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Generally, companies are required to pay tax similar to “real” people. Where two or more people personal a business together however have failed to organize a more specialized form of vehicle, they will be handled as a general partnership. The phrases of a partnership are partly governed by a partnership settlement if one is created, and partly by the regulation of the jurisdiction where the partnership is situated. A single one who owns and runs a business is usually generally recognized as a sole proprietor, whether or not that particular person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can resolve what kind is proprietorship will be best suited.
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