Forms of Business Organization New York University School of Law Law Nyu

Instructions and help about Forms Of Business Organization New York University School Of Law Law Nyu

when choosing an appropriate business entity it's important to consider numerous factors such as ease of formation federal and state income tax laws management rights and control liability for losses transferability of ownership shares and continuity first we'll discuss a sole proprietorship the sole proprietorship is an unincorporated business owned by a single person this business entity form usually does not require governmental filing or any other documentation other then sometimes a business name statement which provides the owner's name and address and the name under which the owner will conduct the business this is sometimes known as a DBA for doing business as the main advantages of this business entity form include the owners absolute control in terms of management rights and avoidance of double taxation as sole proprietorships are not separate legal entities the sole proprietor reports the business's expenses and income on his or her own personal income tax return the main di