Joe wants to quit his job and start up his own business. He is 100% certain he i
ID: 344476 • Letter: J
Question
Joe wants to quit his job and start up his own business. He is 100% certain he is going to win the lottery in 5 years so he is only interested in having his business for the next 5 years. His other friends have told him that he could save a lot of money on income taxes if he started his own business. He doesn't know how to set up his business form so he is coming to you for assistance Given what Joe has told you, what business form would you recommend? Please explain to Joe why you are recommending this business as well as the advantages and disadvantages of this business form.Explanation / Answer
Answer: The best option for Joe is to set up an LLC and taxing it as a sole proprietorship. This will have three major advantages like
The disadvantages are
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