And, the expression swan song has long been a part of the English language. At first, swan song meant the last work of a poet, musician or writer. Now, it means the final effort of any person. Someone's swan song usually is also considered that person's finest work. A political expression with a similar meaning is the last hurrah. The expression may be used to describe a politician's last campaign, his final attempt to win the cheers and votes of the people.
The income tax treatment of business earnings depends on what kind of entity the business elects to be for tax purposes. Business entities are generally formed under state law, with the most common forms being corporations, partnerships and limited liability companies. In most cases, businesses can elect to be taxed as either a separate entity (i.e., a C corporation) or on a passthrough basis (e.g., a partnership or an S corporation).
Types of Business Entities, Limited Liability Company, C Corporations (including PAs) and S-Corporations. When a physician starts his or her own medical practice, a choice will need to be made about the type of business entity to operate through.