You Are the Owner-Operator of the Better Gas Station in a Small

question 135

Essay

You are the owner-operator of the Better Gas Station in a small southeastern town.Over the past 20 years,you and your rival have successfully kept prices at a very high level.You recently learned that your competitor is retiring and closing his station in two weeks.What should you do today?
Why?

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Definitions:

Limited Liability Company

A company framework that integrates the advantageous tax treatment of partnerships or sole proprietorships with the protective aspect of limited personal liability akin to corporations.

Citizen

A legally recognized subject or national of a state or commonwealth, either native or naturalized.

Double Taxation

The levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes), asset (in the case of capital taxes), or financial transaction (in the case of sales taxes).

S Corporation

A special designation that allows corporations to pass income, losses, deductions, and credits through to their shareholders for federal tax purposes.