Class 4 Sole Props

Class 4 Sole Props - TaxationoftheBusinessEntity...

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Sole Proprietorships Taxation of the Business Entity Online Lecture Series Presented by Akore Berliner, CPA
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Sole Proprietorship Default “Entity” for 1 person Self Employed Individual Not a formal entity – Default Status for a sole person  operating an unincorporated entity – Files Schedule C of form 1040
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Self Employed or Employee?
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NOT  Subject to will and  control  of another  with respect to what shall be done and how  it shall be done Furnishes  their own  tools or place of work Income based on task performed  NOT  time  spent (invoiced) Self Employed Defined
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Subject  to will and control  of another  with respect to what shall be done  and how it shall be done Another furnishes tools or the place of  work Income based on time spent rather  than task performed Employee Defined
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Business or Hobby?
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Hobby or a Business? Hobby defined
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This note was uploaded on 08/11/2011 for the course ACCT 103 taught by Professor Huxhold during the Spring '11 term at San Diego.

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Class 4 Sole Props - TaxationoftheBusinessEntity...

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