Print an article posted by a law firm that comments on pitfalls to avoid in drafting partnership agreements. Ideally, use the home page of a firm that has offices in your state. Research Problem . Find the statutes and regulations that control limited liability companies (LLCs) in your state.

What types of business activities can and cannot an LLC conduct in your state?

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What are some tax differences between a partnership and an S corporation?

Caleb Hudson owns 10% of an S corporation. He is confused with respect to his AAA and stock basis. Write a memo to Caleb identifying the key differences between AAA and his stock basis.

Find an article about a state that contributed assets to an auto company as a location inducement and later recovered some or all of the assets under a ‘‘clawback’’ provision.

What are the tax consequences to the auto company when it returns these assets to the state? Summarize your findings in no more than three PowerPoint slides, to present to your school’s accounting club.

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