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Business entity presentation 110321

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Business Entity Selection for Attorneys, Limited Liability Partnerships, Professional Corporations and Sole Proprietorships

Business Entity Selection for Attorneys, Limited Liability Partnerships, Professional Corporations and Sole Proprietorships

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  • 1. LLP versus P.C. versus sole proprietor
    Solving the puzzle
    Roger Royse
    Royse Law Firm, PC
    1717 Embarcadero Road
    Palo Alto, CA 94303
    rroyse@rroyselaw.com
    www.rroyselaw.com
    www.rogerroyse.com
    Skype: roger.royse
    Attorney’s Breakfast Meeting
    March 23, 2011
    IRS Circular 230 Disclosure: To ensure compliance with the requirements imposed by the IRS, we inform you that any tax advice contained in this communication, including any attachment to this communication, is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to any other person any transaction or matter addressed herein.
  • 2. LLP versus P.C. versus sole proprietor
    Solving the puzzle
    Howard Loomis
    Partner
    267 E. Campbell Avenue, Suite 200
    Campbell, CA 95008
    Phone (408)385-3400
    hloomis@loomiscpas.com
    www.loomiscpas.com
    2
  • 3. 3
    LEGAL REQUIREMENTS
    P.C.
    LLP
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 4. 4
    LIABILITY PROTECTION
    P.C.
    LLP
    Sole Proprietor
    * Except for own malpractice & payroll tax claims
    * Except for personal negligence
    Notes:
    Notes:
    Notes:
  • 5. 5
    SINGLE LAYER OF TAX
    LLP
    P.C.
    Sole Proprietor
    * Depends on S Election
    Notes:
    Notes:
    Notes:
  • 6. 6
    INCOMETAXES AND FEES
    LLP
    P.C.
    Sole Proprietor
    * Pay $800 annual fee
    Notes:
    Notes:
    Notes:
  • 7. 7
    METHODS OF ACCOUNTING
    LLP
    P.C.
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 8. 8
    YEAR ENDS
    LLP
    P.C.
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 9. 9
    USE OF BENEFIT PLANS
    LLP
    P.C.
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 10. 10
    SELF EMPLOYMENT TAXES
    LLP
    P.C.
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 11. 11
    SPECIAL ALLOCATIONS OF INCOME
    LLP
    P.C.
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 12. 12
    BASIS FOR DEBT
    LLP
    P.C.
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 13. 13
    CONVERSION, SALE OR LIQUIDATION
    LLP
    P.C.
    Sole Proprietor
    Notes:
    Notes:
    Notes:
  • 14. LLP versus P.C. versus sole proprietor
    Solving the puzzle
    Roger Royse
    Royse Law Firm, PC
    1717 Embarcadero Road
    Palo Alto, CA 94303
    rroyse@rroyselaw.com
    www.rroyselaw.com
    www.rogerroyse.com
    Skype: roger.royse
    Attorney’s Breakfast Meeting
    March 23, 2011
    IRS Circular 230 Disclosure: To ensure compliance with the requirements imposed by the IRS, we inform you that any tax advice contained in this communication, including any attachment to this communication, is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to any other person any transaction or matter addressed herein.
  • 15. LLP versus P.C. versus sole proprietor
    Solving the puzzle
    Howard Loomis
    Partner
    267 E. Campbell Avenue, Suite 200
    Campbell, CA 95008
    Phone (408)385-3400
    hloomis@loomiscpas.com
    www.loomiscpas.com
    15