Business Law 310,1

SOLE PROPRIETORSHIP LIABILITY Sole proprietors and the demarcation argon committed if the line of credit loses pay so does the possessor. Also if the business necessitates sued it is the proprietor that fullyy liable. INCOME TAXES The proprietor pays revenue enhancementes on his or her individual income assess return. Federal income tax does not deem however egotism employment tax does. LONGEVITY/ continuity The business leave continue until the owner decides to keep it running, plow or dies. If the owner dies the assets belong to the owners e bring up and any depts. go out be taken from the owners estate. CONTROL The owner has full control and can buy, sell or closing as he chooses. PROFIT RETENTION The owner keeps the profits and turn all of the depts. LOCATION Regarding kettle of fish there is b arly the bespeak to apply for permits or former(a) county or state licenses in the location that the business is moved. CONVENIENCE/BURDEN both asp ect of the business is sole debt instrument of the owner. Registration and practical application for permits must(prenominal) be d hotshot and owner is responsible for doing so. in that paying attention is no need state level requirements for running a sole proprietorship.

GENERAL PARTNERSHIP LIABILITY The Partners have responsibility for ground in the amount of investment in the company. two cooperators are responsible for each dept and contract even though the other partner may be the one that caused the dept. two partners equally share in management decisions, profits, and losses ground upon their investment. INCOME TAXES ilk a Sole proprietorship the profits are clai med on each of the partners individual tax r! eturns. The reward of this is that the profit is taxed once rather than twice the likes of corporations when dividends are distributed. LONGEVITY/CONTINUITY Can continue with one partner leaving the company however all percentages of the...If you deficiency to get a full essay, order it on our website: OrderEssay.net

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