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
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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, each state can have their own specific or special requirements when filing for a license and or the permits needed. o Convenience and Burden – It is really convenient to have a sole proprietorship because the owners can have total control over their businesses in every way they need it. A sole proprietorship is very hard to get funding for and that can halt anyone’s chances of actually starting a business.
o General Partnership: o Liability– Business partners are liable for any and all debt and or liability created. Their own assets can be a tool to please and business debts and bills whether they know of any wrongdoing or …show more content…
Members of an LLC (Limited Liability Company) actually have the same luxury of liability protection as corporations.
o Income Taxes- It is a limited liabilities company choice about how they would like to be taxed. They can be taxed either as a whole corporation on the net income of the company or as a partnership and have the members of the business pay personal income tax.
o Longevity and or Continuity- The OOA (Official Operating Agreement) states about how and when an LLC (Limited Liability Company) can be dissolved. The death or deaths of a member doesn’t entirely mean that the LLC (Limited Liability Company) has to be done away with. The members that at that time would be left over can make a vote on whether or not to keep the LLC operating. They can also decide on switching the LLC over to a corporation at any given time since that is an option.
o Control – Any member of an LLC (Limited Liability Company) has to work with the others to agree on how the establishment will run once an LLC (Limited Liability Company) has been
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, each state can have their own specific or special requirements when filing for a license and or the permits needed. o Convenience and Burden – It is really convenient to have a sole proprietorship because the owners can have total control over their businesses in every way they need it. A sole proprietorship is very hard to get funding for and that can halt anyone’s chances of actually starting a business.
o General Partnership: o Liability– Business partners are liable for any and all debt and or liability created. Their own assets can be a tool to please and business debts and bills whether they know of any wrongdoing or …show more content…
Members of an LLC (Limited Liability Company) actually have the same luxury of liability protection as corporations.
o Income Taxes- It is a limited liabilities company choice about how they would like to be taxed. They can be taxed either as a whole corporation on the net income of the company or as a partnership and have the members of the business pay personal income tax.
o Longevity and or Continuity- The OOA (Official Operating Agreement) states about how and when an LLC (Limited Liability Company) can be dissolved. The death or deaths of a member doesn’t entirely mean that the LLC (Limited Liability Company) has to be done away with. The members that at that time would be left over can make a vote on whether or not to keep the LLC operating. They can also decide on switching the LLC over to a corporation at any given time since that is an option.
o Control – Any member of an LLC (Limited Liability Company) has to work with the others to agree on how the establishment will run once an LLC (Limited Liability Company) has been