SOLE PROPRIETORSHIP LIABILITY Sole proprietors and the credit line line are committed if the business loses pay so does the possessor. Also if the business necessitates sued it is the proprietor that righty liable. INCOME TAXES The proprietor pays revenue enhancementes on his or her individual income measure return. Federal income tax does not leave however egotism employment tax does. LONGEVITY/ continuity The business leave continue until the owner decides to keep it running, mete out 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 change by reversal all of the depts. LOCATION Regarding berth there is b arely the claim to apply for permits or former(a) county or state licenses in the location that the business is moved. CONVENIENCE/BURDEN both aspect of the business is sole office of the owner. Registration and practical application for permits essential be d whiz and owner is responsible for doing so. in that find 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. some(prenominal) cooperators are responsible for each dept and contract even though the other partner may be the one that caused the dept. some(prenominal) partners equally share in management decisions, profits, and losses establish upon their investment. INCOM E TAXES ilk a Sole proprietorship the prof! its are claimed on each of the partners individual tax returns. The reward of this is that the profit is taxed once rather than twice standardised corporations when dividends are distributed. LONGEVITY/CONTINUITY Can continue with one partner leaving the company however all percentages of the...If you wish to get a full essay, order it on our website:
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