Accounting Project - Christopher Corbi Accounting 106...

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Christopher Corbi Accounting 106 Accounting Project When looking at incorporating it would appear that you would save some money on taxes, but this is generally not true. If you form an LLC, or C-Corp, and are withdrawing most or all of the earnings then you will get taxed on them even if you are incorporated. Your best chance of seeing any savings is with self-employed taxes. Even if you did gain something there are so many added fees that it is not worth it. Incorporation has been thought to help lower the tax bill of a sole proprietor, but this is not its true intention. Being the owner of a sole proprietorship means you are fully liable if the company is sued. Incorporation is best suited for protection from unlimited personal liability for the actions of the business. Many companies have performed unethical accounting policies throughout history. It appears that a string of these companies have started to become known to the general populace. Halliburton Co., the most recent culprit of manipulative accounting, reported earnings it had not
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This note was uploaded on 11/15/2010 for the course ACCT acct105 taught by Professor Kruc during the Fall '10 term at Bucks Community College.

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Accounting Project - Christopher Corbi Accounting 106...

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