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Expert Answer
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.
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