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