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Essay / Research Paper Abstract
A 7 page paper in which the writer identifies the different legal organizational structures for businesses, such as sole proprietorship, partnerships and corporations. The advantages and disadvantages of each are reported. The writer also explains the different types of stock corporations can issue and concludes with a more comprehensive outline of the advantages and disadvantages of incorporating. Bibliography lists 6 sources.
Page Count:
7 pages (~225 words per page)
File: MM12_PGtypbslg.rtf
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Unformatted sample text from the term paper:
expensive. The sole proprietor owns all assets and claims all profits from the business. The disadvantage is that the owner is solely responsible for all debts and liabilities against the
business. in the eyes of the public and the law, the owner and the business are one in the same entity. 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 (Ohio Womens
Business Resource Network, 2006). * Partnership - there are different kinds of partnerships, such as general and limited. There should be a legal partnership agreement, which should be written by
an attorney. The contents of the agreement should include how decisions will be made, how profits are to be shared, how disputes are to be resolved, how other partners can
be admitted and how a partner can withdraw and how the partnership can be dissolved. The advantages include: easier to raise funds, it is easy to establish, profits flow directly
to partners and to their tax returns. Disadvantages include: profits must be shared; partners are responsible for the actions of the other partner(s); disagreements about operating the business. As with
sole proprietorships, the partners and the business are one in the same entity (Ohio Womens Business Resource Network, 2006). General partnership: partners divide responsibilities and liabilities, equal shares among the
general partners (Ohio Womens Business Resource Network, 2006). Limited Partnership: Partners have limited responsibility and liability and limited input into operations (Ohio Womens Business Resource Network, 2006). Joint venture: Similar
to general partnership but limited to specific project or duration of time (Ohio Womens Business Resource Network, 2006). * Corporation - is chartered by a state and is unique and
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