|
Sole properietorship |
Partnership |
Private Corporation |
|
|
|
|
Advantage |
Ease of formation |
Availibility of capital and credit |
Limited liability |
|
|
|
|
|
|
|
|
Disadvantage |
Limited financial resources |
Business responsibility |
Double taxation |
|
Company |
Taxation Type |
Sole Proprietorship |
Joypass |
Personal taxation only |
|
|
|
Partnership |
Refer Note |
Personal taxation only |
|
|
|
Corporation |
I Scream Inc. |
Double Taxation |
|
|
|
S Corporation |
Refer Note |
No company Tax |
|
|
|
LLC |
Town Doctor |
Personal / Higher rate |
If A owns 60% of the LLC and B owns 40% of the LLC. Then A will be entitled to 60% share of the profits/losses. Same can also be applicable in case of Limited partnership hence i mentioned personal / higher rate against LLC.
Don't use plagiarized sources. Get Your Custom Essay on
Question & Answer: X Ifa corporation is forme : QIntro to Busnessplashcmx G ifa sole popnet0r is fo x D Clk&Day Advarstagr コFnal Exam Sadr Guide ×…..
GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE
Note:
I could not get any information on Pet Perfect to know what kind of company classification it falls under. Similarly Joypass opened a wordpress.com site which mentions it to be a travel related company with only one individual’s name and personal cell number hence assumed to be sole proprietorship