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1、Chapter3SettingUptheBusinessSettingUptheBusinessWhetheritisaneworexistingexport-importbusiness,thelegalform,orstructure,willdeterminehowthebusinessistobeconducted,itstaxliabil-ity,andotherimportantconsiderations.Eachformofbusinessorganizationhasitsownadvantagesanddisadvantages,andtheentreprene
2、urhastose-lecttheonethatbestfulfillsthegoalsoftheentrepreneurandthebusiness.(Forquestionstoconsiderbeforestartingabusiness,seeInternationalPer-spective3.1.)Selectionofanappropriatebusinessorganizationisataskthatrequiresac-countingandlegalexpertiseandshouldbedonewiththeadviceofacom-petentattorn
3、eyoraccountant.OWNERSHIPSTRUCTUREInthissection,weexaminedifferentformsofbusinessorganizations:soleproprietorships,partnerships,corporations,andlimitedliabilitycompanies.SoleProprietorshipsAsoleproprietorshipisafirmownedandoperatedbyoneindividual.Noseparatelegalentityexists.Thereisoneprincipali
4、nthebusinesswhohastotalcontroloverallexport-importoperationsandwhocanmakedecisionswithoutconsultinganyone.Themajoradvantagesofsoleproprietorshipsareasfollows:1.Theyareeasytoorganizeandsimpletocontrol.Establishinganexport-importbusinessassoleproprietorshipissimpleandinexpen-siveandrequireslittl
5、eornogovernmentapproval.Atthestatelevel,Export-ImportTheory,Practices,andProcedures,SecondEdition4142EXPORT-IMPORTTHEORY,PRACTICES,ANDPROCEDURESregistrationofthebusinessnameisrequired,whileatthefederallevel,soleproprietorsneedtokeepaccurateaccountingrecordsandattachaprofitorlossstatementforthe
6、businesswhenfilingindividualtaxreturns(ScheduleC,InternalRevenueServiceForm1040).Theymustoperateonacalendaryearandcanusethecashoraccrualmethodofaccounting.2.Theyaremoreflexibletomanagethanpartnershipsorcorporations.Theownermakesalloperationalandmanagementdecisionsconcern-ingthebusiness.Theowne
7、rcanremovemoneyorotherassetsofthebusinesswithoutlegalortaxconsequences.Heorshecanalsoeasilytransferorterminatethebusiness.3.Soleproprietorshipsaresubjecttominimalgovernmentregulationsversusotherbusinessconcerns.4.Theownerofasolepropriet
