What factor should be considered when comparing the net income figure of a partnership to that of a corporation of similar size?
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The India of my dream would be a country where women are safe and walk freely on road. Also, it will be a place where there is freedom of equality to all and everyone can enjoy it in their true sense. Furthermore, it would be a place where there is no discrimination of caste, color, gender, creed, social or economic status, and race. In addition, I see it as a place that sees an abundance of development and growth.
Essay on India of My Dreams
Women Empowerment
There is a lot of discrimination against women. But, still, the women are stepping out of their houses and making a mark on different fields and on society. In addition, there are a lot of areas that need to be worked upon whether it is female feticide or restricting them to the household task. Besides, many NGO and social groups have come forward to promote women empowerment.
However, we have to work hard to change the mindset of society. I dream India as a country that sees women as its assets, not as liabilities. Also, I want to place women on an equal level as men.
Education
Though there are many initiatives by the government to promote education. But there are many people who do not realize its true importance. The India of my dream will be a place where education will be mandatory for all.
Employment Opportunities
Although there are many educated people in India. But, due to corruption and many other reasons they are unable to get a decent job. Besides, there are many employment opportunities in the country but they are either limited or don’t pay well enough. One of the reasons for this is weak industrial growth in the country.
In addition, reservation is a hindrance in this path as most of the deserving candidates lose their good opportunity because of it. Many of these deserving candidates go abroad and work for the economic growth of other countries. The Indian of My dream will be a place where the deserving candidate will get the job first rather than reserved candidates.
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Caste Discrimination
Though India got independence in 1947, still we are not able to get complete independence from the caste, religion, and creed discrimination. It is shameful to see how in certain parts of the country the people of the lower section of the society are denied the basic rights.
Concept Introduction: All businesses run in Profit and Losses.
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We have been Given: What factor should be considered when comparing the net income figure of a partnership to that of a corporation of similar size?
We have to Find: What factor should be considered when comparing the net income figure of a partnership to that of a corporation of similar size?
The biggest difference between a partnership and a corporation is in the treatment of owner compensation. A partner cannot be an employee of the partnership, but a stockholder can certainly be an employee of the corporation. A partner may be compensated for work the partner does for the business, but that compensation is most likely in the form of a “guaranteed payment.” A guaranteed payment is not an expense used to calculate the entity’s net income. It is an allocation of that net income and a distribution to the partner. It will show up on the financial statements of the partnership where dividends would appear on the financial statements of a corporation. The second biggest difference is the income tax treatment of the two entities. Under United States income tax law, partnership income is passed through to the partners and taxed at the partner level. The same is true for a corporation that has elected to be treated as an S corporation. However, a corporation that has not elected or does not qualify to be an S corporation is, by default, a C corporation. Its taxable income is taxed at the corporate level at a flat rate of 21 percent.
Final Answer: The biggest difference between a partnership and a corporation is in the treatment of owner compensation. A partner cannot be an employee of the partnership, but a stockholder can certainly be an employee of the corporation. A partner may be compensated for work the partner does for the business, but that compensation is most likely in the form of a “guaranteed payment.” A guaranteed payment is not an expense used to calculate the entity’s net income. It is an allocation of that net income and a distribution to the partner. It will show up on the financial statements of the partnership where dividends would appear on the financial statements of a corporation. The second biggest difference is the income tax treatment of the two entities. Under United States income tax law, partnership income is passed through to the partners and taxed at the partner level. The same is true for a corporation that has elected to be treated as an S corporation. However, a corporation that has not elected or does not qualify to be an S corporation is, by default, a C corporation. Its taxable income is taxed at the corporate level at a flat rate of 21 percent.
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