Are you Planning to Start your own Business?
A few relevant Factors to Consider in Deciding How to Operate a Business include:
- General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
- Generally, corporations are required to pay tax just like “real” people. In some tax systems, this can give rise to so-called double-taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed.
- In most countries, there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
- In order to “go public” (sometimes called IPO) — which basically means to allow a part of the business to be owned by a wider range of investors or the public in general — you must organize a separate entity, which is usually required to comply with a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public LLCs that sell units (sometimes also called shares), and other more exotic entities as well (for example, REITs in the USA) However, you cannot take a general partnership “public.”
When it comes to legal formalities regarding the setup of a business, one has to toil hard to get all paper works done. In fact it’s not only the legal procedure that makes thing tough for us but actually our lack of idea or knowledge of the same also makes thing tiresome and lengthy.
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What is Business Law | Contract Law | Franchising Law