C . Are the shareholders at risk for any personal liability with the company set up as a corporation ? Defend your response .
D . If your company was set up as a partnership , would the partners be at risk for personal liability ? Defend your response .
II . Consolidations of Financial Statements A . Based on research from your chosen company , explain the corporate structure in terms of consolidation . How is it organized from a consolidated viewpoint ? What are the reasons for this particular type of organization ? B . How does the consolidation impact how the accounting information flows into the consolidated financial statement ? Describe the process . C . Are there any income tax benefits from consolidating the financial statements for your company ? Defend your response
III . Estate Planning A . In terms of minimizing tax liability , how would estate planning differ from a partnership to a corporation ? B . For estate planning purposes , what are the advantages of setting your business up as a corporation versus a partnership ? Defend your response . C . Describe your company ’ s succession plan and whether it aligns with your company ’ s vision . D . Based on your responses , what estate planning strategy would be most effective in minimizing tax liability ? Why ?
IV . Trusts A . Draw a conclusion about the purpose for the company ’ s trust based on the research of your company . B . Why would a small business owner want to set up a trust and how could it be used for estate planning purposes ? C . Evaluate the similarities and differences between trusts and corporations . In an attempt to protect income , which would be most suitable for a company ?
V . Conclusion There has been a major global crisis , and your company ’ s board of directors has announced that the company is going bankrupt . No one could have seen this one coming . Your CEO has called you in to his office to start the insolvency process . Based on