1. (a) Kyan Barron has been made jobless from a managerial position in a financial institution...

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1. (a) Kyan Barron has been made jobless from a managerialposition in a financial institution in
Jamaica where he had worked for the past fifteen years. Thebenefits which formed
part of his compensation package were a mortgage at 5% and acompany vehicle
which had cost $3,000,000 when it was new. His plan is to go intobusiness as a
computer consultant working in Jamaica and the Eastern Caribbeancountries. He
has to decide whether
- to operate as a sole proprietor or
- to incorporate and be a director or shareholder or
- to operate in partnership with a former school friend or
- set up in business in one of the Eastern Caribbean islands
Question:
Advise Kyan on his options of
a. sole proprietor
b. corporation
c. partnership
d. the most ideal caribbean country between Barbados and St.Lucia to set up business
Kyan wishes for you to take into consideration: the tax(corporate and individual) structure, available allowances,National Insurance/Social Security costs, Value Added Tax/GSTarrangements and the economic development in Barbados and St.Lucia.

Answer & Explanation Solved by verified expert

3.8 Ratings (375 Votes)

Kyan Barron has experience of fifteen years in his job As a sole proprietor The individual carries on business exclusively by and for himself He invests his own capital and controls the whole business He bears all the risks and is the master of all the profits As a Corporation A corporation has its own separate legal personality apart from the individual legal identity of its all stockholders His corporation will be owned by the current stockholders and run and managed by the contemporary board of directors and employees the existence of the See Answer

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