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There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
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Generally, a sole proprietorship (meaning a company owned by just one person who does all or most of the work on the business) will choose between remaining a sole proprietorship, which requires ...
There are three main forms of business: (a) Sole Proprietorship (b) Partnership (c) Company Sole Proprietorship; In a sole proprietorship, an individual on his/her own account carries out the business or profession. No formal procedure or formality is required for setting up a sole proprietary concern. Partnership
A crucial component of a sole proprietorship within a business plan is the provision of an inherent guideline, for actions that require implementing for a business to achieve growth. The business name and products are critical aspects in the founding of a sole proprietorship and once selected, should be protected.
Most individuals and companies doing business in the District of Columbia must obtain a Basic Business License from the Department of Consumer and Regulatory Affairs. [6] Separately, organizations (including non-profits and cooperatives, but not including sole-proprietorships and general partnerships) must register their business.
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