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chpt 15 Entities

Taxation 2

QuestionAnswer
General Partnerships may be formed by written agreement amount the partners, called a partnership agreement or may be formed informally without a written agreement when two or more owners join together in an activity to generate profits
Limited partnerships are legally formed by filing a certificate of limited partnership with the state in which the partnership will be organized
S Corporations are flow-through entities whose income "flows through' to their owners who are responsible for paying tax on the income
An unincorporated entity with more than one owner is by defalut taxed as a partnership
LLC's must file articles of organization with the state the LLC desires to organize its business in. true
Single member LLC's with one individual owner, follow the same filing guidelines as sole proprietorship. Thus their income is reported on Form 1040 Schedule C
LLC's with more than one owner are taxed as partnerships and report their income on form 1065
In certain circumstances, C corporation shareholders can elect to change the entity to a flow-through entity for tax puposes True
An S-Corporation election achieves this purpose to change how C Corp is taxed (to Flow-through)
Business income allocations to owners from and LLC that is taxed as a partnership are subject to Self-employment tax if the owners are significantly involved in the entity's business activites
Created by: smcdo11
 

 



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