Implications of liquidating

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All profits are immediately taxed directly to the proprietor, and the proprietor directly bears all the business risks associated with the operation.

To view this Portfolio, take a free trial to Bloomberg BNA Tax & Accounting BLOOMBERG BNA TAX & ACCOUNTING This Portfolio is available with a subscription to Bloomberg BNA Tax & Accounting, a comprehensive research solution including over 500 Tax Management Portfolios, practice tools, primary sources and timely news. 700-3rd, discusses federal income tax and other considerations pertinent in choosing the most advantageous legal form for conducting business and investment activities.

A variety of other specialized entities have unique treatment as specified under the Internal Revenue Code, however, and those entities are also examined in this Portfolio. Small Business Corporation, Qualified Small Business Corporation, and Specialized Small Business Investment Company a.

In a general partnership all the partners have unlimited personal liability for the debts of the partnership.

In a limited partnership, however, those partners designated as limited partners only have exposure for liabilities to the extent of their respective capital contributions (and obligations for contributions) to the partnership.

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