Discussion Assignment - Partnerships: Formation and Characteristics & Hybrid Bus
ID: 428998 • Letter: D
Question
Discussion Assignment - Partnerships: Formation and Characteristics & Hybrid Business Forms
A)Visit the Ohio Secretary of State Website. Browse the Business Services portion of the website. Explain what information is available to the public on this site and why it is important for consumers, businesses, and persons looking to start a business.
B)Now that you have browsed the Ohio Secretary of State Website and learned about the various types of business forms, why would someone choose to operate as an S-Corporation rather than a Partnership?
Explanation / Answer
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The Ohio Secretary of State is an essential and important statewide elected official in the Ohio state. It is responsible for the purpose of overseeing essential elections in the state and for registration of business entities. This also includes grant of authority for the purpose of doing business.
It also involves granting access for the public documents use and registration of secured transactions. The information on the website includes the information related to ballot issues and business.
S corporation is useful and advantageous especially for the short tarps and deal with tax shifts effectively. It is also simple and helps for personal asset protection and helps for pass through taxation.
It avoids the double taxation and helps for participation of company's operation and it is necessary for meeting the industry standards. It is better for effective structure and helps for regular corporation for purposes of state law. A corporation has effective flexibility and strong treatment of taxes