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Lit1 Part A Essay

1209 words - 5 pages

Part A
The Report

Sole Proprietorship
This is the most common form of business. The business and the owner are the same. That means all debts and liabilities are the responsibility of the owner. The advantage of this form of business is that it is so easy to start. Basically, you just start selling stuff or providing a service. Of course, if permits or special licenses are needed, you still have to get those. The disadvantage is that you can't bring in a partner because there can only be one owner.

Liability: The owner is personally liable for all losses, debts, and liabilities.

Income taxes: There is no difference between the business owner and the business, all income earned ...view middle of the document...

Liability: General partnerships are similar to sole proprietorships in that they both have unlimited liability. Each partner is jointly and severally liable.

Income taxes: Taxed the same as sole proprietorship. Each partner is responsible to pay regular income tax on the business income.

Longevity or continuity of the organization: The partnership is easily dissolved by ending the agreement.

Control: The partners share control.

Profit retention: All profits and losses pass through to the partners and are taxed only once, at the individual tax rate which enable them to keep more of the profits.

Location: Just like sole proprietorships, general partnerships can conduct business in one or more states without any regulations.

Convenience or burden: The main advantage of a general partnership is low amount of paperwork needed for registration and its startup.

Limited partnership
A limited partnership has both general partners and limited partners.

Liability: A limited partnership is for partners who want to have a voice in managing the business, but want to minimize their liability. The most a limited partner can lose is the initial investment.

Income taxes: Taxed the same as sole proprietorship. Each partner is responsible to pay regular income tax on the business income.

Longevity or continuity of the organization: The partnership is easily dissolved by ending the agreement.

Control: The partners share control.

Profit retention: All profits and losses pass through to the partners and are taxed only once, at the individual tax rate which enable them to keep more of the profits.

Location: Just like sole proprietorships and general partnerships, this form of business can conduct business in one or more states without any regulations.

Convenience or burden: limited partners are generally prohibited from participating in day-to-day management of the business.

C corporation
A Corporation is a separate legal entity and can live on after the owners (stockholders) pass on. Corporations are often quite complicated and require the use of attorneys and accountants. There is an advantage to a corporation in that you can acquire working capital by selling stock.

Liability: Liability is limited. The most you can lose is your investment.
Income taxes: Because a corporation is a separate legal entity they are subject to double taxation. This is done by the use of employer identification numbers. The corporation pays income tax and the shareholders are responsible to pay personal income taxes on profits they receive.

Longevity or continuity of the organization: A corporation can continue on indefinitely.

Control: The Board of Directors, controls the Corporation. The directors are elected by the shareholders.

Profit retention: With double taxation is much harder to retain profits.

Location: You can incorporate in any state...

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