Chapter 29 Flashcards
Does the company loss or profile is loss or profit of owner
Yes
Does the company and owner taxes are same and if company pays taxes it means owner paid the tax
Yes
Does double taxation applies on partnership firm
No
Does tax applies on each partner earning
Yes
What are C corporation and S corporation
C corporation = simple standard corporation
S corporation = Special corporation (there is no double taxation in it. It is treated like proprietor firm. All other legalities are like corporation. Its a hybrid form of corporation and proprietorship)
Does double taxation method applies on corporation
Yes. The overall profit (let say 33%) of corporation is taxable and then when individual profit is divided into partners/stake holders, then each partner again become taxable.
In which type of business there is maximum rebate in tax
Corporation
What is prorata basis taxation
Each partner gives tax according to its shares
What is disadvantage of S corporation
The liability is like proprietorship
What is LLC
Limited Liability company originated in USA. In LLC, director is replaced by the member and all other structure is like corporation. So if a member expires or sell his shares, corporation does not effect.
How we can convert a company into LLC
First we liquidate it and then make it LLC
What is successful organization
They have experts of every department
Which type of workers are hard to find for HR
front liners
What is the difference between job description and job specification
Job description details about job like title, location, summary, reporting, duties.
Job specification details about person like qualification required, experience, training, skills, emotional characteristics etc
