Sole Proprietorship Sole Proprietorship when there is no...

Sole Proprietorship: Sole Proprietorship when there is no legal difference between the person who owns it and the business (Terence Lau, 2013). †¢ Liability: The operator/proprietor of a Sole Proprietorship is subject to the full and indefinite financial liability for his/her business. Both the owner and the company is one in the same legally. The company’s assets are legally the same as the proprietor’s private assets. †¢ Income Taxes: The proprietor of this Sole Proprietorship is responsible for paying taxes in the same way we pay taxes as personal income. †¢ Longevity or Continuity of the organization: The business ceases to exist when the proprietor no longer exists. This type of business cannot be passed down to any heirs. †¢Ã¢â‚¬ ¦show more content†¦Ã¢â‚¬ ¢ Longevity or Continuity of the organization: If there is a death, the partnership is dissolved. †¢ Control: There is equal control, not one person can control the partnership. All of the general partners have a voice on the daily business. †¢ Profit Retention: All profits from the business are equally shared among each general partner. †¢ Location (Expansion): The general partners must obtain a local business license. General partners are not required to register their business. It must be a enterprise that is legal in their state. †¢ Convenience or Burden (Compliance): There are no requirements put on the general partners to comply with the regulatory requirements. Formation fees, franchise fees, and ongoing state fees are non-existent. There is a requirement to file an informational report with the IRS informing them of the profits passed to each general partner. Limited Partnership: The business form where investors known as limited partners agree to share in all profits of the partnership and there is no voice in the partnership management. †¢ Liability: The general partners are understood as legally the same entity as the partnership. 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