The Peppermint Partnership operates a successful candy business. It is considering taking the partnership public and becoming a master limited partnership. If it does so, will it be subject to the corporate franchise tax in New York, where its headquarters and operating plant are located?
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- If you were going to start a business with a few of your closest friends (or family), would you choose to form a partnership? Why or why not? Discuss tax planning opportunities utilizing a partnership structure. You can comment on advantages and disadvantages of forming a partnership.Why would a company have a physical headquarters in one state but file for incorporation in another state? O Employees pay income taxes based on the rates of the chartering state, so a company may choose to charter in a state with lower income taxes. O Customers trust large companies, so a company may choose to charter in a separate state to give the appearance of being a national company. O Interstate litigation is very complex, so a company may choose to charter in a separate state to make it more difficult to sue the company. States vary in the laws that govern corporations, so a company may choose to charter in a state with more favorable corporate laws.Evelyn, Francis and George, run a business buying and selling wigs. They have been advised by their lawyer to form a private limited company to run the business. They have contacted you for a second opinion, particularly in respect of: a. The extent to which their liability will be limited; b. Wether they will be able to exercise the same control over the private company as they did with the partnership. c. The extend to which they will have the same right to be involved in the management of the private limited company; and d. The public disclosure to which the business would be subjected to as a private company
- Bailey's dream is to open a chain of salons. She hopes to attract investors to help finance growth. Having once considered forming a C corporation, Bailey wants to have more flexibility about how the new business will be taxed. She also wants to offer investors/owners limited liability. Bailey can satisfy her objectives by setting up a(n) Multiple Choice general partnership. alien corporation. S corporation. limited liability company.Investors are more willing to put money into limited liability companies than partnerships because: The US government reimburses shareholders for any losses from investing in limited liability companies. Partnerships require a close relationship with other entrepreneurs. Partnerships are limited to a maximum of two investors. Only their investment in the company is at risk if the business fails.Write an e-mail to a client describing situations in which the partnership entity form might be more advantageous (or disadvantageous) than operating as a C corporation. Use subheadings and bullet points to highlight your major thoughts. You may use the following as a template: Dear Mr./Miss Jones, I am in receipt of your question(s) about the advantages or disadvantages of operating an entity (for tax purposes) either as a partnership or a C-Corporation. I will bullet my points below for clarity. Then you may end the email in any professional way you feel appropriate.
- Chuck, Bob, and Bert form CB&B Partnership to run a specialty grocery store. Bert is the day-to-day manager of the store, Bob buys the groceries, and Chuck does all the administrative work. Bob decides he would like a new car to drive to visit prospective wholesalers. He makes a contract with Big Ben Motors in the name of CB&B without consulting Chuck and Bert. The partnership is: a. bound by Bob's ostensible authority to buy a car. b. bound by Bob's apparent authority to buy a car. O c. not bound because buying a car is outside the scope of the partnership business. O d. bound by Bob's actual implied authority to buy a car.Select the best answer. Which of the following statements is false related to a partnership? O O O A. Most states do not tax the partnerships but rather the partners. Most states tax non-resident partners on their share of the income generated by the B. partnership within the state even though the non-resident partner is not otherwise subject to that state's income tax. C. Publicly traded partnerships are taxed as corporations by some states, such as California. Under federal tax law for limited partnerships, the limited partners but not the general partners are subject to the pass-through provisions. O D. nQ 12 Submit Answers 100% CompleteThe first step in forming a sole proprietorship is filing out the appropriate paperwork and paying the necessary filing fees with the secretary of state in the state where the business will operate. True false S corporations and closed corporations' earnings are exempt from federal and state income taxes based on a commitment to reinvest in local communities. True false
- Which of the following is true? The MCIT applies only when income is zero or when there is an operating loss. A partnership organized under our domestic laws is not a domestic corporation for purposes of taxation. Non-resident foreign corporations are subject to minimum corporate income tax. The MCIT is not due when RCIT is greater than MCIT.which type of organization should be formed. Rob and Bran want to form a snow removal business. They are deciding between a general partnership and a limited liability company. Bran says it is important that the two have limited liability and do not pay corporate income taxes.Which of the following is a reason for the popularity of partnerships as a legal form for businesses? Partnerships may be formed merely by an oral agreement. Partnerships can more easily generate significant amounts of capital. Partnerships avoid the double taxation of income that is found in corporations. In some cases, losses may be used to offset gains for tax purposes.
