Week Four Discussion QuestionsSue and Bill plan to open an accounting firm and e

Week Four Discussion QuestionsSue and Bill plan to open an accounting firm and expect to work full time in the firm. They expect to incur a small loss during their first year of operation and expect to be profitable after the first year. What are the tax law requirements for structuring the business as a partnership or an S corporation? Which would you recommend and why?Bob and Dave plan to start a business. Bob will contribute land and Dave will contribute services. Would you recommend this business be formed as a partnership or as an S corporation? Why?What are separately stated items on a K-1? Why is it necessary to separate these items from ordinary income?What is the difference between a distribution and a distributive share? How do these affect the owners K-1 and individual taxes?