Sample Resume : Business Management

1551 Words7 Pages
Natasha Rodas
LIT1 Task 310.1.2-01-06
Part A

Sole Proprietorship –
As a sole proprietor, you own your business solely; no other interested parties are involved.
• LIABLITY – The business is controlled and operated solely by the individual, and all profit/loss is the responsibility of the business owner; creating unlimited liability.
• INCOME TAXES – All business income/expenses are to be reported as personal income tax; not taxed separately.
• LONGEVITY/CONTINUITY – Once the business owner is deceased or retires, the business no longer exists.
• CONTROL – Business is operated/controlled by a single owner and cannot be transferred to another individual.
• PROFIT RETENTION – The owner retains all profits.
• LOCATION – The business can be conducted in multiple states w/o government regulations.
• CONVENIENCE/BURDEN – Business can be set up easily with limited steps, but lacks the division of the business and the owner.

General Partnership –
As a general partnership, two or more individuals own and operate the business together equally.
• LIABILITY – Personal liability for all business debts/obligations apply to all the partners; including courts judgements.
• INCOME TAXES – Business is not a separate tax entity from the owners. IRS considers this a pass through business, and so therefore, it does not pay income taxes on profits. Instead, it is transferred to the partners.
• LONGEVITY/CONTINUITY – Most of the time, once a partner wishes to leave the business; it is
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