What are the legal and nontax characteristics of the various types of legal entities?© BrainMass Inc. brainmass.com October 15, 2018, 3:07 pm ad1c9bdddf - https://brainmass.com/business/accounting/legal-nontax-characteristics-business-entities-587839
What are the legal and nontax characteristics of the various types of legal entities?
The simplest type of legal entity is the sole proprietorship. This entity is the alter-ego of its owner; it can have only one owner. Because it considered to be the same as that person, the owner has unlimited liability for the entity's debts. Furthermore, the entity terminates when that person dies. However, the owner need not complete any special paperwork to create the sole proprietorship and need not register it with the secretary of state or its equivalent. Finally, the owner generally manages the business (Maxfilings.com, 2014).
A general partnership is ...
This solution discusses the legal and nontax characteristics of the various types of business entities. Attached in Word.