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Why is it important for an entrepreneur or owner to determine the legal form of business ownership?

I need 200 words Initial Post and two replies on other students post. I attached the reply document which contains the post of other students, Need it in 8 hours

Instruction: After watching the following video, why is it important for an entrepreneur or owner to determine the legal form of business ownership? When you chose the legal form of your business, what kind of tax considerations did you have to make?

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https://www.youtube.com/watch?time_continue=1&v=1H6qE7eyLWk

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