Unit 2 Assessment_Jennine Bell.pptx

Unit 2 Assessment_Jennine Bell.pptx - Unit 2 Key Assessment...

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Unit 2 Key Assessment CO1: Business Forms Jennine Bell
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Sole Proprietorship A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return. (Entrepreneur Staff, n.d.)
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Partnerships Two or more people share the profits and liabilities of a business venture. Depending on the partnership agreements, some partners may have more liability than others
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Sole Proprietorship No Filing Requirement Owner provides capital Owner is the Manager Pass through taxation 4 Types of Partnerships Partnership
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4 Types of Partnerships 1 General Partnership 2 or more persons Each partner shares the profits, losses, management Each partner is personally and equally liable for debts of the partnership. 2 Limited Partnership 3 Limited Liability Partnership (LLP) 4 Limited Liability Limited Partnership (LLLP) 2 or more general partners general partners manage the day to day and share fully in its profits and losses
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