list and describe 4 Business Entities including the tax concerns/benefits and liability concerns for each entity
Expert Answer
1. Sole proprietorship – It is the simplest type of business entity which is easy to create, without payment of a fees. In this type, the owner is the same entity as the business. He is personally liable for the losses, profits, business decisions, debts and liabilities. He pays personal income taxes for all gains from the business. He may deduct losses incurred in the business, from his personal income for tax purpose.
2. General Partnership – This is also a simple
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