Essay about Business Management : O Sole Proprietorship

1915 Words Jul 29th, 2015 null Page
o Sole Proprietorship: o Liability- Business owners do not possess any particular differences in regard to assets. The assets of the business can really be used in many ways, including the way to pay any personal debt that was acquired also the personal assets are a way to pay the business debts too because when dealing with a sole proprietorship it is subject to being accessible to unlimited liability. o Income Taxes – The income or the revenue brought in with a sole proprietorship is always considered ordinary personal income tax to the owner, and is sometimes subjected to having the most rate of taxation by the I.R.S. o Longevity and Continuity– Because a business owner and the business are somewhat in the same group or group’s legally the operation will dissolve when the death of the owner occurs. At the same time the option or the possibility that the business can be sold or given to someone who can handle it as long as the proper protocols are followed is open. o Control–In a sole proprietorship business partners do not exist. The power of being able to make business decisions is held by the owner and only the owner of the business. o Profit Retention– The revenue made with a sole proprietorship is deemed income for the business owner to do what they please once the business debts and obligations are pleased. o Location– There is nothing that is actually legally required to start-up a sole proprietorship if you are looking at it and or debating it federally. However,…

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