different types of small business different types of small business Legal Status The simplest legal forms for small businesses are sole proprietorships and partnerships. Neither is required to be registered with the state and taxes are managed on the owner’s or partners’ personal tax forms. These forms are best when there is little capital property or likelihood of being sued. A corporation is the opposite end of the spectrum‚ requiring registration with state and local authorities‚ separate
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MACC-650 Seminar in Federal Taxation Spring 2010 Team Research Project Presentation to John Smith KMCE & A GOLD Gold Group KMCE & A Gold LLC Lawrenceville‚ NJ Dear Mr. Smith‚ We have been requested to review and present to you our recommendations for the start of your new Pharmaceutical/Biotech Consulting Company. To begin‚ we would like to review the information that we have been given from you to KMCE&A. We understand that you have a background as a business executive
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the best business type‚ short term and long term. CHOOSING A LEGAL FORM OF BUSINESS Discussion Starting a new business in either type‚ (sole proprietorship‚ partnership‚ and corporation) each have its ups and downs. All entrepreneurs must decide which form of legal ownership best suits their goals. Take a look at sole proprietorship. This type of business is owned and usually operated by one person. That one person is also responsible for all of its debts. It has a low start-up cost
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The invention will take a lot of money to start up but should produce a great deal of money. While there are little financial skills and no management skills‚ the company believes that the invention will be wide spread and well used. Sole proprietorship has many advantages and disadvantages. Some of the advantages are: ease of startup‚ limited ownership‚ simple taxation and few government and IRS regulations and are the simplest to dissolve (Editorial Board‚ 2011). A disadvantage is: the
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The sole proprietorship‚ the partnership‚ the corporation‚ and the LLC/LLP are the four basic practices in which for-profit businesses can be organized. Practices have associated advantages‚ disadvantages‚ and tax consequences. A sole proprietorship is the most stress-free and low-cost business stricter of the three. The business owner has total control over their business as a sole proprietorship; this partnership is usually not a married couple.
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SCM 022587 Ms. Janice Contents No. | Title | Pages | 1 | Executive summary | 2 | 2 | Question 1 | Introduction | 3 | | | Sole Proprietorship | 4 | | | Partnership | 5 | | | Limited Liabilities Company | 6 | | | Accounting | 7 | | | Benefits of accounting | 7-9 | 3 | Question 2 | Differences of income statement and balance sheets | 10 | | | Tabulation of income
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you‚ as the sole proprietor‚ are in sole control of the management and the profits." (Kubasek 771). This is perhaps the most common type of business. Some of the advantages are: The sole proprietor has complete control of the business. It is very convenient since it doesn’t require too many formalities. The sole proprietor keeps all the profits of the business. No corporate tax payment. As everything in life‚ sole proprietorships has its disadvantages. Let’s touch on a few of them. A sole proprietor
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most basic question being what type of entity should be used when moving forward with the business. There are many different factors that have to be considered when making this decision. The most similar type of business is the partnership‚ sole proprietorship‚ S corporation‚ and corporation. A Limited Liability Company (LLC) is a new business structure allowed by state statute. When establishing a new business‚ limited liability corporations and partnerships play a huge role. Limited Liability
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and advantages and disadvantages Type of Ownership * Single or Sole Proprietorship. It is a form of business organization which is owned by one person. The owner personally manages his business. Most of businesses in the Philippines (including those which are not registered) belong to single proprietorship. Examples are retailers‚ market vendors‚ barbers‚ tailors‚ and so forth. a) Advantages of Single or Sole Proprietorship 1) It is easy to organize. Financial capital is small‚ and
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discussed in this chapter include sole proprietorship‚ partnership‚ and corporation. Which of these entities is considered a legal entity and is also subject to federal income taxation at the entity level? | | | A) | Sole proprietorship. | | | B) | Partnership. | | | C) | Corporation. | | | D) | All three entities satisfy both requirements. | | | E) | None of these entities satisfy both requirements. | | | | | | Feedback: A sole proprietorship is not
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