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Ricky and Lucy are debating several types of taxes. Their debate has focused on the different types of tax rate structures and whether they are "fair." Please define each tax rate structure, provide examples of each structure, and discuss how each structure may be viewed with respect to vertical equity.
Prospective Franchisees
Individuals or entities considering the acquisition of franchise rights to operate a business under the franchisor's brand and system.
State Approval
Formal consent given by a governmental entity authorizing an action, policy, or regulation to take effect.
Sole Proprietorship
A type of business structure where a single individual owns, manages, and is responsible for all aspects of the business, including debts.
Proprietor
The owner of a business or property.
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