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Your client has operated a sole proprietorship for several years, and is now interested in raising capital for expansion. He is considering forming either a C corporation or an LLC.
a. Describe the treatment of an LLC and discuss any advantages the LLC offers over the C corporation.
b. Assume instead the client has previously operated as a C corporation. Describe the tax consequences of converting to an LLC.
Fresh Farm LLC
A company likely involved in agriculture, specifically in producing and possibly selling fresh farm products.
Identification
In a sale of goods, the express designation of the specific goods provided for in the contract.
Buyer
An individual or entity that acquires goods or services in exchange for money.
Lessee
A person who pays for the use or possession of another’s property.
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