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Lit1 Task 1 A Wgu Essay

2297 words - 10 pages

LIT1 Task A

SOLE PROPRIETORSHIP:
•         LIABILITY – The owner and the business are considered as one and so the owner has unlimited liability for the business. Therefore the all of the owner’s personal assets, the business’s assets and the business’s future earnings may be at risk.
•         INCOME TAXES – All income for the business goes on the owner’s personal income tax returns whether federal, state or local. One advantage of the sole proprietorship is that the business is not a separate entity and therefore is only taxed once on this income, and another advantage is that all business liabilities may be written off as expenses to offset income. Asset depreciation is an example ...view middle of the document...

The sole proprietorship requires no special reporting or accounting above and beyond personal income taxes and state sales tax reporting.
 

GENERAL PARTNERSHIP

•         LIABILITY – Partners are jointly or severally liable meaning that should a creditor file suit against the partnership, each partner can be individually liable, or they could share liability. Just like the sole proprietorship, the partnership is 100% liable and creditors may go after business assets, or personal assets of either or both partners.

•         INCOME TAXES – Taxed like a sole proprietor where each partner pays taxes on their income from the business like it was there personal income, and expenses may be written off to offset business expenses. Since the partnership is also not considered a separate entity, the business is taxed only once.

•         LONGEVITY/CONTINUITY – Once a partner exits the business or dies, it is dissolved and a new business form must be created in order for the business to continue operating.
•         CONTROL – Partners have equal control in all decision making and operations of the business. However this can be contractually modified.

•         PROFIT RETENTION – Profits are divided according to each partners share in the business. Losses are also shared amongst the partners according to their share.

•         LOCATION – Operating in other states only requires a mutual decision amongst the partners. This must be agreed in writing in the form of a signed contract.

•         CONVENIENCE/BURDEN – Just like a sole proprietorship it is easy to start up and simple to manage, but has limited resources. A partnership must be registered with the state, but there are no additional reporting requirements above and beyond state sales taxes and personal income taxes. The main burden of a partnership is that when one partner commits a wrongdoing, the other partner may also be liable.

LIMITED PARTNERSHIP (NOT LIMITED LIABILITY PARTNERSHIP)

•         LIABILITY – While the general partners of the company have unlimited liability just like a general partnership, the limited partners liability is limited only to their investment.

•         INCOME TAXES – Just like the Sole proprietorship and the General Partnership, the Limited Partnership is not considered a separate entity by the state, and so all income is taxed as personal income. While the limited partner is paid as a return on his investment, this income is taxed as personal and he is excluded from being able to write off business expenses to offset that income since he does not operate the business. General Partners may do so.

•         LONGEVITY/CONTINUITY – The limited partnership will continue as a business even if one of the limited partners dies or transfers his equity. However, should one of the general partners die, a new partnership agreement will have to be drawn up.

•         CONTROL – In a limited partnership, the limited partner has no say in...

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