ADM 1100 Chapter Notes - Chapter 5: Professional Wrestling Throws, Franchising, Vancity
30 Jan 2015
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Small business a business that has less than 100 employees and has revenue of less than ,000,000 (both conditions must be satisfied) The owner has complete control and is legally liable for business transactions. Business is taxed at owner"s personal tax rate. Very easy to form and to dissolve (i. e. small retail stores) Two or more owners have complete control and are responsible for managing business. Owners have unlimited personal liability to business transactions. Partners share profits and losses, taxed at a personal tax rate. Relatively easy to set up and dissolve. Does not control or manage the business, but shares in profits. Taxed at personal tax rate and is legally liable for the amount and losses of the business invested in the business. Legal ownership with a legal charter (i. e. air canada) Many owners can be invested in corporations. Profits are taxed twice, once at the corporate rate and once at the personal rate.
