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BUS FP3021 McAndrewVanessa Assesment4 Attempt1

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Running head: BUSINESS ENTITIES 1 Business Entities Vanessa McAndrew Capella University BUSINESS ENTITIES 2 Case Law Analysis: Business Entities Introduction Choosing the proper business entity is the most important decision for any company because different structures attach different tax and legal implications such as how much personal liability someone may face and the amount of paperwork a company will need to complete. For instance, a sole proprietorship constitutes the most common type of business system, especially in the United States (Allen, 2003). The structure of the company is regarded as the easiest to establish and manage and is run by one individual. In such a case, the owner receives all of the profits but is responsible for all the business’s debts. On the other hand, a partnership comprises of two or more business owners with the same share of company profits and losses. Furthermore, the limited liability company (or LLC) protects owners from personal liability for business decisions and prevents double taxation by the IRS. An LLC also allows the owners to determine the share of profits. Background The court case analyzed in this paper is Braswell v. Unit ...
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