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Buzz is a successful college basketball coach.In April 2015,he signed a contract to coach at Mountain State University.In April 2016,Buzz accepted a position as head basketball coach at Beach University.The terms of his contract with Mountain State require that Buzz repay the university $150,000 he received in 2015.Discuss the tax issues encountered by Buzz and your recommendation for their treatment.
Sole Proprietorship
A sole proprietorship is a business owned and operated by a single individual, where there is no legal separation between the owner and the business entity.
Limited Partnership
A form of partnership consisting of one or more general partners who manage the business and assume legal debts and obligations, and one or more limited partners who are liable only up to the amount they invest.
Limited Liability Partnership
is a partnership in which some or all partners have limited liabilities, protecting each partner's personal assets from debts and liabilities of the partnership.
Professional Partnership
A business organization formed by two or more professionals, such as lawyers or doctors, to provide services within their expertise.
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