For example‚ an owner of a sole proprietorship isn’t required to register with the government‚ file a separate tax return‚ and hire a lawyer. However‚ the owner is personally liable (Samuelson‚ 674). On the other hand‚ managers and investors of corporation are protected from personal liability for debts (Samuelson‚ 675). In addition‚ an owner of sole proprietorship need to pay income tax from his income but LLC avoids double taxation (Samuelson‚ 679). In these points‚ all types of business owners
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Liability Company and C Corporations. I have not included the general partnerships‚ limited partnerships‚ or S corporations as one of your choices for various reasons. With the general partnerships‚ all owners are jointly and personally liable for any debts. The limited partnerships is easier to attract investors as they are only liable for their total amount of their investment into the business but limited partnerships are mainly suited for investment groups. With the S corporation the shareholders
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management regarding corporations should be to maximize shareholder wealth on the whole. If management was to only concentrate on profit maximization‚ they would more than likely run their corporations into the ground. The very existence and concept of a corporation is beneficial to business in numerous ways. First and foremost‚ corporate status helps release management from possible enourmous financial liability issues. Second‚ shareholders are the key of checks and balances in a corporation. Management
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business. Unlike a corporation that is taxed twice‚ the owner of the sole proprietorship is taxed only at the individual tax rate. Due to this‚ the owner of the sole proprietorship is able to retain more of the profits. Location – If the owner of the sole proprietorship decides to move to another state‚ they simply need to register a new DBA (Doing Business As) in that state. Convenience / Burden – Sole proprietorships are not governed by the same regulations that corporations are faced with (i.e
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business‚ but then again the most significant and crucial aspect is to decide the category of business you want to start and its model. When starting up a new business‚ an individual has the opportunity of starting a sole proprietorship‚ partnership‚ corporation‚ or LLC (Limited Liability Company). A sole proprietorship is a company that is run by a sole owner. The sole proprietor is the sole possessor of the business and is the only individual who manages the company. The sole proprietor is in authority
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CESAR A. BUENAVENTURA is Chairman of Buenaventura Echauz and Partners‚ Inc. He is currently a Director of the following: DMCI Holdings‚ Inc.‚ Semirara Mining Corporation‚ iPeople Inc.‚ D.M. Consunji‚ Inc.‚ Petroenergy Resources Corp.‚ AG&P Company of Manila‚ Inc.‚ Montecito Properties‚ Inc. (Vice Chairman)‚ Pilipinas Shell Petroleum Corp.‚ Philippine American Life Insurance Company and Manila International Airport Authority. He was chosen Management Man of the Year in 1985 by MAP and in
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and the tying-up with Toyota Motor Corporation of Japan and Mitsui to put up Toyota Motor Philippines in 1988. Metrobank subsequently entered into joint ventures with several renowned corporations like Sumitomo Mitsui Banking Corporation of Japan to create Sumigin Metro Investment Corporation; the National Mutual Holdings Ltd. of Australia to create Philippine AXA Life Insurance Corporation; and the ORIX of Japan to create ORIX Metro Leasing and Finance Corporation. The Old Metrobank Logo used until
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to corporations? To avoid the deterrent when there is no change in wherewithal to pay‚ because the government does not want to discourage corporate formation. Under this code there is no gain or loss recognized upon transfer as long as the transferor is in control of the corporation immediately afterwards. Question 14-20 What tax years are available to corporations? How do the options differ from other forms of business organizations? When establishing a new corporation‚ the corporation may
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Business Mike Martin LAW/531 January 9‚ 2012 Carmina Perez-Fowler Legal Forms of Business Legal forms of business include sole proprietorship‚ partnership‚ limited liability limited partnership‚ limited liability company‚ S corporation‚ franchise‚ and corporation. Each of these legal forms offers distinct benefits to business owners and investors. The decision to incorporate one legal form as opposed to another is often determined by circumstance and underlying factors. Cheeseman (2010) writes
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Small-Business Idea Paper There are five different forms of business organizations that I can consider when planning to start a business. They are 1. Sole proprietorship 2. Partnership 3. C corporation 4. S corporation 5. LLC – Limited Liability Company It is important to understand each organization’s structural make up‚ to make an informed decision about which form of business organization is best suited for my consultant business
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