Types Of Business Entity For A Business - 2258 Words

Of all the choices you make when starting a business, one of the most important is the type of business entity you select for your company. Not only will this decision have an impact on how much you pay in taxes, it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise money. It s not a decision to be entered into lightly, either, or one that should be made without sound counsel from business experts. â€Å"Kalish says it s important for business owners to seek expert advice from business professionals when considering the pros and cons of various business entities†. The business entity I have chosen for my business is sole proprietorship. I don’t want to be responsible if someone else makes a bad chose for the company. I want to run my business my way. If anything goes wrong it is completely my fault not anyone else’s. Types of Business Entities The type of business entity you choose will depend on three primary factors: liability, taxation and record-keeping. Here s a quick look at the differences between the most common forms of business entities: †¢A sole proprietorship is the most common form of business organization. It s easy to form and offers complete managerial control to the owner. However, the owner is also personally liable for all financial obligations of the business. †¢A partnership involves two or more people who agree to share in the profits or losses of a business. A primaryShow MoreRelatedBig Data Management Analytics And Management Essay929 Words   |  4 PagesDataset Description. The dataset comprises of a single csv file data.csv that contains 3 types of entities namely users, businesses and reviews. Records for each entity are distinguished by the type column. The type column determines the type of entity a row represents. For example if type is business, then that row contains business data, if type is user , then the row contains user data likewise if type is review, then that row contains review data. The csv file has 24 columns namely ColumnRead MoreImportance Of Choosing A Business Entity905 Words   |  4 PagesChoosing a Business Entity The Importance of Choosing a Business Entity As an accountant and Tax Preparer in New York, Monique Desir works with many tax payers who require a business entity. There are many factors that go into the choosing of a business entity, and the implications for the business can be large. If you are working towards a new business, find a tax professional who knows the ins and out of business entities in your area. What is a Business Entity? A business entity is not onlyRead MoreLooking A Tax Preparer, A New York923 Words   |  4 PagesAbout Small Business Taxes Starting your own small business is an exciting and sometimes frightening time for most Americans. If you opened a new business or began a new venture last year, you taxes will need to be completed to accommodate this new industry. Tax payers in Rosedale, New York should take the time to call me or come by my office with any small business tax questions. I am Monique Desir, a tax preparer and accountant. My years of experience will serve your new business to the fullestRead MoreBusiness Entities : A Business Entity1530 Words   |  7 Pages Business Entities: Each business entity is structured differently and, as a result, has unique tax implications. The types of business entities covered in this course were: sole proprietorships, partnerships, C Corporations, S Corporations, and Limited Liability Companies (LLC). The entities were differentiated by the number of owners and/or shareholder, whether they are a pass-through entity or not, and the level of liability the shareholder(s)/ owners(s) are responsible for. A sole proprietorshipRead MoreEntity-relationship Model and Mountain View Community1374 Words   |  6 Pageswant to use entity-relationship modeling to understand its data requirements? What other ways might the hospital want to model its information requirements? This hospital wants to use E-R modeling to understand data requirements. E-R modeling is very easy to understand and shows all the business rules. †¢ Entity-relationship modeling is logical representation of the data for an organization or for a business area. The E-R model is expressed in terms of entities in the business environmentRead MoreChoosing the Right Business Entity1130 Words   |  5 PagesChoosing the Right Business Entity By Rosa Martinez Professor Smith English 315 February 24, 2012 TRANSMITTAL TO: Small Business Owners FROM: Rosa Martinez DATE: February 24, 2012 ------------------------------------------------- SUBJECT: Choosing the Right Business Entity ------------------------------------------------- Enclosed is the Justification Report covering information related to different types of entities that could be chosen to establish a business. Furthermore, theRead MoreDiscussion Board Forum 3 Case Study1554 Words   |  7 PagesDISCUSSION BOARD FORUM 3 CASE STUDY ON BUSI 561 STARTING AND NAMING A BUSINESS Shania’s is confronted with lots of decisions to make before she opens up her Christian coffeehouse near Denver, Colorado. The challenges awaiting Shania are the type of business structure to open and type of people to work with. Shania as a Christian should refer to Roman 8:28, â€Å"And we know that all things work together for good to them that love God, to them who are the called according to purpose. She should thereforeRead MoreAcme Fireworks Essay990 Words   |  4 PagesFinal Paper Proposal James Collier BUS311: Business Law I Instructor: Daniel Malvin 9-1-2014 A sole proprietorship is a one-person business that is not registered with the state as a corporation or a limited liability company (LLC). The owner of the Acme Firework is a sole proprietor that has never changed his business entity. A sole proprietor can be held personally liable for any business-related obligation. This means that if your business doesnt pay a supplier, defaults on a debt, orRead MoreThe Characteristics Of A Business Entity1646 Words   |  7 PagesTopic #1: Choice of Entity Question 1 - How is a business entity defined and what are some of the characteristics of a business entity as highlighted in R.P. Groetzinger? Answer: A business entity must take part in some form of business activity. However, the term business activity is too vague of a definition to provide an adequate understanding of what constitutes a business entity. When examined further, the case of R.P. Groetzinger helps to provide some incite (American Federal Tax Reports)Read MoreBusiness Structures Within The United States908 Words   |  4 Pagesimportant decisions when starting a company is to determine the type of legal entity best suited for your business. Each country has different legal business entities under its regulatory framework. According to Dewhurst (2014), the most common types of business structures within the United States are: proprietorship, partnership, corporation, limited-liability company, and cooperative. Additionally, there are other types of legal entities derived from the association of different corporations, such