LEGL 2700 Lecture Notes - Lecture 14: Derivative Suit, Double Taxation, Fiduciary

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P 453: factors to consider, ease of creation. Cost of creation, how hard, how time consuming, what legal steps are needed to be taken to start up a business. How much managerial control does the owners of the business have over the business, can be more hands on or hands off: continuity. What happens when owners come and go, does legal business entity dissolve or keep on going with just a swap of owners: liability. What types of liability does the owners (personally) have or the debt of the business: taxation. Different business entities are taxed in different ways, single taxed, double taxed. If i want to start a business, i have to choose what type of business i want mine to be, but not locked in to the one you picked in the start: sole proprietorship. If you are the only owner of the business and do not submit any paperwork, then you are a sole proprietorship by default.

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