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Task1 Part B

In: Business and Management

Submitted By jenna1skinner
Words 659
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memorandum to: | Owner of the company | from: | jenna skinner | subject: | new business type | date: | January 7, 2015 | cc: | | | |
I understand that you are currently operating as a sole proprietorship, but are looking to expand and have some concerns over liability, as well as profits and taxation. After reviewing your current situation and the key details of where you are hoping to be in the future, I have a recommendation for the form of business your company should change to. My recommendation would be to form an S-corporation. I feel as though this would meet your business needs, with several advantages, and minimal disadvantages.
In your current situation, you are liable for not only your actions but also the actions of your employees on the company’s behalf. If you were to form a partnership, you would still be jointly liable for the same things, but with an S-corporation you are no longer liable for the company’s debts, as it will become it’s own separate entity. You and other shareholders of the company will only be liable for your investment in the company, and your personal assets will be protected should any debts of the company.
When moving form a sole proprietorship to a corporation, there are typically concerns over taxes and profits As an S-corporation is not a taxable entity, shareholders at their individual rate on their personal taxes pay taxes. The corporation itself does not pay taxes on its income. This is a distinct advantage over other types of corporations, such as a c-corporation, which is subject to double taxation. Also, stocks can be sold in order to raise capital for the company.
I also understand you are looking at the possibility of selling stock in your company so your family members can share in control of the company. This is a great advantage of an S-corporation. You are able to sell stock to a limited number…...

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