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advantages and disadvantages of sole proprietorship and partnership business.
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[QUOTE="Holicent, post: 267139, member: 76163"] If you're thinking of starting a business, there are many advantages to doing so as a sole proprietorship. Here are some of the top reasons to consider starting your own business with this type of structure: No taxes or filing requirements. You don't need to file any paperwork with the IRS or other government agency, because you're the only person who pays taxes on your own profits. No payroll taxes. If you've hired employees for your new business, you'll have to pay them a portion of their wages through payroll taxes, which can add up quickly. However, if you choose to be a sole proprietor, you pay all the payroll taxes for your employees and no other taxes on your own income. Tax benefits for owners who itemize deductions in addition to personal exemptions. Non-wage compensation such as capital gains and dividends are not subject to payroll tax withholding when paid to an owner-employee unless adjusted gross income exceeds certain limit. [/QUOTE]
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advantages and disadvantages of sole proprietorship and partnership business.
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