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Sole Proprietorship owns the business assets, operates the business and is treated as one with the business for tax purposes. The proprietor is personally liable for all of the contracts and activities of the business. All of the proprietor’s personal as well as the business assets are exposed to all personal and business liabilities as…
If you are starting a business, there is much you can do to protect yourself early in the game. Business formation and entity structuring are crucially important steps for an entrepreneur or collaborative investors. The form that you decide to use for a business can have a significant impact on your profits, liabilities and growth…
Estate Tax Gross Estate Gifts: This includes property of every kind wherever located. It includes property that passes directly under state law and is not subject to estate administration, as well as property that is exempt from taxation, such as municipal bonds. The form of the property is not important. Claims of various kinds are…
Operating a Sole Proprietor Business – A Sole Proprietor Business owns the business assets, operates the business and is treated as one with the business for tax purposes. The proprietor is personally liable for all of the contracts and activities of the business. All of the proprietor’s personal as well as the business assets are…
The basic federal tax rates for corporations as of 2015 are: Up to $50,000 15% $50,000 to $75000 25% $75,000.00 to $10,000,000 34% Over $10,000,000 35% The accounting methods used are generally either cash or accrual. Most individuals use the cash method as do most small business corporations. If a corporation’s gross receipts (as distinguished…
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