SOLE PROPRIETORSHIP: A business owned by a single person and that person is solely responsible for the debts (unlimited). It’s a business that is simple and easy to set up. LIABILITY: The owner of the business is solely responsible. The owner signs business contracts in their own name. INCOME TAXES: Income earned by the business is the owner’s income. The sole proprietor files at 1040 and schedule C & SE. LONGEVITY/CONTINUITY: The business dies with the owner unless there is a Last Will & Testament
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Objective 317.1.6-03-06 and 317.1.6-08-10 Objective 317.1.6-03-06 and 317.1.6-08-10 The manufacturing plant currently does not have a sound system of performance evaluation. The current system addresses the friendliness of the employee‚ the orderliness of the employee’s workspace‚ and the attitude of the employee towards others. The current performance evaluation does not address the needs of the employee by properly preparing the employee for the goals of the company. The employee has not been
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LIT1 Task 310.1.2-01-06 Part A Sole Proprietorship - • LIABILITY – There is no separation between the individual and the business. As the owner and operator of a sole proprietorship‚ all of the profit and loss is the personal responsibility of the business owner creating unlimited liability. • INCOME TAXES – As a sole proprietor all business income or losses must be reported as personal income tax. The business itself is not taxed separately. • LONGEVITY/CONTINUITY – The sole proprietorship
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Phone No. Assessment Site Assessment Date/s Time/s The Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective For this assessment candidates are required to assess and analyse information gathered in Assessment Task 2 and present a report describing and auditing marketing activities of the
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name rather than their personal name. However‚ the business is not considered a separate entity and the sole proprietor is still personally liable for all obligations incurred by the business. Characteristics to keep in mind about Sole Proprietorship 1. Liability There is a lack of protection from personal liabilities‚ meaning that the personal assets of a sole proprietor is at risk in the event of litigation. If the business fails‚ any creditor can go after the business assets of the business as well
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TASK 6 Make a list of associations you have with the word “grammar” (They may not all be negative!) • Intimidating • Frightening • Confusing • Diction • Fascinating TASK 7 Look at the following sentences and decide which are correct. Write a correct version of the examples that are incorrect. 1. We’ve been looking for you for ages: Correct. 2. I’ve been to the movies last night: Incorrect. Correction: I went to the movies last night
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Lewis and Clark in a video game‚ but she needs your help. She wants the game to be awarded Top 10 Kudos like Super Mario‚ Rock Band‚ and SimCity. Read all the directions first and follow them carefully to get this new expedition rolling. (12 points) 1. Evaluate each of the following websites and choose the three that provide the best explanation and description of the expedition. Explain each of your choices. Lewis and Clark http://www.pbs.org/lewisandclark/ Lewis and Clark Trail Heritage Foundation
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Organizational Forms Taking into consideration the forms of business such as sole proprietorship‚ partnership‚ limited liability partnership‚ Limited Liability Company‚ S corporation‚ franchise‚ and corporate form‚ the scenarios of each form of business is listed below. In addition‚ the scenarios will allow each individual to further understand the worth of the individual business forms. Sole proprietorship is the most common form of business‚ instating this proprietorships are operated and
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Chapter 6: Additional Database Objects TRUE/FALSE 1. A sequence serves as a nickname for a database object. ANS: F PTS: 1 REF: 158 2. A database index allows users and application programs to quickly locate specific records. ANS: T PTS: 1 REF: 158 3. A synonym is an alternate name assigned to a database object. ANS: T PTS: 1 REF: 158 4. When a positive value is assigned to the INCREMENT BY clause of the CREATE SEQUENCE command‚ numeric values are generated in descending order. ANS: F
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1 Part A Sole Proprietorship A sole proprietorship is a form of business that is owned by a single individual. • Liability – Due to the lack of legal distinction between the owner and the business‚ the owner is fully responsible and liable for all debts that the business incurs in the same manner that an individual is fully responsible and liable for all debts that they incur. There is no legal distinction between the assets of the owner of the sole proprietorship and the business; this
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