BU111 Midterm: Midterm #2 review All the information starting from the first midterm till the last lecture
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BU111 Full Course Notes
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Sole proprietorship: business owned by one person, easy to form and dissolve, owner has sole claim of profit, quick decision making, high levels of secrecy, unlimited liability, difficult to raise capital. All profits are taxed with personal tax rates, which is progressive. Public corporation: limited liability, easy to obtain capital, great efficiency of management, loss of secrecy, increased record keeping, lack of personal involvement of employees, dividend tax rate of 44%grossup, 18%fed credit, 6. 4% prov credit. Only assets from business can be liquefied in case of bankruptcy. Business taxed separately, based on corporate tax law. Federal incorporating: fee of , carry on business, and head office anywhere in canada, annual filing fee of , automatically given business # and hst# Provincial incorporating: fee of , carry on business, and head office anywhere in ontario, no annual filing fee, must apply for business # of hst#
