Introduction to Accounting Preparing for a User’s Perspective

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Introduction to Accounting Preparing for a User’s Perspective

Introduction to Accounting Preparing for a User’s Perspective

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Introduction to Accounting Preparing for a User’s Perspective

Introduction to Accounting Preparing for a User’s Perspective

Introduction to Accounting Preparing for a User’s Perspective

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Introduction to Accounting Preparing for a User’s Perspective

Introduction to Accounting Preparing for a User’s Perspective

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Presentation transcript:

Introduction to Accounting Preparing for a User’s Perspective LLP Introduction to Accounting Preparing for a User’s Perspective LLC What are the common forms of business ownership structure in the United States and what are some advantages and disadvantages of each? Debits and Credits Trainer LLP & LLC By Kevin C. Kimball, CPA with support from www.canvas.net Free Jan. 2014 Available on the Google Play Store

LLP LLC

Limited Liability Partnership Limited Liability Company LLP LLC OK, I’ll pay taxes ONCE but that’s it! Hybrid Single Taxation Limited Legal Liability

Limited Liability Partnership History LLP 1990’s Today

Limited Liability Partnership History LLP Assets $100 Liabilities $600 Equity (500) = + Not Safe Safe Innocent. Not responsible. Guilty. Responsible.

Each LLP partner reports $50. Each gets taxed ONCE! Single Taxation LLP Each LLP partner reports $50. Each gets taxed ONCE! NO tax at “LLP” level Individual Tax Returns P1 P2 etc. Net income before taxes $ 50 $ 50 Individual taxes (20) (20) Net income after Indiv. taxes $ 30 $ 30

Limited Liability Company LLC Limited Liability Hybrid Single Taxation Member 1 Member 2 1892 .. Gesellschaft mit beschrankter Haftung GmbH

Introduction to Accounting Preparing for a User’s Perspective LLC What are the common forms of business ownership structure in the United States and what are some advantages and disadvantages of each? Debits and Credits Trainer LLP & LLC By Kevin C. Kimball, CPA with support from www.canvas.net Free Jan. 2014 Available on the Google Play Store