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Essay / Research Paper Abstract
A 3 page outline providing Maryland's requirements for establishing either a corporation or a limited liability company (LLC). The outline provides steps for establishing the business, registering with the IRS and determining whether the new business requires any local licenses. Bibliography lists 9 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSbusMDoutl.rtf
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Unformatted sample text from the term paper:
Businesses choose the business form in which they will operate. These forms include sole proprietorship, partnership, corporation and the limited liability company (LLC). There are advantages and
disadvantages to each, and the form chosen depends on the organizations purposes and goals. The new durable medical equipment company in Maryland will
be either a corporation or a limited liability company (LLC). The purpose here is to outline the processes of establishing each form. Outline I. Introduction II. Characteristics of each
form A. Corporation 1. Protects individuals from being personally liable for debts and other liabilities incurred by the business. 2. Chartered by the state. 3. Considered to be an entity
separate from those holding any form of ownership. 4. "The corporation has a life of its own and does not dissolve when ownership changes" (Forms of Business Ownership, n.d.). 5.
Subject to greater regulation. 6. May pay higher overall taxes (Forms of Business Ownership, n.d.). B. Limited liability company 1. A limited liability company (LLC) provides all the benefits of
the general partnership with the added benefit that the partners are protected from liability on a personal level. 2. Any liability claim against the partnership will be able to seek
the assets only of the partnership, rather than of the individuals comprising it. 3. An LLC also can be formed as a single-member entity. 4. Is a business entity constituting
a hybrid between the partnership and the corporation. 5. The LLC provides tax benefits not available through any other business form. 6. Flexible in how partners are taxed. 7. If
the LLC is structured properly, then each member reports a share of the profit or loss from the company on his individual tax return. III. Processes common to both business
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