BUS-AD-2900 Study Guide - Final Guide: Tort, Securities Act Of 1933, Foreign Corrupt Practices Act
Document Summary
What are the possible tax considerations attached to each form of business organization that we. Ease of formaion. (except for iciious name registraion, or local permits that may be required. : may have employees. Sole decision maker; lexibility; opportunity to work 24/7. Although no formaliies are necessary (except iciious name registraion and business permits), it is foolish to begin without a well planned writen agreement. In the absence of such, upa and rupa will determine % interest; division of proits/losses; partnership property, etc: without an agreement, general partnership is a very fragile form of business organizaion. Death or withdrawal of a partner may terminate the partnership, requiring winding up, terminaion, and inal distribuion of assets/proits/losses if remaining partners cannot agree. No separate tax return: serves as a pass-through to individuals, iling only an informaional return for the partnership. Paries share community of interest: must have mutual right to direct and govern. Engage in combinaion of resources for the undertaking.
