Assignment 1: New Corp

Due Week 5 and worth 200 points
You and five (5) of your friends are considering forming your own business. Collectively, you have $4.6 million to get your venture off the ground and a year before you open your doors. As the tax research and planning expert in the group, it is your task to ensure your company is set up to minimize your tax exposure. You business will be registered in the city and state in which you live.
Write a 5-7 page paper in which you:
Briefly describe your new business (name and what it does).
Discuss how you will form your corporation and how you will comply with specific regulations in your state (note the need for research here).
Determine the most appropriate capital structure for minimal tax exposure.
Discuss the tax planning considerations you must take into account after the first year (when you are actually open for business).
Determine how non-liquidating distributions will be addressed.
Cite at least two (2) tax research sources.
Your assignment must:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze tax issues regarding corporate formations, capital structures, income tax, non-liquidating distributions, other corporate levies, liquidating distributions, acquisitions, and reorganizations.
Use technology and information resources to research issues in organizational tax research and planning.
Write clearly and concisely about organizational tax research and planning using proper writing mechanics.
View the grading rubric below.
Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.

Points: 200 Assignment 1: New Corp
Criteria Unacceptable
Below 70% F Fair
70-79% C Proficient
80-89% B Exemplary
90-100% A
1. Briefly describe your new business (name and what it does).
Weight: 15% Did not submit or incompletely described your new business (name and what it does). Partially described your new business (name and what it does). Satisfactorily described your new business (name and what it does). Thoroughly described your new business (name and what it does).
2. Discuss how you will form your corporation and how you will comply with specific regulations in your state.
Weight: 20% Did not submit or incompletely discussed how you will form your corporation and how you will comply with specific regulations in your state. Partially discussed how you will form your corporation and how you will comply with specific regulations in your state. Satisfactorily discussed how you will form your corporation and how you will comply with specific regulations in your state. Thoroughly discussed how you will form your corporation and how you will comply with specific regulations in your state.
3. Determine the most appropriate capital structure for minimal tax exposure.
Weight: 15% Did not submit or incompletely determined the most appropriate capital structure for minimal tax exposure. Partially determined the most appropriate capital structure for minimal tax exposure. Satisfactorily determined the most appropriate capital structure for minimal tax exposure. Thoroughly determined the most appropriate capital structure for minimal tax exposure.
4. Discuss the tax planning considerations you must take into account after the first year (when you are actually open for business).
Weight: 20% Did not submit or incompletely discussed the tax planning considerations you must take into account after the first year (when you are actually open for business). Partially discussed the planning considerations you must take into account after the first year (when you are actually open for business). Satisfactorily discussed the planning considerations you must take into account after the first year (when you are actually open for business). Thoroughly discussed the planning considerations you must take into account after the first year (when you are actually open for business).
5. Determine how nonliquidating distributions will be addressed.
Weight: 15% Did not submit or incompletely determined how nonliquidating distributions will be addressed. Partially determined how nonliquidating distributions will be addressed. Satisfactorily determined how nonliquidating distributions will be addressed. Thoroughly determined how nonliquidating distributions will be addressed.
6. Two (2) references.
Weight: 5% No references provided. Does not meet the required number of references; some or all references poor quality choices. Meets number of required references; all references high quality choices. Exceeds number of required references; all references high quality choices.
7. Clarity and writing mechanics.
Weight: 10% More than 6 errors present 5-6 errors present 3-4 errors present 0-2 errors present

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