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Lit Task 2

In: Business and Management

Submitted By missbrianna09
Words 253
Pages 2
Memorandum

Changing your company’s organization type can be very beneficial in your given situation. My recommendation is changing into an S-Corporation. The S-Corporation will allow you to be taxed at the level of the shareholders and it is not double taxed. You must have no more than 100 shareholders to be qualified as an S-Corporation.

How becoming an S-Corporation would be beneficial
Stock
Turning your business into an S-Corporation would give you the option to sell shares of it to investors. This would help to fund your expansion.
Ownership is transferable
Should the owner of the company die, the S-Corporation can easily be transferred to another owner or to the officers in the corporation. The S-Corporation can continue for an unlimited span of time.
Taxation:
The S-Corporation is taxed at the level of the shareholders dependent upon which tax bracket each is in. This corporation is not taxed again at a corporate level. Business expenses can be written off and the S-Corporation could come with a self-employment tax break. This will help to lower the amount of income tax payable each year.
Profit Retention:
All profits would go to the shareholders. A business agreement can be drafted and profits can be distributing according to the agreed upon contract.
Control:
There would be a board of directors appointed to control the S-Corporation. If the owner would like to retain control of the company, the board of directors appointed can be family

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