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Business Structure And Financial Statements

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Running Head: BUSINESS STRUCTURE AND FINANCIAL STATEMENTS Business Structure and Financial Statements Student’s Name Institution of Affiliation Course Date 1 BUSINESS STRUCTURE AND FINANCIAL STATEMENTS 2 Introduction There are various legal categories of business organizations that come with contrasting tax-related advantages and disadvantages. Whenever an individual wants to start up a business entity, it is important to consider the various legal provisions, obligations and the tax burden that comes with each type of business organization. Such knowledge is important when making decisions on the most appropriate type of business organization that best suits the needs and expectation of an entrepreneur. Below is a description of the various categories of business structures and organization with contrast to the tax obligation attributed to them. Tax Advantages and Disadvantages of Different Business Structures The first type of business structure is the sole proprietorship business organization. It is a category of business organization that has no legal distinction from the owner who is the sole operator of the daily activities (Kendall & Coleman, 2015). The sole proprietor makes all decisions relating to the affairs or the business and enjoys all profits and suffers all losses. Its tax advantage is that it attracts simple tax which is taxed as part of the income of the owner. However, its tax disadvantage is that the proprietor is responsible for all the federal, s ...
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