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advantages and disadvantages of sole proprietorship and partnership business.
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[QUOTE="King bell, post: 267160, member: 75687"] If you are an entrepreneur, chances are you have considered opening a business. There are many options to explore when it comes to deciding the best entity option for your new business. Partnerships can offer some significant benefits as far as expenses and tax consequences go, but there can also be significant risks involved with this type of venture that must be carefully considered before moving forward with one. Sole proprietorships may not offer all the same tax benefits, but they do not come with any associated required paperwork which can make them much easier to maintain on a day-to-day basis from an administrative perspective. While a sole proprietorship is not a legal entity, it is still required to be treated as such by the IRS in order to claim business expenses and financial deductions. Both types of entities are required to maintain adequate records of their operations in order to properly comply with all tax obligations and must continue on as business entities for future tax years. It is very important that you understand the unique needs of both types of businesses to ensure that you are making the most informed decisions possible with your new venture. [/QUOTE]
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advantages and disadvantages of sole proprietorship and partnership business.
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