Perhaps you've been thinking about making a change in your Choice of Entity. Maybe you've been asking http://www.cheapairjordan12forsale.com/ , "What type of Business Entity should my business be?"
By "Business Entity", I mean the legal structure of your business, and there are basically five from which to choose:
Sole Proprietorship
Partnership
Limited Liability Company (LLC)
"C" Corporation
"S" Corporation
This is not a question that is easily or quickly answered. There are many factors to consider, and here's one that is often overlooked:
If you are a Sole Proprietorship, your odds of getting audited are two Cheap Jordan 4 , three or even four times greater than the other entity types.
Take a look at the following chart of IRS audit rates for Year 2002:
INDIVIDUALS -- with Schedule C
Sales:
< 25,000 ................ 2.63%
25,000-99,999 ........... 1.13
> 100,000 ............... 1.36
C CORPORATIONS
Assets:
< 250 Cheap Jordan 1 ,000 ............... 0.22%
250,000 - 1M ............ 0.73
S CORPORATIONS .......... 0.42%
PARTNERSHIPSLLCs ....... 0.27%
Now let's analyze the numbers by comparing the Schedule C audit rates with those of the other entity types. Do you see the difference?
Depending on your sales, the audit rates for Sole Proprietors range from 1.13% to 2.63%, compared to the rates of 0.22% for small "C" Corporations, 0.27% for Partnerships and LLC's Cheap Jordan 12 , and 0.42% for "S" Corporations.
Of course, all these audit rates are still relatively low, especially compared to previous years. And even at 1 to 2%, I hope you like the odds of not getting audited.
But if you are looking at the pros and cons of incorporating your Sole Proprietorship, you should be aware that making a switch will improve the odds in your favor even more.
Should you form a corporation simply to lower the chances of being audited? Of course not. But if there if have other compelling reasons to incorporate Cheap Jordan 11 , these lower audit rates are the icing on the cake.
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