YOU DECIDE PAPER 2
Part I: Discuss the various forms of organization that are available to Penelope, Mark and John
The various forms of organization available to Penelope, Mark and John are:
GENERAL PARTNERSHIPS: A general partnership is a business organization formed when 2 or more individuals or entities form a business for profit. All partners share in the management and in the profits and decide on matters of ordinary business operations by majority of the partners or by percentage ownership of each partner. Each partner is liable for all business debts and bears responsibility for the actions of the other partners. Each partner reports partnership income on their individual tax return. A partnership dissolves on the death or…show more content…
The heart of a Limited Liability Company is known as the “Operating Agreement”. This document sets the rules for operating the company and can be modified as the business grows and changes. Operating an LLC is less formal than a corporation, usually only requiring an Annual Members’ Meeting and Members’ agreeing to changes of the Operating Agreement and other major company decisions. Provides the liability protection of a corporation without the corporate formalities (Board meetings, Shareholder meetings, minutes, etc.) and extra levels of management (Shareholders, Directors, Officers). Taxed the same as a sole proprietorship (1 Member LLC) or partnership (2 or more Members).
(Which Type of Business Entity to Choose? http://www.mynewcompany.com/entity.htm)
Part III: Discuss the tax consequences of contributing cash, property and/or services to the new entity.
Contributions of appreciated property to an LLC, however, are generally tax free and there is no ownership or control requirement. There are ordinarily no federal income tax consequences when a person contributes property or services to an LLC, but there are some exceptions to this rule that you should keep in mind when planning for contributions by new or existing members of LLCs.
Under IRC §721(a), a contribution of property to an LLC is generally tax free to both the contributor and the LLC. There is no 80 percent control requirement to obtain tax-free treatment for a
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