On June 12, 20X9, Kevin, Chris, and Candy Corp

question 32

Essay

On June 12, 20X9, Kevin, Chris, and Candy Corp. came together to form Scrumptious Sweets General Partnership. Now, Scrumptious Sweets must decide which tax year-end to use. Kevin and Chris have calendar year-ends and each holds a 35% profits and capital interest. However, Candy Corp. has a September 30^th year-end and holds the remaining 30% profits and capital interest. What tax year-end must Scrumptious Sweets adopt and what rule mandates this year-end?

Determine the appropriate size of an emergency fund based on income stability.

Calculate and understand the significance of a debt ratio.

Know the recommended duration for keeping tax records and supporting data.

Define and apply the SMART criteria to financial goal setting.

---

Definitions:

Law Firm

A business entity formed by one or more lawyers to engage in the practice of law, offering legal services to clients.

Service Business

A business that provides intangible products or services to customers, as opposed to selling physical, tangible goods.

Large Businesses

Enterprises or corporations that operate on a large scale in terms of revenue, employees, and market impact, often influencing their industry or sector significantly.

Corporation

A legal entity distinct from its owners, with its own rights, privileges, and liabilities.