WDM4413 Professional Practice for Multimedia
Students will be able to describe basic differences between types of ownership structures
Students will be able to identify the relative advantages and disadvantages of Sole Propiertorships, LLCs, and Corporations
Students will be able to describe additional tax liabilities of self-employement
Students will be able to identify tax schedules and terms associated with self-employement
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Ownership Structures
Using the links listed below, or additional Internet resources, answer the following questions related to ownership structures. Enter your answers in an HTML file and link them to the Ownership Structures Wiki page.
What are the differences between each of these ownership structures: Sole Proprietorship, Partnership, LLC, Corporation? What are some advantages and disadvantages of each?
- Types of Ownership Structures
- Choosing the Best Ownership Structure for Your Business
- Wikidpedia entries on LLC, Partnership, Sole Propriertorship.
What steps do you need to take to do the following:
- Form a Sole Proprietorship?
- Form an LLC?
- Register a fictitious business name?
- Register and maintain a fictitious business name in San Diego?
Taxes
If you work as a self-employed business owner, you will need to pay additional taxes that you don't pay if you are working for someone else. You will also need to fill out additional tax forms during the year.
- What additional taxes will you need to pay?
- How and when do you pay them?
- How much and what kinds of taxes would you pay if your adjusted yearly income was $50,000?
Enter your answers in a new HTML document and linkit to the Taxes section of the Wiki
- The Self-Employment Tax
- Taxes paid by Sole Proprietorships
- Employment Taxes
- Estimated Tax FAQ from the IRS
- Self Employment Tax Calculator
- California Tax Calculator
- California Franchise Tax Board Sole Proprietorship FAQ