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Essay / Research Paper Abstract
This 3 page paper looks at the different types of business entity that can be set up; sole proprietor, partnership, general and limited, limited liability company and corporation and discusses the characteristics, advantages and disadvantages of each type. The bibliography cites 5 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEorgtype.rtf
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Unformatted sample text from the term paper:
organization can be considered in order to identify that which is the most appropriate for any particular business. In his case a flooring company. The first type of entity is
a sole proprietorship. This is a business with a single owner and is one of the most common forms of business seen in the commercial environment. The advantage is the
level of control which the owner can leverage, as the owner has complete control of the business. But also be tax advantages, as the business is taxed as the as
personal income. There are also some disadvantages of this type of company, the other it is solely responsible for of the companys financial obligations and any other business liabilities, and
the business will terminate when the owner withdraws from the business or dies. Therefore, although control is a major benefit, the high level of personal liability can be a negative
is as likely to be any legal issues (Chiappinelli, 2006). The next type of organization investment partnership, there are two types of partnership;
General partnership and Limited partnership. The general partnership is very similar to the sole proprietorship, but instead of one owner there are two or more owners, and again the profits
or losses are reported on the partnerships and tax returns, and are deemed to be equal partners if there is not contract to the contrary (Jennings, 2008).. There are
some complications with this type of partnership, as partners has the full authority to enter into contracts on behalf of the partnership unless there is a partnership agreement which specifies
otherwise, and each partner is jointly and separately liable for with the business debts and other liabilities (Jennings, 2008). Therefore, unless theres a high level of trust between partners this
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