Summarize the types of business entities and describe the legal characteristics of proprietorships and partnerships.
Northwest Brands, Inc., is a small business incorporated in Minnesota. Its one class of stock is owned by twelve members of a single family. Ordinarily, corporate income is taxed at the corporate and shareholder levels. Is there a way for Northwest Brands to avoid this double-income taxation? Explain your answer.
This individual work should include the following:
- An in-depth submission that should be free of spelling and grammar errors.
- An essay containing a minimum of 200 words.
- You will be assessed on the rationale you use in addressing the questions/issue posted, and how well you justify your argument regarding this issue.
- Your response must be thought provoking, have well developed ideas and/or opinions, and should reference any supporting material from the text, lecture or other sources you have used to complete the assignment.
You may use your text or the internet as a reference, but remember to cite your sources according to APA guidelines.
Hollowell, W.E. & Miller, R. L., (2014). Business law text & exercises. (7th ed.) South-Western, Cengage Learning.