Selecting A Form Of Entity For Doing Business

| In a sole proprietorship, the business and single owner are one in the same. A single owner makes all decisions with regard to the business and the single owner retains all profits earned by the business. The single owner is also responsible/liable for all debts and obligations of the business on a personal level.

INCOME TAXES – As a sole proprietor all business income or losses must be reported as personal income tax. The business itself is not taxed separately.

When an independent contractor earns compensation for providing services or doing work and is classified as a self-employed individual rather than an employee, this is considered to be independent contractor income. This type of income will listed on Form 1099-MISC, which is where other types of income is listed.

If you’re a business owner, you need to be the sole proprietor and have no employee other than your spouse. If your business is a partnership, it should have no employee other than self-employed partners and their spouses.

Parents may claim a child and dependent care credit for expenses incurred in providing for their dependents while the parents work as long as the children are over age 14 and under age 20 at year end.

Forming a business entity requires a great deal of knowledge before any decision is made. There are advantages and disadvantages to each entity and without proper understanding of what they are, individuals could make costly errors and forfeit crucial perks that would be in the businesses best interest. In the situation in New State, Alex, Bill, Carl, and Devon have inherited their father’s operating organic farm and seek advice, in regards to which form of business organization would best fit their particular criteria. They have emphasized their immediate concerns, wants and needs from a business standpoint, but also stress their strong faith to uphold and operate in accordance with the Christian worldview. Their criteria is as follows, (1) create an entity which averts formalities or complexities, (2) develop a structure allowing cousin Xavier to handle the day-to-day, (3) minimize taxes on the entity, (4) avoid any personal liability, (4) keep business in the family only, (5) remain in accordance with the Christian worldview, (which will be the final topic in this discussion). After reviewing all criteria, it will be advised that forming a limited liability company (LLC) and electing for an S corporation status would be of best interest for the family. Discussed below, is the strengths and weaknesses of each form of business organization as it applies to their unique situation, to help better understand why an LLC/S corporation, is the best form of

Self-insured employers must file an annual return which details the coverage that they offer to employees.

Fringe benefits: The employees can be maintained by paying them fringe benefits, non-cash expenses. They may include child-care expenses, tuition assistance, and flexible medical bills. In cases where the employees want to take personal classes, the employer can reimburse the tuition to entice the worker and attract more services delivery (Albinger & Freeman,

Japanese internment camps from 1942 to 1946 were an exemplification of discrimination, many Japanese Americans were no longer accepted in their communities after the Bombing of Pearl Harbor. They were perceived as traitors and faced humiliation due to anti-Japanese sentiment causing them to be forced to endure several hardships such as leaving behind their properties to go an imprisoned state, facing inadequate housing conditions, and encountering destitute institutions. The Bombing of Pearl Harbor occurred on December 7, 1941 (Why I Love a Country that Once Betrayed Me). This led president Roosevelt to sign the executive order 9066, which authorized the army to remove any individual that seemed as a potential threat to the nation (“Executive Order 9066”) This order allowed the military to exclude “‘any or all persons from designated areas, including the California coast.”’ (Fremon 31). Many Japanese opposed to leave the Pacific Coast on their own free will (Fremon 24) . Japanese Americans would not be accepted in other areas if they moved either.Idaho’s governor stated, Japanese would be welcomed “only if they were in concentration camps under guard”(Fremon 35). The camps were located in Arizona, Arkansas, Wyoming, Idaho, Utah, Colorado, and California where thousands of Japanese Americans eventually relocated. (“Japanese Americans at Manzanar”) The internment lasted for 3 years and the last camp did not close until 1946. (Lessons Learned: Japanese Internment During WW2)

1850 Compromise: Henry Clay began a series of resolutions on January 29th, 1850 to try to find a good compromise in order to avoid problems between Northern and Southern Americans. The slave trade in Washington D.C. was abolished and the fugitive slave act was amended.

The small business owner that has 25 or fewer employees, and provides health insurance for them, the owner will receive tax credits to ease the burden of the cost. The small business owner will receive 50% tax credit for a profit business and 35% tax credit for non-profit businesses.

Income taxes- All income generated through a sole proprietorship is taxed by the Internal Revenue Service. This is reported on the owner's personal tax return.

Sole Proprietorship Sole proprietorship is the most common form of business in the United States. It is a relatively simple way for an individual to start a business since legal costs and business requirements are minimal, and the owner has complete control over the business. Though a sole proprietor is not responsible for any corporate tax payments, the owner is responsible for taxes incurred on the income generated from the business as part of his or her personal income tax payments, and personally shoulders any other risks or obligations. A sole proprietor may also choose to file their business under a fictitious business name or a DBA (doing business as), allowing him or her to operate and market the business under a more typical

Depression often occurs in minority populations due to direct and/or perceived occurrences of racism. A study of Chicago minority adolescents found that a majority experience discrimination, but less than half of those instances were rated “somewhat” or “very disturbing” (Tobler et al., 2013, p. 347).  Regardless of how adolescents rated discrimination experiences, Tobler et al. (2013) concluded that any direct or even perceived experience of racism contributed to mental health issues.  Adolescents who experience racism also report higher rates of high risk behaviors including suicide ideation (Tobler et al., 2013).  Kim (2014) also notes that “perceived discrimination” increases behavior problems

A Sole Proprietorship is a business owned and ran by one individual. Sole Proprietorships are unincorporated. There is no legal difference between the business and the