Davy Jones, a new tax client, walks into your office and informs you that he owns a charter fishing business. Jones is curious about the different legal structures (business forms) that are available for his business, including the sole proprietorship, partnership, S corporations, and C corporations.

• provide memorandum for Jones providing an overview of these 4 business forms.
• Provide an explanation of the advantages and disadvantages of each business form, including a discussion on how the IRS collects income tax from each.
• include the form names and numbers used for each business in reporting income to the Internal Revenue Service.