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Essay / Research Paper Abstract
A 5 page paper discussing the burgeoning trend toward one-person businesses in the US. The trend began in earnest when highly-paid middle managers found themselves unemployed during the height of downsizing, and has continued throughout the 1990s. The paper discusses the advantages and disadvantages of sole proprietorship structure for tax purposes; the freedom and restrictions that the structure gives the entrepreneur; SBA's opinion of what constitutes sufficient capitalization; and the importance of having a written business plan, even if the entrepreneur has no plan of seeking outside funding. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KS-sole.doc
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Unformatted sample text from the term paper:
unable to find other jobs at comparable salary levels as they were asked to leave their middle management positions in the late 1980s and early 1990s. Downsizing continues, and
there have been other changes in the one-person business world as well: whereas one-person businesses jealously guarded the secret of their companies total employees only five years ago, the
pursuits of the sole self-employed today are not only "respectable," but also admirable. There are several structures by which companies can be formed,
and the sole proprietorship is the simplest (Fay, 1998). It does have its disadvantages in that all income the business generates is taxed at the owners personal tax rate.
In addition, there is no limited liability protecting the owner as there is in corporate configurations. In either a "C" or an "S" corporation, it is only the
corporation that is liable for any damages resulting from the operation of its business. Each member of a partnership carries the same liability responsibility as does a sole proprietor,
except that total liability is divided by the number of partners. No one individual is responsible for full liability. That openness to
liability is offset by the relative simplicity of the income and expense records required by the Internal Revenue Service (IRS) and state tax collectors, however. Further benefit for the
owner is that he alone is responsible for all business decisions and has no difficulty with management personnel resisting his lead. Though the total income of the business is
fully taxed to the owner as personal income and the owner also is obliged to pay not only the employees, but also the employers share of Social Security payments, the
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