Imagine that you have always wanted to OWN A BUSINESS and have now created a new start-up company.
Write an eight to ten (8-10) page paper in which you:
- Analyse the start-up company you created. Include in your analysis the type of company you have created, its business objectives, and other factors that you believe are important to the success of the business.
- Determine the types of Accounting periods that you could choose from for the company. Choose the type of accounting period that would provide the greatest tax benefit. Provide example(s) to support your proposal.
- Evaluate the appropriateness of the types of accounting methods that would be available for your business. Recommend the method that would minimize the tax liabilities for the company. Provide support for your rationale.
- Choose at least two (2) specific transactions, and then propose one (1) special accounting method which your company would use to account for these transactions. Indicate any significant tax consequences that may result from the method you proposed.
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