Lecture 13 notes Nov 1 - Legal Forms of Business Ownership...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Legal Forms of Business Ownership When to Incorporate from a Tax Perspective? - Sole Proprietorship: Definition o Advantages and Disadvantages - Partnerships: Definition o The Partnership Agreement o Advantages and Disadvantages o Types of Partners General Partners Limited Partners - Corporations: Definition o Public Corporations vs. Private Corporations o Private Corporations Restrictions Advantages and Disadvantages o Public Corporations Advantages and Disadvantages o Formation of a Corporation Approaches Articles of Incorporation Required Content Federal vs. Provincial Incorporation When to incorporate from a tax perspective? - Do not incorporate a business until you are certain business will b e profitable a nd re m ain profitable for the forese e a ble future.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
- Why incorporate? (2 cases) o Personal rates are higher than public/private corporation o As long as you are realizing a loss, stay unincorporated because all  losses generated can be written off against any other sources of 
Background image of page 2
Which form is the most common? - But. ..which has the Largest sales? Sole Proprietorship - Advantages o Easy to form and to dissolve No legal restrictions to start a sole proprietorship o Owner has sole claim on all profits
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/08/2011 for the course BUS 111 taught by Professor Jimmccutcheon during the Fall '09 term at Wilfred Laurier University .

Page1 / 6

Lecture 13 notes Nov 1 - Legal Forms of Business Ownership...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online