What are the potential tax implications of carrying

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Reference no: EM133362080

Taylor and Darcie's business has grown substantially. They decide to move the garage from Taylor's home. They find a garage owner that is willing to lease them a space to operate their business. The lease contains many terms that impose significant risk and liabilities on the business for events that occur at the premises. Taylor and Darcie hire a lawyer to help them reorganize their business to maximize their personal liability protection.

What form of business organization would the lawyer likely recommend Taylor and Darcie use to protect themselves from liabilities in operating their business, while allowing both Taylor and Darcie to remain engaged in the business' management?
Who has the authority to manage the affairs of the type of business organization that the lawyer would likely suggest in question a., and what are those persons' general duties?
What potential liabilities would Taylor and Darcie face as persons described in question b. above when managing the affairs of the business under this type of business organization?
What are the potential tax implications of carrying on business in the form that Taylor and Darcie will carry on their business after the reorganization?

Reference no: EM133362080

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