• Describe the four different legal entities recognized by the US tax system and the fundamental differences in the characteristics across business entities.
• Include the pros and cons of transitioning from a sole proprietorship to a corporation.
• Choose several topics that you would like to explain to your client to pinpoint the advantages or disadvantages of switching from a sole proprietor to a corporation.
• Discuss the principles of ethical and professional conduct relating to corporate, business, and trust taxation supported by standards/practice.

Answer rating: 100% (QA)

The four different legal entities recognized by the US tax system are Sole Proprietorship Partnership Corporation and Limited Liability Company LLC Each business entity has its own distinct characteri... View the full answer