Retailers Forum Magazine Sept. 2021 EMAG

forumworkshop
FORUM WORKSHOP
Simple Partnerships Are Just
Combined Sole Proprietorships
In its most basic form, a simple partnership operates
like a sole proprietorship with two or
more people involved. Each shares equally in
the profits, reports it as income, and pays the
appropriate taxes. And each is held fully liable
for any claims against the business to collect
damages or debts. If you select such a structure,
it’s in your best interest to have a written document
defining the agreement and extent of involvement
for all partners.
☺
Corporations Limit
An Owner’s
Personal Liability
The corporation is usually a more savvy way
for you to structure your business than a sole
proprietorship or partnership. The major advantage
is that it limits your personal liability
to however much you’ve invested in the business.
Your personal assets cannot be attached
to any claims against the store, except for tax
obligations to the federal government. This is
especially important for you as a retailer, since
there’s a certain amount of liability inherent in
any business serving the public. And if you
take on partners in our business, being incorporated
frees you from personal liability for
their misdeeds or neglect in connection with
the store.
If there are disadvantages to incorporating,
they are that you’ll probably require legal
help to set up your corporation.
continued...
CLEARANCE CENTER
$
29 95
$
28 99
Elephone REXSO
Explorer X
Allwinner V3
2.0 Inch Display
Action Camera
$
18 99
Jakcom R3F Smart Ring
Waterproof Wearable
Ring for NFC Electronics
Mobile Phone Android
Smartphone
New Lots Daily
Fresh Inventory
BOBOVR Z4 VR
Virtual Reality
Headset 3D VR
Glasses 120°FOV
$
21.99
JJRC H64 SPIDERMAN
2.4G Gravity Sensor
Control RC Quadcopter
With Altitude Hold Mode
360°Flips RTF
for Retailers and On-Line Sellers
Hottest Products!
BIG RETURNS!
$
56 99
$
22 99
Tronsmart Bluetooth
Headphones Waterresistance
IP66, Wireless
Sport Earbuds, LED lights
Richer Bass In-Ear
E-3LUE K727 Mechanical
Gaming Keyboard
Page 48 SEPTEMBER 2021 | RETAILERS FORUM MAGAZINE
$
19 95
Bluetooth Speaker LED E27 Smart Bulb APP
Control Multicolore Colorful LED Speaker
$
9 99
Wsken Type
C Metal Data Cable
$
5 99
25 In 1 Torx
Screwdriver
Repair Tool Set
$
15 09
Creative Grinding
Skeleton Piggy
Bank
$
49 95
New European
Fashion Printing
Bags Shoulder
Sub Mother
Bag
www.EverythingCloseouts.com