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Never forget the basics. (Blue Chip Strategies).

Publication: Franchising World
Publication Date: 01-MAY-02 		Format: Online - approximately 1207 words
Delivery: Immediate Online Access

Article Excerpt
The competition in today's business world is fierce. It seems every individual is searching for that one unique concept or invention which will allow his or her company to establish its "niche" in the business community. However, as the complexities increase, sometimes a "refresher" on the basics is warranted. While a plethora of new forms of business operations have been developed over the past two decades, it remains essential to remember and understand the basic principles of the "bio three" forms of business operation to serve as the foundation for further expansion.

There are three basic forms of operation in which a business is conducted: the sole proprietorship, the partnership and the corporation. Each has its own legal and tax characteristics that determine its relationship to the individual owner(s) and to society in general.

The Sole Proprietorship

This is an unincorporated solely-owned business. The property used in the business operation and all income belongs to and is taxed to the individual proprietor. There is no separate legal or tax...

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