MGM101H5 Chapter Notes - Chapter 4: Corporate Tax, Double Taxation, Small Business

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25 Nov 2013
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MGM101H5 Full Course Notes
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Disadvantages a business that is owned and run by one person (local businesses) a legal form of business with two or more parties (legal firms) Partner: an owner (partner) who has unlimited liability and manages the firm. Partner: an owner (partner) who invests money into the firm, doesn"t manage and limited liability (only what they invest) a legal entity with authority to act and have liability separate from its owners (walmart) Public corps: has the right to issue shares to the public to be listed on the stock exchange. Shared management, skills and knowledge: each partner has something new to offer. No special tax: personal income, normal income tax. If income is high, they may pay higher taxes than if they were incorporated. Separation of ownership from management: owners/stockholders don"t control daily operations. Possible conflicts with stockholders and board of directors issue shares, limited to 50 or less shareholders. Other types of corporations: professional corps.

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