ACCOUNTING-ACCT460-1204A-01 Professional Accounting

QUESTION

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.

Objective:

 Develop a thorough understanding of accounting standards
and principles.
 Fulfill the core accounting educational requirement to
sit for the CPA exam.
 Prepare to practice in public and private accounting
position.
 Advance to a higher professional level.

ANSWER:

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