Partnerships
Posted on 19. Dec, 2008 by Terry.
In a Partnership, two or more people share ownership of a single business. Like proprietor-ships, the law does not distinguish between the business and its owners. The partners should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted [...]
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Sole Proprietorships
Posted on 17. Dec, 2008 by Terry.
The largest majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibilities for running the business. Sole proprietors own all the assets of the business and the profits generated by it. They are also responsible for all of its liabilities and debts. [...]
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Forms of Business Ownership
Posted on 15. Dec, 2008 by Terry.
Tax law changes are pretty boring stuff, so I thought I would post some information on different forms or types of business ownership. This is an area that many people make mistakes in that can cost them money in many different ways. People usually start a business and then decide to change the type of [...]
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Tax Credit to First-Time Homebuyers
Posted on 10. Dec, 2008 by Terry.
One large change this year is a Tax Credit to aid first-time housebuyers. It’s rather complicated, but it could help some individuals. It’s basically an interest-free loan that must be repaid over a 15 year period. This tax credit is available for a limited time only. 1. Applies to home purchases after April 8, 2008, [...]
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More Changes for 2008
Posted on 08. Dec, 2008 by Terry.
Here are some additional changes for the 2008 Tax Year. Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15% bracket from the 25% bracket is $65,100, up from $63,700 in 2007. The maximum earned income tax credit for low and moderate [...]
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