If you were going into business and had a choice of business structures to select from...
If you were going into business and had a choice of business structures to select from that would minimize your taxes, while yielding the highest profits, which would you choose and why?
Homework Answers
A business structure when you are doing for the first time with an intention to minimize taxes and also yield high profits will be that of a proprietorship. A sole proprietorship is a form of business in which there is only one owner and he takes the whole of the profits as well as bears all the risks of the business. Also, this form of business is taxed on a lower rate as compared to a company and helps in paying lesser taxes due to a host of benefits available for an individual tax payer.
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