Lit 121.56

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Business Forms
Sole Proprietorship
[Provide a BRIEF description of the business form]
Advantages
[Identify and discuss the advantages to this form of business] Disadvantages
[Identify and discuss the disadvantages to this form of business] Key Characteristics
• Liability: [What are the limits on liability and protection of not only business assets, but personal assets and future earning power of the owner beyond this particular business?] • Income taxes: [What are the features of each business entity that affect the amount of federal, state, and local income taxes paid by the business and/or owners?] • Longevity or continuity of the organization: [What features of each form relate to forced dissolution of the business organization?] • Control: [Who has ultimate control over important decisions? How much control does the owner have to grant to others?] • Profit retention: [What portion of the profits does the owner have to give up because they have to be shared with others? How does this affect return on investment?] • Location: [What are the implications for moving or expanding the business into a different state? Will a separate legal entity have to be created or new documents filed in the new state? Are there advantages or disadvantages regarding how state taxes will be assessed?] • Convenience or burden: [What additional requirements or extra workload are placed upon the organization to comply with all reporting, meeting, and other regulatory requirements?] General Partnership

[Provide a BRIEF description of the business form]
Advantages
[Identify and discuss the advantages to this form of business] Disadvantages
[Identify and discuss the disadvantages to this form of business] Key Characteristics
• Liability: [What are the limits on liability and protection of not only business assets, but personal assets and future earning power of the owner beyond this particular business?] • Income taxes: [What are the features of each business entity that affect the amount of federal, state, and local income taxes paid by the business and/or owners?] • Longevity or continuity of the organization: [What features of each form relate to forced dissolution of the business organization?] • Control: [Who has ultimate control over important decisions? How much control does the owner have to grant to others?] • Profit retention: [What portion of the profits does the owner have to give up because they have to be shared with others? How does this affect return on investment?] • Location: [What are the implications for moving or expanding the business into a different state? Will a separate legal entity have to be created or new documents filed in the new state? Are there advantages or disadvantages regarding how state taxes will be assessed?] • Convenience or burden: [What additional requirements or extra workload are placed upon the organization to comply with all reporting, meeting, and other regulatory requirements?] Limited Partnership

[Provide a BRIEF description of the business form]
Advantages
[Identify and discuss the advantages to this form of business] Disadvantages
[Identify and discuss the disadvantages to this form of business] Key Characteristics
• Liability: [What are the limits on liability and protection of not only business assets, but personal assets and future earning power of the owner beyond this particular business?] • Income taxes: [What are the features of each business entity that affect the amount of federal, state, and local income taxes paid by the business and/or owners?] • Longevity or continuity of the organization: [What features of each form relate to forced dissolution of the business organization?] • Control: [Who has ultimate control over important decisions? How much control does the owner have to grant to others?] • Profit retention: [What portion of the profits does the owner have to give up because they have to be shared with others? How does this affect return on investment?] •...
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