MGM101H5 Lecture Notes - Double Taxation, Master Limited Partnership, Sole Proprietorship
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
No separation between business and self: personal liability for any activity, make sure insurance covers, advantages. Ease of start/end- just need the required equipment or work space to start. May need permit or license for some businesses but it is always easy to get and stopping is just as easy as starting. Be your own boss- you make all the decisions, and all the mistakes will be yours and it will affect you and all the victories will be yours. Pride of ownership- sole proprietorships deserve all the credit for taking the risks and providing needed products. Leave legacy- can be passed down to your kids and family. Retain profit- all profit goes to you and you wont have to share it with anyone except the government for taxes. No special taxes- all taxes are counted as personal income tax and it lower than corporate taxes. Also can claim losses from business to decrease tax.
