Kelly, Felix, and Kishan decide to start a web development business together. They have been working separately as independent consultants for several years, but they decide they would benefit greatly from joining forces and starting an S corporation. What must they be aware of before starting this type of business

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07-03-2022
Business

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Kelly, Felix, and Kishan decide to start a web development business together. They have been working separately as independent consultants for several years, but they decide they would benefit greatly from joining forces and starting an S corporation. What must they be aware of before starting this type of business

Sagot :

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Abiolataiwo2015idn Abiolataiwo2015idn · Answer 1 · 2022-03-18T06:15:30-04:00

What they be aware of before starting this type of business is: they will not incur double taxation.

What is double taxation?

Double taxation can be defined as the way in which tax is imposed on a person or a company income twice.

Based on the given scenario they will not incur double taxation for starting an S corporation reason being that S corporations tend to have the same liability and the revenue or gain generated by them is move directly to shareholders.

Inconclusion what they be aware of before starting this type of business is: they will not incur double taxation.

Learn more about double taxation here: https://brainly.in/question/1649314

Sagot :

What is double taxation?

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