Edward J. Ribadeneira, Esq.
9590 E. Ironwood Square Dr.
Suite 105
Scottsdale, AZ 85258 
T.480.874.1313  F.480.994.5141http://maps.google.com/maps?client=safari&rls=en&q=9590+E.+Ironwood+Square+Dr.+Suite+105+Scottsdale,+AZ+85258&oe=UTF-8&um=1&ie=UTF-8&hq=&hnear=9590+E+Ironwood+Square+Dr+#105,+Scottsdale,+AZ+85258&gl=us&ei=_6cTTffmBY32tgOez-mwAg&sa=X&oi=geocode_result&ct=image&resnum=1&ved=0CBQQ8gEwAA

Sole Proprietorship: This type of organization is the simplest form of business structure, or more appropriately, the lack of business structure. In a Sole-Proprietorship, the owner is personally liable for all debts incurred by the business and is likewise entitled to all profits derived from the business. There are no formalities to creating a sole-proprietorship other than commencing business; however it is usually wise to file a fictitious name with the Secretary of State. A separate income tax filing is not required as all income (loss) is reported on Schedule C of the owner’s 1040 form. The income generated by the sole proprietorship is subject to self-employment taxes.

General Partnership: This type of organization requires two or more people, hence, a partnership. Each partner is referred to as a “general” partner. A general partner is liable for all debt incurred by the partnership and likewise is entitled to receive all income generated by the partnership. A partnership files an annual tax return, form 1065, and the partners each receive Schedule K-1's which they must report on their tax returns. A partnership has a single level of tax which means that the partnership does not pay tax; it merely passes all income to the partners. A partnership is a very flexible form of business ownership although the liability incurred by the partners makes it an unattractive choice of entity for many enterprises.

ESTATE PLANNINGPlanning.htmlPlanning.htmlshapeimage_5_link_0
ESTATE & TRUST ADMINISTRATIONTrust.htmlTrust.htmlshapeimage_6_link_0
REAL ESTATEReal_Estate.htmlReal_Estate.htmlshapeimage_7_link_0

Sole Proprietorship

General Partnership