Hello

I have a new tax client that has informed me that he owns a charter fishing business and he is curious about the different business forms that are available for his business, including the sole proprietorship, partnership, S corporations, and C corporations.

• How should I prepare or can you show me examples of a memorandum to a tax client that will provide an overview of these 4 business forms?
• What are the advantages and disadvantages of each business form, including how the IRS collects income tax from each can I provide?
• What form names and numbers are used for each of the referenced businesses - in reporting income to the Internal Revenue Service?

Thank you