module 38-business structure (sole, partnership, llc)

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1、Module38BusinessStructure(About20%oftheBECexam)·SoleProprietorships·Partnershipgeneralpartnership一般合伙新的加入者对以前的负债最多承担以其资产为限的责任·LimitedPartnerships·JointVentures·LLC变种，杂交·LLP·CorporationC和SSoleProprietorships(Fortheexam,itislightlytested0Asoleproprietorshipisthesimplestformofbusinessow

2、nership.Asoleproprietorshipisabusinessownedbyoneperson.Theownermayoperateonhisorherownormayemployothers.1)Advantages:·Informality无限责任，债权人有权向我个人的资产追溯Nothingneedbefiledwiththestateinwhichthebusinessoperates(unlessthestateorcityrequiresabusinesslicense).Ifafictitiousbusinessnameisused,t

3、henmanystatesrequirepublishingthetruenameofthebusinessowner.·PersonalLiabilityThesoleproprietorofthebusinesshaspersonalliabilityofthedebtsincurredbythebusiness.·LifeoftheentityAsoleproprietorshipcannotexistbeyondthelifeofthesoleproprietor.·Taxcorporation是taxable，公司盈利要征税，派发出去的股利也要征税的。

4、双重多重Fortaxpurposes,profitsandlossesfromthebusinessflowthroughthebusinesstothesoleproprietor.ThinkabouttheScheduleC(self-employment)inthe1040formintheREGexam.·BankruptcyAsoleproprietorshipisnotconsideredanentityseparatefromthesoleproprietor;therefore,asoleproprietorwouldhavetofileforb

5、ankruptcypersonallyundertheBankruptcyCode.·TakingallprofitsAsoleproprietoronetakesalltheprofitsofthebusinessandasoleproprietorusuallyhasaquickdecisionprocessanddoesn'thaveanyoppositionwhenmakingadecisionasheorshehastotalcontrolofhisorherbusiness.Allprofitsandlossesaccruetotheowner.2)

6、DisadvantagesAbusinessorganizedasasoletraderwilllikelyhaveahardtimeraisingcapitalsinceithastomakeupforallthebusiness'sfunds.Theownerofthebusinesshasunlimitedliabilityasheisresponsibleforthebusiness'sdebtsbecausehehascontroloverthebusiness.Adisadvantageofasoleproprietorshipisthatasabu

7、sinessbecomessuccessful,therisksaccompanyingthebusinesstendtogrow.Partnership(MainFocusofthismodule)Apartnershipisaformofbusinessinwhichtwoormorepeopleoperateforthecommongoalwhichisoftenmakingprofit.Nonprofitassociationssuchascharitableorganizations,laborunionsorclubsdonotqulify.Ther

8、earethreetyp