BUS 1000 Lecture Notes - Lecture 7: Sole Proprietorship, General Partnership, C Corporation

• School: University of Denver
• Department: Business Core
• Course: BUS 1000
• Professor: Haag Stephen

Document Summary

Joint venture: acts like a general partnership but is clearly for a limited period of time or single project. Can be sued: shareholders elect a board of directors to oversee policies and decisions, what is a c corporation, an s corporation and a b corporation, c corporation. Publicly held: double taxation, corporation is taxed on its profits and then employees, owners, and stockholders are taxed on any money they make, s corporation, corporation with a small number of stockholders. If there"s profit you must pay yourself- reasonable compensation . Avoids double taxation: corporation is not taxed on profits, profits flow directly through owners who then pay income tax, b (benefit) corporation, corporation for social good, work to solve social/environmental problems. Flat with few people involved: what is a for-profit company, created to make money for employees, owners, and shareholders, pays taxes on income. If it"s a foundation then it can grant money to other non-profits.