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Teaching Since: | Jul 2017 |
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MBA.Graduate Psychology,PHD in HRM
Strayer,Phoniex,
Feb-1999 - Mar-2006
MBA.Graduate Psychology,PHD in HRM
Strayer,Phoniex,University of California
Feb-1999 - Mar-2006
PR Manager
LSGH LLC
Apr-2003 - Apr-2007
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Types of Legal Ownership
Ownership Structures |
Sole Proprietor |
General Partnership |
Limited Liability Company (LLC) |
Corporation |
Number of Owners |
 |  |
One or more |
Multiple |
Formation Difficulty |
 |
Low |
Medium |
 |
Liability |
Sole proprietor has unlimited liability. |
 |  |
Officers/shareholders are not typically responsible for the debts of the corporation. |
Operational Requirements |
 |
There are relatively few legal requirements. |
 |
Formal board of directors, annual meetings, and annual reporting required. |
Management |
Sole proprietor has full control of management and operations. |
 |
Members have an operating agreement that outlines management. |
 |
Federal Taxation |
 |
It is not a taxable entity. Each partner pays tax on his/her share of income and can deduct losses against other sources of income. |
 |
It is taxed at the entity level. If dividends are distributed to shareholders, they are also taxed at the individual level. |
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