BUSINESS OWNERS’ EMPLOYMENT STATUS

Business can be conducted in a variety of forms, from the sole proprietorship to the publicly held, multinational corporation. In between are general partnerships; small or closely held corporations that have elected S status for federal income tax purposes (S corps), limited liability partnerships (LLPs), limited liability companies (LLCs), and professional corporations (PCs).

This section is concerned with the status of business owners who also work for the entity they own. Are they considered employees of the entity? And what liability do they have for entity obligations or the negligence of other employees? The answers depend on the specific type of entity involved and on certain tax elections available to those entities.

Don't use plagiarized sources. Get Your Custom Essay on
BUSINESS OWNERS’ EMPLOYMENT STATUS
Just from $13/Page
Order Essay

 

ORDER NOW »»

and taste our undisputed quality.