COMM 315 Lecture 4: NOTES-315 MIDTERM 2
5 Jun 2016
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Key concepts: profit, operation must be of continuing series in order to. Sole owner retains full authority to manage the administration of the. All debts must be paid out of the owner"s estate before a division of assets. The tax return is just one (business revenue taxed at personal income rate) Defense of lesion: claiming they were unfairly taken advantage of because of. For instance, if a business becomes bankrupt, so does an owner whose personal. Assets are not sufficient to pay off the business debts. A sole proprietor is one individual who maintains comlete, one hundred per. Cent financial control over the enterprise. (100% owner) Since the sole proprietor takes all the risks and responsible for all the. Debts, it is reasonable that he or she is the owner of any profits earned (only 1 taxation since personal and business is the same entity) A sole proprietorship is terminated when the business owner dies or wishes.
