In this assignment, complete Sections III and IV of the project. For this part of the assessment prepare a Word document that addresses the critical elements below.
Make sure answer each question in a substantive way and defend your content with at least one scholarly source other than textbook.
Specifically, the following critical elements must be addressed:
III. Estate Planning
A. In terms of minimizing tax liability, how would estate planning differ from a partnership to a corporation?
B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response.
C. Describe your company's succession plan and whether or not it aligns with your company's vision.
D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why?
IV. Trusts
A. Draw a conclusion about the purpose for the company's trust based on the research of your company.
B. Why would a small business owner want to set up a trust and how could it be used for estate planning purposes?
C. Evaluate the similarities and differences between trusts and corporations. In an attempt to protect income, which would be most suitable for a company?