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Lit1 Task 310.1.2 01 06 Essay

3037 words - 13 pages

PART A (the report)

Sole Proprietorship: is an unincorporated business that is owned by one person, the sole proprietor. An advantage of a sole proprietorship is that there are very few formal requirements for the creation, operation, and termination of the business. The sole proprietor may employ as much or as little capital as he or she sees fit and run the business as they so desire. Additionally all the profits are those of the sole proprietor. With that stated, the losses are also those of the sole proprietor. Since there is no separation in the legal entity between the proprietor and the business, all personal assets become attached to the debt of the business. ...view middle of the document...

Since the business is attached to the owner, all assets become part of the estate and subject to any estate duties or taxes.
• Control- The owner or the sole proprietor, has ultimate control of the business. Often noted as one of the greatest advantages to operating as a sole proprietor, all goals, roles and responsibilities are determined and managed by the owner.
• Profit Retention- In a sole proprietorship the business owner receives all of the profit.
• Location- As mentioned before, the owner and the business is as a single entity the business is located wherever the owner resides. Therefore locating or moving a sole-proprietorship is the easiest form of business to move out of state. The owner may have to register a “dba” or “doing business as” name in the new state if the business operates under a name different from the owner.
• Convenience/Burden- The sole-proprietorship is likely the simplest form of business organization. No legal filings are necessary; but depending on the business, the owner may have local licenses or permits that are required to operate in their respective municipalities.

General Partnership: is an unincorporated business entity where two or more entities or partners share unlimited liabilities, the responsibilities, and the profit of operating as a business. Though not required, a written partnership agreement may be created to outline how each partner will function within the business. The advantages and disadvantages are similar to that of a sole proprietorship only they are shared equally between partners. An added disadvantage may be that all partners are responsible and liable for the acts of one. If one partner chooses to act immoral, unethical, or illegal the remaining partner(s) and the business suffers the consequences.
• Liability- As with a sole proprietorship the liability is unlimited. Partners personally are responsible for business debt. Partners can legal bide other partners without their consent or knowledge, which could lead to serious liability concerns.
• Income Taxes- Partners will be taxed as individuals. Business profit and loss is recorded, but is transferred to the owners’ personal tax form. Referred to as a “Pass-through Tax” each partner will pay their fair share.
• Longevity/Continuity- Like a sole proprietorship, a partnership terminates as a legal entity upon the death or withdrawal of any one of the general partners; unless there is a partnership agreement that provides otherwise.
• Control- in a General Partnership, the partners share in the control of the business equally.
• Profit Retention- The risks with respect to liability are high however; the upside is that the profit belongs to the partners and in a general partnership, is equally shared.
• Location- Sole proprietorship and partnerships locations exists where the owners resides, to move out of state the owners simply file the Doing Business As (dba) name...

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