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In response to
"What does we want to tax. Net profit then? Of the business or the owner? -- nm"
by
lileve
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It's always net income and whether it is the business or owner depends on how the business is formed.
Posted by
pmb (aka pmb)
Oct 16 '08, 12:05
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A C corporation gets taxed separately from the owner. An S corporation, limited partnership or LLC gets taxed only at the owner level (and is a common formation for a small business). A sole proprietorship gets treated as just the owner's income.
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Responses:
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