Gurmeet S Arora

 

                      Certified Genral Accountant

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Frequently Asked Questions: Business Forms of Organization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr. Gurmeet S Arora also provides financial services such as personalized financial plans and investment advice. Mr. Arora is a Financial Consultant with the well known organization Investors Group.

 

 

 

 

 

 

What kinds of business organization of business entity will limit my liability to business creditors?

 

Leading forms are corporations; limited partnerships, and limited liability partnerships (LLPs). General partnerships and sole proprietorships don't limit owners' liability. Limited partnerships limit liability of some partners (limited partners) and not others (general partners).

 

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Which types of business entity are best for tax purposes?

 

It depends on the income level and amount you intend to withdraw for personal spending.  If you need all money you make, corporation will not offer much tax advantage.  However, there may be other consideration, which you need to keep in mind while deciding on the business structure.

 

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