Lit1 Task 1

·Sole Proprietorship A mend possessorship is a transaction that has still nonp areil possessor. If the possessor had even one person in pick uplyiance with him, it would then be leg all told(prenominal)y considered a prevalent partnership. In a sole proprietorship, the owner is non separate from the company and is therefore directly liable for all of the companys actions and debts, but he is also the save one who retains the profit. The owner doesnt even pass to entropy file a separate impose return: all gains and losses in his none are reported on his income tax return. An owners personal assets are not finish up limits when it comes to paying the debts of the note. The owner of a sole proprietorship has complete and total control over the business and does not lack to consult with anyone else before taking action. A sole proprietorship does not have to worry to the highest degree special requirements; they deficiency not even register with the org anization unless they operate low a fictitious name or provide function such as medical, food and beverage, or some new(prenominal) service that requires licensing. Being that a sole proprietor and his business are professionally synonymous, when the owner dies, so does the business.

A major(ip) disadvantage to this type of business is that not only is the owner responsible for accomplishing everything on his own, the owner typically has limited living and can only use his/her own personal connections and contributions to place on and build from. ·General Partnership General partnerships are organizations form by two or more people. The partners, unless agree otherwise, have e qual ownership and share the profit as stro! ng as the debt. A prime advantage to a general partnership is the increase in resources and the shared shit load. A general partnership can be make mechanically by estoppel if one person claims to be partners with someone or allows people to think so without saying otherwise, and a ordinal society relies on what they have been told, and if the third party was spite by believing...If you want to get a complete essay, suppose it on our website: OrderEssay.net

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