Acct460 1204A 01 Professional Accounting

ACCT460-1204A-01 Professional Accounting

Assignment Name:

Unit 4 Discussion Board

Deliverable Length:

250 words

Details:

Your client through YOUCPA—a 50-year-old owner of a
firm—has requested that she become a sole proprietorship in the state. The owner
does not like paperwork and reporting of information. Her goal is to keep the
business simple for her. The firm will have losses in the early years.
However, you forecast steady profits for the firm after the 3rd year. She is
contemplating passing on the firm to her son, Kate.

After looking at this situation, you are contemplating
recommending that she form a limited liability corporation (LLC).

• Describe
  the advantages of each of the following:
• A
  sole proprietorship
• A
  limited liability corporation
• Do you
  recommend that this client choose an LLC or not? Explain your rationale.

Grading Criteria

25%

Describe the advantages of a sole proprietorship.

25%

Describe the advantages of a limited liability
corporation.

25%

Do you recommend this client for an LLC or not?

25%

Explain your rationale.