Forming an S Corporation in Mississippi Research Paper

Forming an S Corporation in Mississippi - Research Paper Example The S corporations are liable for tax on individual, integrated gains and passive returns (Goldstein & Davidson, 1992). Necessary documentation, filling fees, and filing For an entity to qualify for S corporation status, it must be a domestic corporation with shareholders, defined trust, and estates and should not constitute partnerships, corporations or nonresident foreign shareholders. Furthermore, it should not have more than 100 members, have one kind of stock, and not be an ineligible business entity (McQuown, 2004). In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF format) signed by the owners. The Mississippi S Corporations are for those who focus on the limited liability and the bureaucratic composition of corporations but containing a pass-through taxation of the business earnings (McQuown, 2004). The Mississippi S Corporation is simply a set business that becomes an S Corporation when its shareholders el ect the outstanding tax status with the Internal Revenue Service (IRS) by filing an Internal Revenue Service’s Form 2553filed with the Internal Revenue Service (McQuown, 2004). This form is for electing tax categories. This is a mandatory requirement outlined in the state laws of Mississippi and the federal laws. The regulation as a sole entity that is different from its owners recognizes a Mississippi S Corporation. The S corporation owners enjoy partial liability for the arrears, obligations and liabilities accrued by the entity as well as a liability from possible lawful action. Protection of stakeholder individual assets is a key principle that Mississippi business owners want to incorporate. Usually, owners cannot lose more than the level they brought in the corporation. However, if the corporation is liquidated, the owners will not be liable for debts incurred. In case someone sues the concern and is, liable the courts can use the corporation’s asset to fulfill t he judgment. However, if those assets do not satisfy the judgment, the courts will not be able to take owners’ possessions (McQuown, 2004). There are exceptions to owners’ limited liability to keep in mind. Usually, an exception to an owner’s limited liability occurs when the corporation has irresponsibly laid people or been used to extend fraud (Goldstein & Davidson, 1992). A Mississippi S Corporation does not pay income taxes. Although, an S Corporation that has more than one alien stakeholder files duty returns, the owners must embrace their share of the corporation’s profits or losses on their personal tax returns, as is done in single proprietorship, partnership and by a Limited Liability Company (Goldstein & Davidson, 1992). The tax law gives employees of the corporation the opportunity to enjoy exceptional fringe benefits on a tax-free basis. They can get provided group term life insurance up to $50,000, health insurance coverage, dependent care as sistance up to $5,000, education up to $5,250, adoption aid and more (Goldstein, S. & Davidson, 1992). They can are also covered with medical reimbursement plans. In order to register a business as an S corporation the state of Mississippi requires an Articles of Incorporation or Certificate of Incorporation (Goldstein, S. & Davidson, 1992). Before forming an S corporation in Mississippi, the individuals must file legal documents with Mississippi state authorities so as be allowed to create a Mississippi

Develop a three year professional action plan Essay

Develop a three year professional action plan - Essay Example Health care would in fact be the number one industry in the United States. Operations research-type analysis and application for the complex problems involved would be of benefit to any health care system. The largest problem, there are not enough people considering careers in the health care industry. Currently, the health care industry in the United States faces many of the same issues confronting other industries, but there would be some significant political differences. Simultaneously, health care would be representative of a huge segment of the economy, and it needs our help. The people working as part of the healthcare system are generally dedicated to providing the best possible service. The problem is, the workforce and, more importantly, management, do not possess the necessary training or knowledge to make the best use of the available resources. Under these particular circumstances, it would be doubtful that any private industry would survive with the level of waste and inefficiency commonly seen in health care. Healthcare is a business like no other known business model. There would be multiple decision-makers with conflicting goals and objectives. The first consideration should be the acute care hospital. At this time, most hospitals in the United States, and in the case of Canada virtually all, are not-for-profit, independent corporations. Glouberman and Mintzberg would identify four different management groups for which they utilize the term four worlds within the hospital environment. Clinical operations are managed in a downward focus due to doctors and nurses and their focus on patient care. Managers and trustees focus in an upward consideration toward those who control or fund the institution. Moreover, employees, in this case managers and nurses, would practice some management within the institution, while doctors and trustees would manage outside the hospital as from the outside in, since they are technically not employees and are thus independent of its formal authority. The world of cure, which is characterized by short, intensive and essentially non-personal medical interventions, would be considered a quadrant of this particular ideal. Typically, North American doctors would not work directly for the hospitals. They are in fact private entrepreneurs who possess admission privileges at a hospital. There are a few who would consist as salaried hospital employees, but the majority would in fact consistently work on a fee-for-service basis with the hospital. To maximize their income, doctors would often make brief appearances whenever the patient requires a cure and intervention or treatment of some form. From this point they would move forward. As a potential healthcare manager it is best to understand the political and other interrelationships between doctors, nurses, hospital personnel and administration. Health care managers face another sector, which represents the world of care. This is the world represented by nurses. Nurses are providers who work directly for the hospital on salary and typically account for the largest component of its operating budget. They work in their own internal management hierarchy and have a unique relationship with patients. They are