Choosing the Correct Legal Entity and Avoiding Tax Penalties in .NET

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Choosing the Correct Legal Entity and Avoiding Tax Penalties
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Choosing basic types of business entities Federal tax identi cation numbers Avoiding tax penalties for late lers and non lers QuickBooks Reminders Choosing a QuickBooks start date Checklist of issues
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uickBooks is a complete accounting system that will correctly record information about your dayto-day business transactions. But you must rst de ne your business entity and secure its recognition under the laws of your state and the regulations established by the Internal Revenue Service. QuickBooks asks you to provide information as to your form of business and taxpayer reporting identi cation number when you rst set up your company. This chapter ensures that you are prepared to answer such questions. It also provides insight as to the impact of these initial decisions on your future tax-reporting practices.
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Basic Types of Business Entities
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Before the late 1980s, accounting and law professors taught their students about three types of business entities: sole proprietorships, partnerships, and corporations. Each was taxed in a distinct manner, and only corporations were afforded limited liability. Limited liability status means that creditors do not have any claim on the personal assets of the business owners; liability is limited to the extent of the assets of the business entity. But in the last 10 years, the law has blurred some of the advantages, disadvantages, and tax-reporting procedures traditionally associated with each type of entity.
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42 Part I The QuickBooks System
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In particular, there is a new kid on the block, the limited liability company (LLC). This entity, which is recognized in all 50 states, can be taxed as a partnership but, legally, is entitled to limited liability status. So these days, to make an informed decision about your choice of business entity, you not only need to know about sole proprietorships, partnerships, and corporations, but you also must consider a hybrid type of entity, the limited liability company. Currently there are ve standard types of business entities: Sole proprietorships Owners do not maintain a distinct legal entity from themselves and report income and loss on their personal tax returns. Corporations A legal entity that has limited liability but that must file a corporate return and pay tax at the corporate level. Shareholders generally are subject to tax on their individual returns for amounts from dividends and distributions. S corporations These are special types of corporations that offer the advantages of limited liability, but there is no tax on the corporate level. This type of entity is limited to 75 or fewer shareholders. Partnerships and limited partnerships A partnership pays no income or loss at the entity level; income is reported on the returns of its partners. Standard partnerships do not offer limited liability, unless they are established as limited liability partnerships. Limited liability companies These entities are taxed as partnerships (that is, no tax at the entity level) but offer limited liability. They are recognized in all 50 states and have become a more popular alternative to limited partnerships because of favorable and relatively uniform state laws. Each type of business entity has distinct requirements for formation, maintenance, and reporting. For example, limited liability companies generally must le an annual report in the state in which they are established, and they must pay a fee at that time. Consider a hypothetical entrepreneur named Norm. Norm decides to open his own business, a vegetarian catering service called Quit Meating Like This. (He has always loved to cook.) Norm buys a copy of QuickBooks to help him keep track of his accounts receivable, accounts payable, inventory, and the payroll for his assistants. After installing the program, Norm is uncertain how to answer some of the questions in the EasyStep Interview prior to setting up his Chart of Accounts. Most notably, he cannot decide how to answer the question as to which type of income tax reporting form his new business uses. Is he a sole proprietorship, partnership, or corporation Norm decides to exit the program and do some research as to which entity type is most suitable for his business before proceeding further.
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