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Essay / Research Paper Abstract
A 6 page paper that explains the types of documents needed to begin a business. The types of business organizations, e.g., partnerships; the parts of the business plan are identified; suggestions for selecting an accountant; obtaining insurance; and a list of different software the business would use. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGstbsp.rtf
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Unformatted sample text from the term paper:
expensive. The disadvantage is that the owner is solely responsible for all debts against the business. Some of the many tax forms for sole proprietorship include: Form 1040: Individual Income
Tax Return; Schedule C: Profit or Loss from Business; Schedule SE: Self-Employment Tax and many others depending on the specific type of business (SBA, 2004). * Partnership - three are
different kinds of partnerships, such as general and limited. If a partnership, a legal partnership agreement should be written by an attorney no matter what relationship the partners have. The
advantages include: easier to raise funds and easy to establish. Disadvantages include: profits must be shared; partners are responsible for the actions of the other partner(s); disagreements about operating the
business (SBA, 2004). * Corporation - is chartered by a state and is unique and separate from the owners, owners are the shareholders, must have a board. Advantages include
the limits on the liability of the owners, the major disadvantage is that it takes more time to file all the papers and it is more expensive than other forms.
There are two forms of the corporation but they dont change the actual structure, they are used for tax purposes. The C corporation is the regular one must file a
variety of tax forms including Form 1120 or 1120-A: Corporation Income Tax Return, employment tax forms and Form 4625 Depreciation, among others. Subchapter S Corporation "enables the shareholder to treat
the earnings and profits as distributions, and have them pass thru [sic] directly to their personal tax return" (SBA, 2004). There are other obstacles but they differ by occupation and
geographic region. S Corporations must file Form 1120S: Income Tax Return for S Corporation, 1120S K-1: Shareholders Share of Income, Credit, Deductions, employment tax forms and others (SBA, 2004). It
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