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Chloe Michaels plans on opening Chloe Michaels Floral Designs. She is considering the various types of...

Chloe Michaels plans on opening Chloe Michaels Floral Designs. She is considering the various types of business organizations and wishes to organize her business with unlimited life and wants owners of the business to not be held personally liable for the?business's debts.? Additionally, Chloe wants the business to be a separate taxable entity. Which type of business organization will meet? Chloe's needs? best?

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Answer #1

A C Corporation is suggested for Chloe Michaels.

A C Corporation is a type of entity in which the members and owners are separate from the debts of the Business. Personal assets of the Owners will not be called for paying debts of C Corporation. IRS takes C Corporation to be a distinct legal entity and charges taxes on C Corporation separately. C Corporation is Registered by once does not cease to exist with the death or retirement of the owners or members.

All the Requirements of Mr Chloe Michael seems to be Fulfilled by a C Corporation.

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