entity concept

[matt_15]

The entity concept requires accountants to treat ALL businesses as a seperate entity from their owners.. but partnerships and sole traders aren't a seperate entity from their owners? Is this not the law contradicting its-self? please could someone explain more

[Joshua Jones]

Any entity that has a SSN or EIN is an independent entity, however the taxation flow and rules on each type of entity varies. Honestly, if you haven't already - I recommend finding a local tax attorney or cpa, pay em $50-100 for an hour of their time and go into the meeting with every question you had about taxes and entities written down.

It's well worth your money - trading for all the time you could spend researching the subject online, just to find the information is out of date or even not applicable to your state.