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A sole proprietorship, the individual owner has unlimited personal liability for all debts of the business. Since no distinction is made between the owner’s personal assets and the assets used in the business, creditors may take either (or both) to satisfy business obligations. The success of this type of organization depends solely on the individual who owns it. His or her death would terminate the business and place the assets into probate, delaying the disposition of the assets to creditors...
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Welcome to self-employment this is lesson 2, and we are going to look at the income that you make if you are self-employed as well as the additional taxes that you might end up owing our objectives today are to understand what is self-employment income to understand and calculate self-employment tax and understand what tax forms are required to be used for self-employment income as well as the taxes associated with that so what are self-employed individuals these are individuals who are independent contractors they're not employees as somebody else so if you go out, and you babysit for example you are a self-employed individual if you go around your neighborhood and you cut lawns for people shovel snow you're considered to be a self-employed individual there's obviously varying levels of self-employed individuals ranging from a babysitter all the way up to somebody who actually does run and owned a business and has their own employees we're a self-employment or self-employed income exp

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