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Lit Task 1 Essay

1827 words - 8 pages

LIT1: Task 310.1.2-01-06

Part A:
Sole Proprietorship: is the most common business structure. The business is not a separate entity from the proprietor which makes autonomous.
Liability - if you enter into a sole proprietorship, you have unlimited liabilities associated with your business. You will be liable to the full extent of your assets for any business liabilities.
Income taxes - as a sole proprietor, when you file taxes, you would file it under your own personal income taxes. Sole proprietor do not have anyone withholding their taxes. You do have to keep me in mind that as a sole proprietor you are responsible for budgeting you tax liabilities.
Continuity of the organization - ...view middle of the document...

The partners involved will pay taxes based on income that has been allocated in the partnership agreement.
Continuity of the organization - unless there was another agreement stating specifics as how the partnership will continue, the general rule is that if one partner wants out, either by choice or other reasons, the partnership is dissolved.
Control - since each partner is a general partner, control is equally shared between partners unless it is otherwise specific in the partnership agreement.
Profit retention - all profits are equally shared between each partner unless it is specified differently in the partnership agreement.
Expansion - with a general partnership, expansion can be made across state lines. This ability allows the partnership in which ever directions it can. However, partners need to keep in mind that when the partnership does cross state line, they must consider the state laws that the partners resides in.
Compliance - besides registering the name for the partnership and obtaining a federal and state ID, general partnerships does not have to host formalities such as meetings.
Limited Partnerships: consists of at least two or more people. One partner must be a general partner and one must be a limited partner to call this a structure a limited partnership.
Liability - the limited partner is only liable up to what they have invested into the company while the general partner is held liable for all of the business’s liabilities. The limited partner’s personal assets are not to be touched.
Income Taxes - similar to a general partnership, the limited partner and the general partner will have a pass through taxation where the partners will pay taxes according to how the profits are allocated.
Continuity of the organization - in a limited partnership, if the limited partner were to leave the partnership it will not cause the partnership to dissolve unlike a general partnership.
Control - the general partner in the limited partnership will have control of all of the day to day business. The limited partner will not maintain any control of the day to day business.
Profit retention - in a limited partnership, limited partners will receive profits based on their investment. The general partners will share the profits equally unless it is specified differently in the partnership agreement.
Expansion - similar to a general partnership, the expansion of the limited partnership can expand in which ever direction it can. The partners must keep in mind that when expanding, they have to adhere to the state laws and regulations in where they decide to reside or expand to.
Compliance - a limited partner must file with the state when they are formed.
C - corporations: is the most common business structure that is formed for large corporations. Shareholders are the owners of the corporation. They are responsible for electing the board of directors for the corporation.
Liability - the entire corporation is considered liable...

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