Source  AWFS Consulting   If you are starting a business you have options as to how to structure your business. Your choices are sole proprietorship, partnership or incorporation. A sole proprietorship is a business that is not incorporated, and owned by one individual. The net income earned by the business is taxed in the hands of the owner personally at the applicable graduated personal income tax rates. The net income / loss of the business is included in the personal income tax return of the owner along with all other sources of income earned by the owner. A partnership is…