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Get BUSINESS ORGANIZATIONAL STRUCTURES

Essentially, you the owner are the business. The profits of the business are considered as personal income and therefore are taxed at your personal rate. Advantages: 1. 2. 3. 4. 5. Ease of formation; fewer legal restrictions, usually less expensive than a partnership or corporation Flexibility; quick response to business needs Profits; sole ownership Exclusive control; you are in-charge of all business decision making Tax deductions; losses are tax deductable Disadvantages: 1. Unlimited liab.

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