Characteristics of each business entity
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1. Prepare a summary of what you consider to be the TOP 5 major characteristics of each type of business entity.
2. Prepare a summary isolating what you think are the TOP 5 differences between any of the business entities.
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The solution discusses the characteristics of each business entity.
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-Sole Proprietorship:
The business entity is owned by one person, and there is no legal distinction between the owner and the business. The owner from this business will receive all profits and the profit will subject to certain taxes for his/her business. In case of loss, the owner is liable for all debt/liabilities. Their profit will be taxed depending on which income bracket this person in.
-Partnership:
This unincorporated business organization which can be owned by several individual, which referred to as general partners. They are all equally liable for the liabilities/debts or profit of the company. They might have some other individuals in the company called limited partners. They could ...
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