Assignment:
Please explain the need for and how to fill out the following:
A. Format of Report Needs Revision
The candidate does not have a subheading for each business form with the required information.
a. Sole Proprietorship
Control, profits, liability are described. Please clarify or discuss three of the following: taxation, longevity, location or convenience.
b. General Partnership
Profits and liability are described. Please clarify or discuss four additional characteristics of a general partnership: control, longevity, taxation, location or convenience.
c. Limited Partnership
Liability is described. Some discussion for control is provided, but the discussion is not complete. Please clarify or discuss 5 of the following: control, longevity, taxation, profits, location or convenience.
d. C-Corporation
Control and liability are discussed. Please clarify or discuss 4 characteristics of a C-corp: profits, taxation, longevity, convenience or location.
e. S-Corporation
Convenience is discussed. Please clarify or discuss 5 of the following: control, taxation, liability, profits, location or longevity.
f. Limited Liability Company
Control and liability are described. Please clarify or discuss 4 of the following: profits, location, longevity, taxation or convenience.
1. Recommendations
A general partnership is recommended. This does not adequately address the owner's concerns regarding control, longevity, expansion or liability. Please revise.
2. Justification
Some justification is provided for the recommendation of a general partnership. Please justify the revised recommendation in terms of liability, control, taxes, investment for expansion and longevity.
3. Sources
A website is listed. Please include references and in-text citations for all sources used to complete the task.