McCain Foods Limited

partner income was subject to tax individual rates, now the rate of the limited liability company will be fixed. The rear with this type of form of business is that the whole business will be dissolved if any one partner leaves the company for any reason. Our team of partner decided to raise capital from general public to expand the business further of retail stores and to introduce the imported goods. We converted limited liability Company to S Corporation and got it registered at stock…

Corporation is a business separated from its owners. Corporations can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes. Advantages of a corporation is it is a limited liability that protects owners from losing more than they invest. The business can achieve large sizes due to marketability of stocks. It receives certain tax advantages. Has greater access to financial resources allows growth within the company. Attracts employees with specialized…

Introduction There are three main business entities can choose to form in Malaysia which are Sole Proprietorship, Partnership and Limited and Unlimited Company. It is not so difficult to understand these types of entities and the owner can know which entities is more preferable to the owner. There are few steps in forming a sole proprietorship and a partnership entity. Firstly, determine the name of the organization which is unused by any business establishment or other entities. Register the…

A taxpayer is able to choose from three different tax structures upon forming his or her business. These three different businesses are known as partnerships, “C” corporations and “S” corporations. For methods of incorporation, the internal revenue code dictates a business entity on how they can benefit the taxpayer in the most tax efficient way. The main objective for a business entity and its owners or shareholders is to start a business that fits the owner’s needs and to avoid paying more…

Shareholders have both limited liability and tax status of a flow through entity. Two Advantages Two advantages are that the S-corporation avoids the double taxation of a regular corporation and investors can deduct against their other income because of the flow through entity…

the profits, losses of the business equally. Unfortunately, with this type of entity, Jeb and Josh would need to be concerned at the fact that they will be personally liable for any lawsuits filed against their business. Another option would be Limited Liability Company (LLC). This type of business entity is an unincorporated form of business…

LLC structure is best fitted for a small business operation (Feigenbaum, n.d., para. 5). However, I disagree with your point that she should open a franchise and, instead, argue that she should open an independent operation. Franchise owners are limited…

divided my questions into three groups: reporting procedures, payroll and annual budget. After I talked to Scott, I conducted a brief research on how other 5013c organizations manage their funds. Reporting procedures Nevada Restaurant Association has no food costs, but reports include labor cost. Another type of reports are fixed administration costs, which don’t change from month to month, and variable costs, which change depending on the event schedule of the organization. Variable costs…

Obtaining federal tax-exempt status is somewhat of a mystery for my incorporated business owners. Gaining tax-exempt status for your nonprofit 501(c)(3) organization is necessary to reap the majority of the real benefits, such as access to grant money, income exemptions, property exemption, and tax-deductions for donations received. Therefore, it’s important to understand the steps to successfully apply for tax-exempt status. Planning and Forming a Nonprofit When forming a business that you…

solution to help increase accessibility and decrease the cost of prescription medications. With the introduction of the S.92: Safe and Affordable Drugs from Canada Act of 2017, will help lower the cost of prescription drugs by amending the Federal Food, Drug, and Cosmetic Act (FFDCA) to require the Department of Health and Human Services (HHS) to spread regulations and allow individuals to get a prescription drug purchased from an approved Canadian…