Tax and Share Holders
Sole Proprietorship- A simple business where a single person owns the business and is personally responsible for any debts incurred.
•LIABILITY-You are liable for payment of any debts incurred that cannot be paid for by the profits from the company. Also if you have personal debts that have gone to collections a creditor can be awarded business profits and or business assets to offset these debts. You are also liable for any injuries that may occur due to your company.
•INCOME TAXES-The business is not taxed separately. All business income must be reported on the owners personal income tax return.
•LONGEVITY/CONTINUITY-Sole proprietorships are dissolved when the owner dies.
•CONTROL-The owner of a sole proprietorship is in complete control over every aspect of the business
•PROFIT RETENTION-All income is the owner 's who may do with it as he pleases.
•LOCATION-Sole proprietors are able to conduct business from home, office, or internet. There isn 't really any regulations that limit the location.
•CONVENIENCE/BURDEN-Sole proprietorships are extremely simple and cheap to start. Depending on your city or county you may need to register for a business license or tax registration certificate. If have employees you may also need an employer identification number from the IRS, a zoning permit, or a seller 's license from your state.
General Partnership-A company that is jointly formed by two or more individuals
•LIABILITY-Each partner is liable for all debts of the company to include any contracts entered into by other partners.
•INCOME TAXES-General partnerships do not pay income taxes directly to the IRS. Partners include any revenue and expenses on their personal income tax returns.
•LONGEVITY/CONTINUITY-Since all funding comes from the owner 's assets they have a limited longevity and a harder time expanding.
•CONTROL-Normally each partner has an equal amount of control.
•PROFIT RETENTION-Profits are split between partners.
•LOCATION-General
•LIABILITY-You are liable for payment of any debts incurred that cannot be paid for by the profits from the company. Also if you have personal debts that have gone to collections a creditor can be awarded business profits and or business assets to offset these debts. You are also liable for any injuries that may occur due to your company.
•INCOME TAXES-The business is not taxed separately. All business income must be reported on the owners personal income tax return.
•LONGEVITY/CONTINUITY-Sole proprietorships are dissolved when the owner dies.
•CONTROL-The owner of a sole proprietorship is in complete control over every aspect of the business
•PROFIT RETENTION-All income is the owner 's who may do with it as he pleases.
•LOCATION-Sole proprietors are able to conduct business from home, office, or internet. There isn 't really any regulations that limit the location.
•CONVENIENCE/BURDEN-Sole proprietorships are extremely simple and cheap to start. Depending on your city or county you may need to register for a business license or tax registration certificate. If have employees you may also need an employer identification number from the IRS, a zoning permit, or a seller 's license from your state.
General Partnership-A company that is jointly formed by two or more individuals
•LIABILITY-Each partner is liable for all debts of the company to include any contracts entered into by other partners.
•INCOME TAXES-General partnerships do not pay income taxes directly to the IRS. Partners include any revenue and expenses on their personal income tax returns.
•LONGEVITY/CONTINUITY-Since all funding comes from the owner 's assets they have a limited longevity and a harder time expanding.
•CONTROL-Normally each partner has an equal amount of control.
•PROFIT RETENTION-Profits are split between partners.
•LOCATION-General