BU223 Chapter Notes - Chapter 1: Sole Proprietorship, Direct Market, Primary Market
Document Summary
Get a inancial calculator which can be used in exams and quizzes. There are 2 or more person is the owner owners. It is very cheap to set up this one with about. It is a bit expensive expensive and costs around. Same thing with income and that all gets incorporated into the income of sole proprietor so there are no separate tax forms. In the case of corporaion, it gets taxed as a seprate enity on your income. partnership about the income but in partnership there must be a way to divide up the income that was earned. You can set up a partnership agreement which explains how the earnings will be divided. You don"t have to have partnership agreement but if you don"t have an agreement, then income must be divided 50-50 which is the partnership law. Unlimited life limited life because they can only lasts as the sole proprietor. You can"t personally sued for losses of partnership.
