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Government, Law & Choice of Business Entity Name Institution GOVERNMENT, LAW & CHOICE OF BUSINESS ENTITY Pros And Cons Of Different Business Entities There are different kinds of for-profit business entities. It means that these entities are started for the purpose of offering products and services at a fee and to make profits. These entities include sole proprietorships, partnership, limited partnerships, c corporations, s corporations, and limited liability companies (Woodruff, 2019). Each of these organizations is structured differently, and each has its advantages and disadvantages. Sole proprietorships A sole proprietorship is the business that is started and run by the owners themselves. This means, therefore, that the business is not incorporated. It is the most straightforward kind of business and does not require a lot of formal actions. A business is a sole proprietorship if a single individual owns it. Pros · Startup: sole proprietorships are very easy to start as they are often small-scale businesses and do not require a lot of documentation and legal processes. · Taxation: the owners of sole proprietorships can deduct the losses of the business on their personal tax returns.
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  • Spring '18
  • Pook Carson
  • Corporation, Types of business entity, partner, Types of companies, Woodruff, Cons Of Different Business Entities

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