Crazy J's Sports Lounge Essay

2990 words - 12 pages

Running head: CRAZY J'S SPORTS LOUNGE








Crazy J's Sports Lounge
Jason Rentscheler
University of Phoenix







Crazy J's Sports Lounge
Crazy J’s is the place to escape your wife or your life, watch the game or watch our girls. Crazy J’s provides food, fun and some of the most beautiful women in the Phoenix valley. There is a number of big screen high-definition TV’s placed all around the ...view middle of the document...

It will shield investors from claims made by employees, suppliers or even landlords. If partners are involved in your business you can limit you liability for claims against them by incorporating their practices separately. A corporation will be a partner with each of its partner’s corporations and it would not be responsible for claims against them. With a corporation it will need to ensure that it has a plan to eliminate any double taxation on corporate earnings since it is a taxpaying entity itself. This can be done by forming an S corporation or paying salaries out to its offices and zeroing out company income. Corporate formalities of minutes, bylaws, and stock certificates need to be observed to ensure that the corporation will be respected for tax and legal purposes. All dealings with third parties should be conducted in the corporate name, and a separate corporate bank account must be used (The Asset Protection Law Center, n.d.)
LLCs are hybrids of other forms of business. For tax purposes LLC’s are treated like partnerships. However, like S Corporations and C corporations, LLC’s offer a little protection against personal legal responsibility. Every member of an LLC has some limited liability. When a general or limited partner is in a managing position they can be made personally liable for any mistakes made. An LLC member must report all income and losses on their tax returns. For legal purposes LLC owners and investors are called members instead of partners. An LLC files a Form 1065 with the federal government, much like a partnership.. Income or losses are reported on the members' own personal tax returns. One-person LLCs are treated much like sole-proprietorship. When an LLC is formed with no other members for tax purposes it is considered to be a see through unless it will be taxed like a corporation. A sole proprietor must file a Schedule C with its federal income tax return must be filed, as if the LLC had not been formed. The name of the LLC itself will be used on the Schedule C. All monies earned will be subject to the self-employment tax. An S corporation is preferred in this area; there no self-employment tax, however, corporation’s profits are subject to ordinary income taxes. Regardless of how much money is invested in an LLC, members decide how to split any profits or losses. The number of member’s that an LLC may have is not limited; also what type of entity that is a member is not restricted. Many entrepreneurs a wary of LLC’s due to the self-employment tax issue, ultimately this tax issue turns many of those entrepreneurs away from the LLC entity. Furthermore, LLC’s are formed at state level; also most states differ in their tax treatments of individuals. For anyone considering taking a company public one day restriction on an LLC’s can do when trying to raise capital or issue stocks make them unappealing. (Anthony, n.d.)
In order to form an LLC in the state of Arizona the following...

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