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ENTERPRISES, ENTITIES, AND ALL THAT
Enterprises...
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Entities...
Sole proprietorship:
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Partnership:
● Legal entity separate from its shareholders with its own bylaws
● Files "1120" tax return and is either taxed on income in its own right
with dividends taxed on the shareholders' returns (C corporation), or
as a pass-through where the entire income tax liability is passed to
shareholders via schedule K-1 (S corporation)
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Limited liability company:
● Liable for its obligations separate from the members and managers
● Qualifies for limited liability status with the approval of its partners
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Unincorporated association:
● Legal entity separate from its members with its own bylaws or
operating agreement
● Has obtained tax exempt status from Federal and/or state jurisdictions
● Files "990" tax return if exempt from Federal income tax, which are
open to public inspection
Other types of entities include estates, trusts, employee benefit plans, and
debtors in bankruptcy.
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For more information...
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About Nigel A.L Brooks...
www.nigelalbrooks.com
www.bldsolutions.com
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THE BUSINESS LEADERSHIP DEVELOPMENT CORPORATION
13835 NORTH TATUM BOULEVARD 9-102
PHOENIX, ARIZONA 85032 USA
www.bldsolutions.com
(602) 291-4595