Business entity presentation 110321

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

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Business entity presentation 110321

  1. 1. LLP versus P.C. versus sole proprietor<br />Solving the puzzle<br />Roger Royse<br />Royse Law Firm, PC<br />1717 Embarcadero Road<br />Palo Alto, CA 94303<br />rroyse@rroyselaw.com<br />www.rroyselaw.com<br />www.rogerroyse.com<br />Skype: roger.royse<br />Attorney’s Breakfast Meeting<br />March 23, 2011<br />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.<br />
  2. 2. LLP versus P.C. versus sole proprietor<br />Solving the puzzle<br />Howard Loomis<br />Partner<br />267 E. Campbell Avenue, Suite 200<br />Campbell, CA 95008<br />Phone (408)385-3400<br />hloomis@loomiscpas.com<br />www.loomiscpas.com<br />2<br />
  3. 3. 3<br />LEGAL REQUIREMENTS <br />P.C.<br />LLP<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  4. 4. 4<br />LIABILITY PROTECTION<br />P.C.<br />LLP<br />Sole Proprietor<br />* Except for own malpractice & payroll tax claims<br />* Except for personal negligence<br />Notes:<br />Notes:<br />Notes:<br />
  5. 5. 5<br />SINGLE LAYER OF TAX<br />LLP<br />P.C.<br />Sole Proprietor<br />* Depends on S Election<br />Notes:<br />Notes:<br />Notes:<br />
  6. 6. 6<br />INCOMETAXES AND FEES<br />LLP<br />P.C.<br />Sole Proprietor<br />* Pay $800 annual fee<br />Notes:<br />Notes:<br />Notes:<br />
  7. 7. 7<br />METHODS OF ACCOUNTING<br />LLP<br />P.C.<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  8. 8. 8<br />YEAR ENDS<br />LLP<br />P.C.<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  9. 9. 9<br />USE OF BENEFIT PLANS<br />LLP<br />P.C.<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  10. 10. 10<br />SELF EMPLOYMENT TAXES<br />LLP<br />P.C.<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  11. 11. 11<br />SPECIAL ALLOCATIONS OF INCOME<br />LLP<br />P.C.<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  12. 12. 12<br />BASIS FOR DEBT<br />LLP<br />P.C.<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  13. 13. 13<br />CONVERSION, SALE OR LIQUIDATION<br />LLP<br />P.C.<br />Sole Proprietor<br />Notes:<br />Notes:<br />Notes:<br />
  14. 14. LLP versus P.C. versus sole proprietor<br />Solving the puzzle<br />Roger Royse<br />Royse Law Firm, PC<br />1717 Embarcadero Road<br />Palo Alto, CA 94303<br />rroyse@rroyselaw.com<br />www.rroyselaw.com<br />www.rogerroyse.com<br />Skype: roger.royse<br />Attorney’s Breakfast Meeting<br />March 23, 2011<br />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.<br />
  15. 15. LLP versus P.C. versus sole proprietor<br />Solving the puzzle<br />Howard Loomis<br />Partner<br />267 E. Campbell Avenue, Suite 200<br />Campbell, CA 95008<br />Phone (408)385-3400<br />hloomis@loomiscpas.com<br />www.loomiscpas.com<br />15<br />

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