What type of legal entity does your business operate under? What special privileges does that grant it?
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Legal entity means having legal rights and obligations for an individual, organization or a company. Business operates under the following legal entity and their privilege:
1) Sole Traders (it is inexpensive to create and operate)
2)Corporations ( corporations doesn't pay any income taxes)
3) Partnerships (Profits and Loss are equally distributed)
4) Limited Liability Company (loss and profits are allocated differently than the owners interest)
1) Sole Traders (it is inexpensive to create and operate)
2)Corporations ( corporations doesn't pay any income taxes)
3) Partnerships (Profits and Loss are equally distributed)
4) Limited Liability Company (loss and profits are allocated differently than the owners interest)
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