Nails. Mona and her friends Jack and Bobby, all United States citizens, want to open a nail salon in Tennessee. They would all like to avoid personal liability for debts of the business and for wrongful acts of each other. They would also like to avoid taxation as much as possible. Mona is in favor of a corporation and asks if there is any problem with that form of business. Jack and Bobby say that they want to receive profit distributions and that they are concerned about excessive taxation with a corporation. Jack and Bobby urged the formation of a partnership even in the face of personal liability. Mona did some research and suggested an S corporation to Jack and Bobby. Would the proposed business qualify as an S corporation if it were incorporated in Delaware?

Hence the answer is yes.

Explanation:

Yes, the above-proposed business qualify for S-Corporation, and therefore the tax break for S corporations is that business income, also as many tax deductions, credits, and losses are skilled to the owners, instead of being taxed at the company level. This avoids the prospect of “double taxation,” which happens with Partnership.

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