Haley is expanding her tax preparation business and wants to reorganize it. She wants to better protect her personal assets from any liabilities associated with the business, and she wants to pay a lower tax rate on her business income. She also believes her business will benefit from oversight from a board of directors.

Which form of business structure would clearly meet Haley's needs?

a. Corporation
b. Sole proprietorship
c. Limited liability partnership
d. Partnership

Question

03-01-2021
Business

Answered

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Haley is expanding her tax preparation business and wants to reorganize it. She wants to better protect her personal assets from any liabilities associated with the business, and she wants to pay a lower tax rate on her business income. She also believes her business will benefit from oversight from a board of directors.

Which form of business structure would clearly meet Haley's needs?

a. Corporation
b. Sole proprietorship
c. Limited liability partnership
d. Partnership

Sagot :

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Zviko Zviko · Answer 1 · 2021-01-03T19:29:46-05:00

Answer:

a. Corporation

Explanation:

A Corporation is the best form of business structure would clearly meet Haley's needs

1. Limited Liability

This form of business gives her limited liability, that is to say her liability is only limited to what she has invested in business and not any further thus having a better protect her personal assets from any liabilities associated with the business.

2. Taxes

A Corporation also had lower tax rate on business income not to mentions of capital allowances on assets used in business or the other deductions in expenditure incurred to run the business

3. Corporate Governance

Her daily involvement in the operations of the business is limited in this as the directors are appointed as stewards to manage the business with the oversight from a board of directors.

Sagot :

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