Tax Guide for Small Businesses 20 20 /2
Comparative profit or loss statements
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LAPD-Gen-G09-Tax-Guide-for-Small-Businesses
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3.2.11 Comparative profit or loss statements
SOLE PROPRIETORSHIP PARTNERSHIP Each partner is responsible for the payment of taxes on the profit share gross sales cost of sales gross profit business/operating expenses net profit or loss The owner receives the entire profit or loss from business and is responsible for the payment of all taxes thereon in personal capacity gross sales cost of sales gross profit business/operating expenses net profit or loss Net profit or loss is divided among the partners. less equals less equals less equals less equals Tax Guide for Small Businesses (2020/2021) 13 CLOSE CORPORATION PRIVATE COMPANY less equals less equals gross sales cost of sales gross profit net profit or loss The CC is responsible for the payment of taxes. Any local dividend received or accrued from a CC is generally exempt from normal tax in the hands of the members. The CC must withhold dividends tax from cash dividends paid to beneficial owners. The beneficial owners are liable for dividends tax on cash dividends. The CC is liable for dividends tax on a dividend in specie. gross sales cost of sales gross profit business/operating expenses net profit or loss less equals less equals less equals less equals tax Profit after tax retained distributed dividends to members tax Profit after tax retained distributed dividends to shareholders of shares The company is responsible for the payment of taxes. Any local dividend received or accrued from a company is generally exempt from normal tax in the hands of the holders of shares. The company must withhold dividends tax from cash dividends paid to beneficial owners. The beneficial owners are liable for dividends tax on cash dividends. The company is liable for dividends tax on a dividend in specie. business/operating expenses |
