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Explanation of partnerships from the information provided on the IRS website. Information on LLCs based on the IRS website. Please explain this form of business organization and describe some of the advantages and disadvantages of LLCs. Additionally, provide an example of a type of business that would be suited to the LLC form of business organization.

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Nestor Rutherford
Nestor RutherfordLv2
28 Sep 2019

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Picture if you will two sisters that want to start a business together. Sister “A” brings to the table technical knowledge and contacts with potential customers. Sister “B” brings to the table the physical facilities to make the product and the cash required to get their business of the ground. Based solely on this information, would you recommend the sisters start a partnership or a traditional c-corp together, and why? No other options are available to you for purposes of this question (LLCs etc don’t count!).

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For a would-be entrepreneur, selecting the proper form of business organization is a very important first step in the process. After some consideration and an assessment of your skills and education, you have decided to start a medical billing service that will provide services to providers in the local geographical area. Ideally, you would like to service physicians, dentists and hospitals.

Determine which of the three forms of business organization (sole proprietorship, partnership or corporation) would be the most appropriate for your new business. Why did you select the form of business organization that you chose? Identify at least three things that should be taken into consideration when making this selection. (4 points)

Based on the form of business organization that you selected, answer the following questions:

a. How easy or difficult is it to set up this form of business organization? (4 points)

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c. What tax implications do you need to consider for this form of business organization? (4 points)

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1. Jane received a collection notice from the IRS for unpaid employment taxes owed by her coffee shop.
a) Which operating division in the IRS sent her the notice?
b) If the IRS has to send an employee to her business to talk about collection matters, what is the title of that IRS employee?

2. John's hospital wants pre-approval from the IRS on the tax consequences of a possible investment.
a. What type of guidance does the hospital need to request from the IRS?
b. What office is responsible for writing this guidance?
c. Can other taxpayer’s rely on the IRS guidance received by the hospital for
planning their transactions?

3. John's hospital is going to be audited for its income taxes for 2016.
a. Which IRS operating division would conduct the audit of the hospital?
b. What is the title of the IRS employee who will come to the hospital to perform the audit?

These are separate questions

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