MGM101H5 Lecture Notes - Lecture 4: Pressure Altitude, Legal Personality
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MGM101H5 Full Course Notes
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No seperration from their privet life . ex:lemon aid stand. Some tax advanteages: ask someone only pay one tax on u qne business. Ultimste control, ed, but if you ire employees and they go against the law then its on u your responibity. Disadvantages: ease of starting and ending the, unlimited liability- the risk of business. Buy lease and needed equipment, and put up signs. No one to disagree: own boss/ ownership - own victories and own mistakes. Set your own timings and set your own pay: no special taxes- all profits of sole proprietorship are taxed as the personal incme of owner. So only normal and no need for accountant personal losses. Insurance accountant: limited financial reasorces- one person can only gather a inancial backing to start business, management difficulties/overwhelming time commitment - set their own owens but hard to have any time for anything else accounting, inventory tax.
