking on the IRS in court, or hiding from the IRS until the 10-year collection period expires. I do not think the latter two options are worth the risk. He could have liens and levies cripple his sole proprietorship and impede his ability to borrow money again. Also, why would anyone want to hide from a government entity for 10-years, knowing they could sue you and probably win at any minute? Also, something as simple as leaving the country could…

online service for nurses who want to work with us but don’t live in California. This agency isn’t just for anyone. It’s designed for Registered nurses or nurses with higher degree who have the desire to travel while working. My business is a sole proprietorship empire, meaning my business operated buy one and I’m responsible for my debts. My management team consist of myself for now. As the years goes I will think about expanding. Nurses should consider my agency because it is known for…