Generally speaking, entrepreneurs incorporate their business in the state where they conduct their business. If you live and work in New Hampshire, for example, you would incorporate your business in New Hampshire. If your business conducts business throughout the United States, you need to incorporate in the state where your headquarters will be. If you have a substantial business presence in another state, you may need to let that state know and file state tax returns or sales tax returns based on your business earnings in that other state. Businesses with substantial nationwide activity sometimes choose to be incorporated in Delaware or Nevada because of the business-friendly laws in those states. Even if you incorporate in Delaware or Nevada, you will still need to register your business in those states where you have an actual business location. Types of Business Entities for Tax Purposes While there are a variety of designations at the state level, for federal tax purposes there are only 6 forms of business organizations: Sole Proprietor (Form 1040 Schedule C or Schedule F), C-Corporation (Form 1120), S-Corporation (Form 1120S), Partnership (Form 1065), Trust (Form 1041), and Non-profit organization (Form 990) You may notice that the limited liability company (LLC) is not listed above. That's because an LLC can be treated (for tax purposes) as a sole proprietor, as a partnership, as a C-corporation, or as an S-corporation. The owners of the limited liability company (LLC) can pick which tax treatment will apply. By default, an LLC with just one owner is considered a disregarded entity, with the result that the LLC is treated for tax purposes in the same way that the owner of the LLC is taxed. By default, an LLC with two or more owners is considered a partnership. An LLC can opt out of the default treatment by electing to be treated as a Corporation. After electing to be treated as a corporation, owners of an LLC can further elect to be treated as an S-corporation. (For further details, see Publication 3402, Taxation of Limited Liability Companies. Overview of Each Type of Business Organization Sole proprietors are unincorporated businesses. They are also called independent contractors, consultants, or freelancers. There are no forms you need to fill out to start this type of business. The only thing you need to do is report your business income and expenses on your Form 1040 Schedule C. This is the easiest form of business to set up, and the easiest to dissolve. (An LLC with only a single shareholder, a so-called single-member LLC, is taxed as a sole proprietor on a Schedule C.) C-Corporations are incorporated businesses. The shareholders of C-corporations have limited liability protection, and corporations have full discretion over the amount of profits they can distribute or retain. Corporations are presumed to be for-profit entities. Corporations must have at least one shareholder. S-Corporations are a type of corporation. The shareholders of S-corporations have limited liability…
* North American Free Trade Agreement (NAFTA) is an agreement that came into effect in January 1994 between the US, Canada, and Mexico to remove barriers to trade between the three countries over a ten-year period.
* Entrepreneur is a risk take in the private enterprise system a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.
* Entrepreneurs differ from many small-business owners. What makes entrepreneurs different…
Unique talents. And each individual delivers true value to our company, giving us the understanding we need to serve an equally diverse customer base effectively and respectfully. Diversity at Walgreens is more than simply good business – it’s the only way to do business.
* Corporate Organization
Walgreen's corporate structure is made up of 10 separate divisions with multiple career opportunities in each division. Marketing handles all product and brand marketing for the company. E-Commerce…
Although social entrepreneurs can impact and influence a huge area of people, business entrepreneurs will improve life in the United States over the next decade more effectively. Business entrepreneurs will bring forth improvement to life because of the jobs they will create, the revenue that will be collected and the support of multiple charities at one time. Within the United States more help is needed with the business aspect of the country and will bring forth a lot…
sole proprietorship is a business form that includes just one owner. This business form is special in that there is legally no difference between the business and the owner. They are considered one and the same. Although there are advantages of this form, such as flexibility in setting work hours and profits of the business remaining in scope of control, there are also many disadvantages. One prime example that is probably the most discouraging is liability. If the business fails or financial obligations…
The company must study its customer markets closely since each market has its own special characteristics. These markets normally include:
(Individuals and households that buy goods and services for personal consumption)
(Buy goods and services for further processing or for use in their production process)
(Buy goods and services in order to resell them at a profit)
(agencies that buy goods and services…
producing products for a business/organisation this sector has many aspects to include some of which are:
Producing raw goods
Obtaining raw materials
Obtaining natural products from land or sea
And many others.
In the primary sector the employees in this department will have to ensure that they do one of these processes listed above as its part of the primary process. An example of a business/organisation in the…
Becoming an entrepreneur is definitely a goal of mine. I would like to develop a business in the future that will allow me to become successful and earn a lucrative income. Entrepreneurs enjoy an increased level of flexibility and independence and can choose tasks that are both rewarding and profitable. It is critical for entrepreneurs to select a new business venture that interest them. Also, gaining an in-depth knowledge of subject matter pertaining to business is extremely critical. Entrepreneurs must…
– Entrepreneurship and Small Business Development (UG Level 6) Assessment Criteria Student ID: Marking Tutor:
1st (70+) 2:1 (60-69) 2:2 (50-59) 3rd (40-49) Fail (less than 40) Marks (%)
A) Introduction (15%) (approximate 300 words)
Describe the project clearly, e.g., its theoretical conceptual background, its importance/significance and (if any) its limitations. Moreover, a brief introduction of the business entrepreneur selected and an identification…
the capabilities to invent such a product take a legal standpoint and keep in mind of ways to put this product on the market. Sole Proprietorship, Partnership and Corporation are the three ways a business is organized. In this report the one will get an overview of which business organization would be the right fit to ensure business success.
All Four One, One Does None
A product to put an end to all products, a product that any inventor would love to put on the shelves of as many stores as…
The terms “entrepreneurship” and “entrepreneur” are used extensively today. Definitions have emphasised a broad range of activities including the creation of organisations (Gartner, 1988). There is a wide agreement among economists that entrepreneurship is a crucial factor in the diffusion of new technologies (science, 2001). However, entrepreneurial agents are almost invisible in standard economic theories embedded in the mainstream neo-classical paradigm. Within this essentially…