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Get Limited Liability Company / Minnesota Department Of Employment And ...

Ship (single owner) ADVANTAGES Easy to create just begin to do business Business income is only taxed once Just include profits on owner s income return DISADVANTAGES Owner liable for ALL business debts and risk No tax-free fringe benefits for owner Capital limited to one person s contribution Business ends with death of owner 1 Partnership (two or more owners) ADVANTAGES Easy to create just agree to start business (but should put partnership agreement in writing) More own.

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