TASK: BC corp would like your feedback on the taxation implications for the various business entities. They are particularly concerned about how they will be taxed under each entity as they suspect profits will be large.
Part 1: Develop a 5-6 slide presentation on the following business entity options:
- C Corporation
- S Corporation
- Partnership
- Limited Liability Company
Be sure to explain how BC Corp. would be taxed under each business entity. Finally, make a recommendation for the type of entity that they should establish, knowing what their profit expectations are for the business. Support your recommendation with rationale.
Part 2: BC Corp. has decided to move forward in establishing their business entity based on your recommendation. Since their headquarters is located in Illinois, they will be completing the appropriate articles of incorporation for the state of Illinois. They have enlisted your help with completing the necessary paperwork. Identify the necessary information needed to incorporate. Comment on whether this is practicing law without a license and explain why or why not.