... We will also discuss two separate business situations: * Joe's Lawn Care and Landscape Equipment Rental * Maury & Sons Oilfield Drilling Contractor We will determine whether the business is effective in operation, as it currently exists, or if there is a need to make changes to the business entity. Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, less legal regulation, and fewer taxes. Although this is the easiest form of business to start, "the income and losses are treated as personal and will be filed on a Schedule C along with the regular Form 1040 tax return" (www.irs.gov, 2004). If profits are minimal, the owner will actually be paying less in income taxes with this form of business than with a ...

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