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Introduction to Accounting Preparing for a User’s Perspective

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Presentation on theme: "Introduction to Accounting Preparing for a User’s Perspective"— Presentation transcript:

1 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 Free Jan. 2014 Available on the Google Play Store

2 LLP LLC

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

4 Limited Liability Partnership History
LLP 1990’s Today

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

6 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 P P2 etc. Net income before taxes $ 50 $ 50 Individual taxes (20) (20) Net income after Indiv. taxes $ 30 $ 30

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

8 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 Free Jan. 2014 Available on the Google Play Store

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