Legal Environment of Business: Business Entities

A sole proprietor has complete control and decision-making authority over the business, sale of the business or transfer can take place at the preference of the owner, no corporate tax payments, minimal cost to form, and few formal business requirements. Yet the owner of the business may also be held personally liable for the debts and obligations of the business. All decisions and responsibilities fall on the shoulders of the owner, and investors usually do not invest in this type of business.

The article includes a series of frequently asked questions that CPA’s get about the topic of business entities. Often, people are closer with their CPA than they are with their attorney, and so many times, they end up answering legal questions just because people choose to come to their CPA about it before any kind of attorney.

One of the first choices a new business owner must face is knowing that structure his company should utilize. This article follows Jenna Guarneri’s business decisions when launching JMG Public Relations.

The purpose of the information is to supply readers with a better understanding of a newer business platform known as LLC or Limited Liability Company.

The purpose of this information is to highlight some of the issues facing LLC formation and contract writing and the death of a sole member.