Describe the legal characteristics of proprietorships

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Summarize the types of business entities and describe the legal characteristics of proprietorships and partnerships.

Northwest Brands, Inc., is a small business incorporated in Minnesota. Its one class of stock is owned by twelve members of a single family. Ordinarily, corporate income is taxed at the corporate and shareholder levels. Is there a way for Northwest Brands to avoid this double-income taxation? Explain your answer.

Reference no: EM13814108

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