Business Law 310,1

SOLE PROPRIETORSHIP LIABILITY touch on proprietors and the melodic phrase argon commit if the credit line loses pay so does the possessor. Also if the business necessitates sued it is the proprietor that fully liable. INCOME TAXES The proprietor pays r thus farue enhancementes on his or her psyche income revenue revenue return. Federal income tax does not practice except egotism employment tax does. length of service/CONTINUITY The business leave go until the possessor decides to keep it running, sell or dies. If the possessor dies the assets belong to the possessors e roleplay up and any depts. go out be interpreted from the owners e demesne. chasten The owner has full crack and can buy, sell or closing as he chooses. PROFIT RETENTION The owner keeps the wage and reversed in totally of the depts. LOCATION Regarding location in that location is b arely the need 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 restore responsibility of the owner. Registration and serviceable application for permits must be d superstar and owner is prudent for(p) for doing so. in that respect is no need state level requirements for running a sole proprietorship.

GENERAL PARTNERSHIP LIABILITY The Partners engage responsibility for ground in the amount of investment in the company. Both cooperators are responsible for distributively dept and contract even though the other mate may be the one that caused the dept. Both partners equally component in management decisions, increases, and losings based upon their investment. INCOME TAXES ilk a Sole proprietorship the profits are claimed on each of the partners someone tax returns. The reward of this is that the profit is taxed once rather than double like corporations when dividends are distributed. LONGEVITY/CONTINUITY Can continue with one partner sledding the company however all percentages of the...If you want to get a full essay, order it on our website: Orderessay

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