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10 Cards in this Set
- Front
- Back
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Sole Proprietorship - Taxation
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Pays schedule "C" taxes (personal income tax)
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Sole Proprietorship - Personal Liability
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Owner has unlimited liability for debts of the business.
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Partnership - Taxation
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Pays no taxes but files IRS form. Individual partners file Schedule K-1 which includes their income/loss.
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Partnership -Personal Liability
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Partners have unlimited liability for debts of the business.
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Limited Partnership - Personal Liability
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Liability of limited partner is restricted to that person's investment. General partners have unlimited liability.
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Limited Liability Partnership - Personal Liability
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Partners are not personally liable for malpractice claims of the other partners.
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Corporation - Taxation
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Double taxation.
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Corporation - Personal Liability
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Shareholders own the corporation but are not personally liable for the payment of debt in the absence of personal guarantee.
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Subchapter S Corporation - Taxation
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Profits passed directly to shareholders and taxed to them. This eliminates double taxation.
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Limited Liability Company - Taxation
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Pays no taxes but files IRS form. Individual partners file Schedule K-1 which includes their income/loss.
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