What are the general types of business tax?

What are the different kinds of business tax?

There are four main types of national internal revenue taxes: income, indirect (value-added and percentage taxes), excise and documentary stamp taxes, all of which are administered by the Bureau of Internal Revenue (BIR).

What are general taxes?

A general tax refers to a tax that applies to all or most goods and services and where all are taxed at the same rate. An excise tax refers to a tax on a single item, which may be different from the tax levied on other items.

What are the 4 most common types of businesses?

There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC. Below, we give an explanation of each of these and how they are used in the scope of business law.

What are the 4 types of business structures?

The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute.

What are the 3 types of taxes?

Tax systems in the U.S. fall into three main categories: Regressive, proportional, and progressive. Two of these systems impact high- and low-income earners differently. Regressive taxes have a greater impact on lower-income individuals than the wealthy.

IT IS INTERESTING:  Do businesses have SSN?

What are the 6 types of taxes?

Here are seven ways Americans pay taxes.

  • Income taxes. Income taxes can be charged at the federal, state and local levels. …
  • Sales taxes. Sales taxes are taxes on goods and services purchased. …
  • Excise taxes. …
  • Payroll taxes. …
  • Property taxes. …
  • Estate taxes. …
  • Gift taxes.

What are the 12 types of taxes?

Learn about 12 specific taxes, four within each main category—earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes; and own: property taxes, tangible personal property taxes, estate and inheritance …

What are the general types of business?

Types of businesses

  • Sole proprietorship. …
  • Partnership. …
  • Limited liability company (LLC) …
  • Corporation – C corp. …
  • Corporation – S corp. …
  • Corporation – B corp. …
  • Corporation – nonprofit. …
  • Flexibility.

What are the 5 different types of business organization?

There are various forms of organizational structures from a business perspective, including sole proprietorships, cooperatives, partnerships, limited liability companies, and corporations.

What are the 10 types of business?

Here are the 10 types of business ownership and classifications:

  • Sole proprietorship.
  • Partnership.
  • LLP.
  • LLC.
  • Series LLC.
  • C corporation.
  • S corporation.
  • Nonprofit corporation.