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| Activity 1: Locate an article in the Small Business Administration's library (www.sba.gov/lib/library.html) that assists business owners in determining the legal form of their business organization. What factors are identified in the article as important in selecting a business form? Activity 2: Create a fictional partnership. What employment-based taxes will you need to pay? What accounting systems will you need to implement. Aside from federal taxation, what state taxes and regulations will apply? Consult www.irs.gov (regarding federal taxes) www.nass.org to link to your Secretary of State and http://www.municode.com/Resources/online%20Library.asp or municipalcodes.lexisnexis.com/ to locate applicable local codes. |