Crazy J's Sports Lounge Essay

2969 Words Dec 10th, 2012 12 Pages

Crazy J's Sports Lounge Jason Rentscheler University of Phoenix

Crazy J's Sports Lounge Crazy J’s is the place to escape your wife or your life, watch the game or watch our girls. Crazy J’s provides food, fun and some of the most beautiful women in the Phoenix valley. There is a number of big screen high-definition TV’s placed all around the bar so no matter where you sit you’re still a
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If partners are involved in your business you can limit you liability for claims against them by incorporating their practices separately. A corporation will be a partner with each of its partner’s corporations and it would not be responsible for claims against them. With a corporation it will need to ensure that it has a plan to eliminate any double taxation on corporate earnings since it is a taxpaying entity itself. This can be done by forming an S corporation or paying salaries out to its offices and zeroing out company income. Corporate formalities of minutes, bylaws, and stock certificates need to be observed to ensure that the corporation will be respected for tax and legal purposes. All dealings with third parties should be conducted in the corporate name, and a separate corporate bank account must be used (The Asset Protection Law Center, n.d.) LLCs are hybrids of other forms of business. For tax purposes LLC’s are treated like partnerships. However, like S Corporations and C corporations, LLC’s offer a little protection against personal legal responsibility. Every member of an LLC has some limited liability. When a general or limited partner is in a managing position they can be made personally liable for any mistakes made. An LLC member must report all income and losses on their tax returns. For legal purposes LLC owners and investors are called members instead of

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