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Essay / Research Paper Abstract
This 5-page paper discusses the difference between sole proprietorships, partnerships and corporations. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: AS43_MTsetupbus.rtf
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Unformatted sample text from the term paper:
even if anyone needs to be hired. S/he needs to decide where the operations will take place and how much to charge for the product or service. And the business
owner needs to decide the type of business set-up. Business set-ups end up being entities through which business is done. The three most popular types of set-ups are sole proprietorships,
partnerships and corporations. The major differences between these three set-ups involve liability and how theyre taxed. Also, set-ups of these three types of organizations are different. Sole Proprietorship
As can be judged by its title, sole proprietorships involve one person putting out a shingle and starting business. The only start-up paperwork involved is
going down to the county court house, ensuring that the business name hasnt been taken by anyone else, registering the business name (and getting the certificate), then returning home to
start the business. As can be seen, this is the simplest form of a business set-up. This is the one main advantage - very little paperwork, and its quick.
Filing taxes arent any big deal with a sole proprietorship, either. Basically, the individual files a schedule C with his/her income tax listing expenses
that can be charged off to the business. There are a whole range of deductions that can be taken, from home office space, to mileage, to supplies; all of which
presents a nice tax write-off. But the downside of this, from the tax side, is that the sole proprietor must pay the
entire bulk of self-employment taxes (which can be a hefty amount). But on the plus side, overall taxes are going to be less than those paid by a corporation (Corporations,
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