Instructions for filling up Form No. 49B (a) (b) Form is to be filled legibly in ENGLISH in BLOCK LETTERS. While filling the form‚ each box‚ wherever provided‚ should contain onl one character (alphabet/number/punctuation mark) leaving a blank box after each word. (c) Left hand thumb impression‚ if used‚ should be attested by a Magistrate or a Notary Public or a Gazetted Officer‚ under official seal and stamp. (d) Deductors/ Collectors are required to provide details of Assessing Officer
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Why do you think colonel Darling chose sole trader as a form of business organization and when and why might his company have become a partnership. Joshua Darling was a retired army colonel‚ who returned after the army to Liverpool‚ where he was born‚ opened a chocolate factory and set up his own business as a sole trader in July 1933. Why colonel Darling chose a sole proprietorship as a form of business organization? First of all‚ a sole proprietorship was suitable for his nature as he could
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style and trends. Advertise through newspapers‚ banners‚ brochures‚ etc. 5. Les Miz may acquire loans to support its operations. 6. Utilize the foreclosed properties that were redeemed. V. ALTERNATIVES 1. Change the form of ownership from sole proprietorship into partnership or corporation. 2. Sell the machinery and use the proceeds for financing manpower. 3. Sell a portion of Les Miz Shoes’ net
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Chapter 1 & 2 Summary Accounting is a process of identifying‚ measuring‚ and communicating economic information to permit informed judgments and decisions by users of the information. It is a service activity and the language of business. Its main function is to provide qualitative information that is intended to be useful in making economic decisions. The Accounting process is a series of repetitive activities of recording‚ summarizing and reporting economic transactions from the beginning
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Introduction to Partnership Accounting Sole Proprietorship – owned by one person assume the profit and expenses Service – oriented business – engages in rendering services Merchandising businesses – buy and sell goods for profit Partnership – composed of two or more persons to contribute to a common fund for a profit that will be divided among themselves Money and property include: cash‚ investment in trading securities‚ trade and other receivables‚ prepaid expenses‚ PPE Industry: service‚ labor
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Introduction to Business Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves‚ businesses improve the quality of life for people and create a higher standard of living. It is a way for individuals to provide goods and services to consumers‚ and at the same time‚ produce a profit for themselves. Businesses are not only important
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recognition of a gain or loss on the transfer of assets to the corporation. The transfer of property may be made when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351‚ a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of appreciated property would constitute a taxable transaction in a recognized gain. The deferral of gain
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liability. A sole proprietor has unlimited liability‚ which can include the potential loss of all personal assets. 2) Taxes. Forming an LLC may mean that more expenses can be considered business expenses and be deducted from the company’s income. 3) Improved credibility. The business may have increased credibility in the business world compared to a sole proprietorship. 4) Ability to attract investment. Corporations‚ even LLCs‚ can raise capital through the sale of equity. 5) Continuous life. Sole proprietorships
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contrast sole proprietorships‚ partnerships and corporation. In your essay describe each of these forms of business ownership (and compare them). And‚ provide three advantages of each based on text and class lectures. Most business is uncomplicated‚ owner-operated operations‚ or what are known formally as sole proprietorships. The owner or manager takes all the responsible for liabilities incurred by the organization and has control over its actin. Advantages of a sole proprietorship: *
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included in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. A sole proprietor does not own the entire business. ANSWER: F PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 2. In choosing a form of business organization for a new enterprise‚ important factors include the ability to raise capital. ANSWER: T PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Critical Thinking 3. A sole proprietor is free to make any decision he or she wishes concerning the business
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