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The questions below are about three types of business entities: 1) sole proprietorships; 2) partnerships;...

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Accounting

The questions below are about three types of business entities: 1) sole proprietorships; 2) partnerships; and 3) corporations (for federal tax purposes, corporations are referred to as C corporations or as regular corporations).

1) Define each entity.

2) For federal tax purposes, how is each entity and their owners taxed?

3) What are some of the advantages and disadvantages of each entity?

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