BU111 Lecture Notes - Flat Tax, Double Taxation, Liquor Control Board Of Ontario
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BU111 Full Course Notes
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Document Summary
Traditional forms of ownership: sole proprietorship, partner ship, corporation. Form of ownership will likely change over life of business. Owned and operated by one single person, business and owner = one legal entity. Your full responsible for what is happening in that business. Freedom to work on your own, for yourself by yourself. Taxed as personal income (advantage if business has losses you can write off your losses as your own) Unlimited liability - you are responsible for any losses that the company faces you can"t write them off as something separate. Lack of continuity hard to pass along. Business and owners = one legal entity. Enables further growth, than if you were just a sole proprietorship. Taxed as personal income (advantage is business has losses) Unlimited liability ** - can be harder because there are more than one person. If one partner incurs debt than everyone in the ownership is liable for that money owed.
