LIABILITY Sole proprietors and the business argon committed if the business loses pay so does the possessor. Also if the business necessitates sued it is the proprietor that fully liable.
INCOME TAXES The proprietor pays revenue enhancementes on his or her individual income tax return. Federal income tax does not apply however egotism employment tax does.
LONGEVITY/CONTINUITY The business leave continue until the owner decides to keep it running, sell 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 reversed all of the depts.
LOCATION Regarding location there 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 sole responsibility of the owner. Registration and practical application for permits must be done and owner is responsible for doing so. in that respect 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. Both cooperators are responsible for each dept and contract even though the other partner may be the one that caused the dept. Both partners equally share in management decisions, profits, and losses based upon their investment.
INCOME TAXES ilk a Sole proprietorship the profits are claimed on each of the partners individual tax returns. The reward of this is that the profit is taxed once rather than twice like corporations when dividends are distributed.
LONGEVITY/CONTINUITY Can continue with one partner leaving the company however all percentages of the...If you want to get a full essay, order it on our website: Ordercustompaper.com
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