Albert and Baker still have a choice of forming an S corporation. S corporation is a corporation that elects to be taxed under Subchapter S of the Internal Revenue Code. Once Albert and Baker have formed a corporation they can agree to form an S Corporation by making valid election shortly after incorporation. Just like any other business corporate S corporate must acquire a license to operate in the state of Arizona. Unlike C Corporations, the income of the S corporation is normally passed to the individual shareholders for taxation purposes rather than taxing it on the company itself.
This means that the income of the company will tax as the personal income of the shareholders (Cross & LeRoy 421). Notable advantages of S corporation include avoiding double taxation; separate legal and tax entity from the owners; and limited liability. S Corporation has disadvantages such as shareholders restricted number to 100; cannot own more 80% of the subsidiary; one class of stock; and limited to US citizens only. Ms Smith could sue Lending Store, Inc her employer on the basis of employment discrimination.
This is because her employers could not withstand her personal disability which made her arrive late for work. Ms Smith can use the provision of Titles I and V of the Americans with Disabilities Act which prohibits employment discrimination based on an individual’ s physical state. The American with Disabilities Act prohibits any form of employment discrimination in all employment practice based on personal disability. Even though Ms Smith is one of the organization’ s highly experienced employees however she has a permanent disability that requires her to work from a wheelchair.
To make matters worse she has to come late for work and also absent herself occasionally owing to her health issues. She can use such claim of her disability as the motive behind losing her job and therefore she can claim that her employer could not withstand her disability, which later leads to her firing.
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