Sole Proprietorship and Joint Venture

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Author:
jillenebeth
ID:
85203
Filename:
Sole Proprietorship and Joint Venture
Updated:
2011-05-11 12:09:38
Tags:
Four
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Description:
Becker CPA Review: Regulation
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  1. Liability and Life of a Sole Proprietorship
    • The sole proprietor is personally liable for all obligations of the business
    • A sole proprietorship cannot exist beyond the life of the sole proprietor. It may be terminated at any time.
  2. Tax Treatement and Transferability of a Sole Proprietorship
    • Profits and losses from the business flow through the business to the sole proprietor.
    • A sole proprietor is free to transfer his interest in the sole proprietorship at will.
  3. Joint Venture
    An association of persons or entities with the itnent of engagin in a single-business venture for profit.
  4. Key difference between a Joint Venture and General Partnership
    A Joint venture is formed for a single transaction or project or a related series of transactions or projects.

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