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Essay / Research Paper Abstract
This 10-page paper discusses the various business entities that can be formed in the U.S., and advantages and disadvantages in terms of taxation and liability. Bibliography lists 6 sources.
Page Count:
10 pages (~225 words per page)
File: D0_MTentittax.rtf
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Unformatted sample text from the term paper:
non-profit entities. But there are various ways in which business revenues are taxed, expenses paid and liabilities assumed. In other words, there
is more to launching a business than hanging out a shingle and throwing open an office or shop door. The business owner in question needs to determined how much liability
he/she is willing to assume and what tax expectations are. From that perspective, the owner then needs to establish the type of entity, from sole proprietorship to C-Corp.
As well see in this paper, there are advantages and disadvantages to the various business structures. And, as well also see, there is no
"right" entity formation. The type of formation the business owner follows depends on liability, taxation and simplicity. For example, while a sole proprietorship is the simplest form of entity, requiring
little in the way of preparation other than heading to the local county courthouse to register a name, it also leaves the owner open to all kinds of liability issues.
Some disgruntled customer could take the owners personal property in a lawsuit. The C-Corp, on the other hand, requires a ton of paperwork
and a board of directors as well as a CEO, among other things. But if someone decides to level a lawsuit against a C-Corp, the owner doesnt stand the risk
of losing everything if a disgruntled customer decides to take the corporation to court. Types of Entities There are three legal types
of entities from which business owners can choose. These are sole proprietorships, partnerships and corporations. There are some derivatives of the above. For example, partnerships can be either general partnerships
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