labor for the orders to be fulfilled. If the orders don’t fall through‚ the owner is now not only in fulfilling the orders but not being able to pay the added skilled labor if the orders don’t get done. The owner has started his company in a sole proprietorship and I am now encouraging the owner to turn his company into a partnership. Acme Fireworks has grown tremendously throughout the years and is now requiring the company to
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Purpose of Financial Statements The objective of financial statements is to provide information about the financial position‚ performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions (IASB Framework). Financial Statements provide useful information to a wide range of users: Managers require Financial Statements to manage the affairs of the company by assessing its financial performance and position and taking important business
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respective roles? c. Professional Advisors Who will be your key advisors? How will they help you manage and grow your business? d. Business & Legal Structure Describe your legal entity (e.g.‚ Sole Proprietorship‚ C Corporation‚ S Corporation‚ LLC or Partnership). What plans are you going to be a provider for? e. Business Insurance What insurance coverage are you planning to have (general liability‚ life‚ overhead protection
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purchase of equipment‚ and‚ timber‚ and oil and gas interests — as a sole proprietorship. In 1980‚ he incorporated Worldwide Machinery Sales‚ Inc.‚ a Mississippi corporation‚ and began conducting the business through that entity. In 1981‚ he formed a second Mississippi corporation‚ Worldwide Purchasing‚ Inc.‚ and funded that corporation with the 100 percent interest he held in Worldwide Machinery. Petitioner was and is the sole shareholder of Worldwide Purchasing‚ Inc. (Braswell v. United States
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OF BUSINESS ORGANISATIONS:- * SOLE PROPRIETORSHIP In India to establish a sole proprietorship there is no need of filing any legal documents with the Indian state government. There are four simple steps that should be taken: 1. Choose a business name. 2. File an assumed business name with the county recorder. 3. Obtain licenses‚ permits‚ and zoning clearance. 4. Obtain an Employer Identification Number. To establish a sole proprietorship in any other state:- 1. Choose a
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annually. There are three competitors serving the area. Cofield’s competitive advantage is that it can attract customers with a more personalized‚ professional cleaning that is “Satisfaction Guaranteed.” Organization Plan This business is a sole proprietorship with no employees. The owner will manage the finances and perform the work. BUSINESS DESCRIPTION Nature of the Business Cofield Cleaning Service is an insured‚ residential cleaning service. It offers cleaning service tailored to its customers’
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• INCOME TAXES – Forming a Sole Proprietorship allows the owner to avoid the high tax rate that corporations pay due to it not being separate from the individual. • LONGEVITY/CONTINUITY – The business is the same as the owner so the business will exist as long as the owner is alive. • CONTROL – Since the business is the same as the individual he/she has complete control and management responsibilities without having to consult a partner or share holders. Since the sole proprietor has complete control
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QUESTIONS WEEK 2 –Questions based on Lecture 1‚ Introduction and Basic Concepts 1. Which of these could explain why someone would choose to operate as a sole proprietorship rather than as a corporation? a. Sole proprietorships have limited liability b. There are relatively few rules relating to the establishment and running of a sole proprietorship c. The firm can last forever d. It is easy to raise large sum of money e. All of these answers 2. The primary goal of a publicly-owned firm interested in
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liability on the business owners and operators. Important to understand in order to select the best legal structure for a particular business. Types of business organisations • The most frequently used business organisation structures are: - Sole proprietorships - Trusts - Partnerships - Companies • Joint ventures are also quite common (e.g. in the resources sector) but they won’t be covered here. Choosing a Business Structure Things to consider can include: – size of the business – risk – purpose
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IV. History/ Background of the Business I am a single person and was just barely making ends meet working in a fast food restaurant part- time at night. There was a time that I was thinking what if I will stand my own shop‚ a Shaenah’s cupcake. Even though cupcakes are not one of life’s necessities‚ they have become popular because they symbolize one of life’s little luxuries for those of us who are on budget. People can’t afford to go on a big trip to China anymore but they can afford
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