Need a paragraph for each explanation in your own words (not word for word from a website)
La Fiesta Mexican Restaurant is a family-owned business located at One Plaza Place, Springfield, MO, 63120, incorporated on January 1, 2006, electing S status, and began business soon thereafter. The owners are Jose Rodriguez, President; Consuelo Rodriguez, Vice President; and Emilio Rodriguez, Treasurer. Each owner made a capital contribution of $15,000. One hundred shares of common stock were issued to each shareholder at a par value of $15 per share. They own all shares of stock in the company.
The three owners/employees are shareholders and are not sure how you are going to handle the following:
- wages
- fringe benefits
- qualified retirement plans
- health and accident premiums from a taxing prospective.