Shiela Mae BSBA-HRDM 1-6D 3 kinds of business 1 Sole Proprietorship A sole proprietorship places all liabilities for finances and operations on the owner. The owner’s personal property is tied to the business‚ so he assumes a risk against his personal assets should the business experience financial hardship. Annual income tax returns are filed on a Form 1040‚ and the owner must also file self-employment taxes. The profits and losses of the business are reported through the owner and are taxed
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Business Entities Jessica Perez BUS 311 Business Law Instructor: Janet Fiorentino 12/1/2014 As the manager of Acme Fireworks‚ I need to gather information to help the owner determine whether or not he should continue to be a sole proprietorship or if he should switch to another business entity. I will help him do so by explaining each entity and how they relate to his business situation. I am the manager of Acme Fireworks‚ a fireworks retailer who sells fireworks‚ puts on ground display fireworks
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Legal Underpinnings of Business Law Valarie Murphy-Taylor BUS 670 Marla Muse June 09‚ 2014 Abstract The aim of this paper is to discuss business structure and organization and how liability differs between each organizational form. Society has set standards that govern our interactions with others. In addition‚ though not often obvious to the naked eye‚ most businesses have standards that similar to one another in governing their activities and abilities to function continually
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Agency (1) AGENCY RELATIONSHIP? (2) AUTHORITY? Agency is an agreement‚ express or implied‚ by which the principal entrusts to the agent‚ the management of the business; to be transacted in his name‚ or on his account‚ and by which the agent assumes to do the business and to render an account of it. Agency involves: Principal‚ who passes authority to Agent to effect the legal relations between the principal Third party‚ acted with principal through the agent Section 135 CA (Definition of Agent)
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Business Structures Glenn Wilson Boerstler‚ II FIN/571 Corporate Finance August 18‚ 2014 Professor Susanne Elliot A business can be organized in one of several ways‚ and the form its owners choose will affect the company’s’ and owners’ legal liability and income tax treatment. Business structures are selected based on the type of business and the intentions of the owner or owners. According to the Small Business Administration‚ there are six types of business structures that are based on the needs
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Business Organization MD BUS/210 August 19‚ 2012 Colette Franklin Business Organization I have a one of a kind product that I want to put out into the global market but I do not have the money it takes to put this product to the level it needs to be. I could be the sole proprietorship‚ where I have a nonincorporated business entirely owned by one person but I may need investors to perform this task. The profits I have acquired have exceeded expectations and I am currently on back order most
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When beginning a business‚ it is extremely important that the owners of the business decide the organizational form that will be beneficial to maximize the value of the firm. The owners must consider the size of the business‚ the taxation of the business‚ the liability of the owners and the ability to raise capital to finance the business (Parrino‚ Kidwell & Bates‚ 2012). The owners will then choose one of the 3 different forms: sole proprietorship‚ partnership or corporation. Sole Proprietorship
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start a business venture‚ many of them start with a sole proprietorship. A sole proprietorship usually involves a single person who runs a business on his or her own. Sole proprietorships are small businesses that often take off to form larger business entities when the owner desires to do so or when the right opportunities are presented. Some of the disadvantages of having a sole proprietorship are the simplicity of operating the business‚ ability to have complete control over business affairs‚
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Business Studies PART 1 A) Social Function of a business: [Choice] Businesses provides goods and services to satisfy individual needs and wants by giving the choice of selecting something among a variety of products. Economic Function of a business: [Employment] By creating or providing employment for individuals this minimises the unemployment rate. B) Unincorporated enterprises is when the enterprise has NOT gone through the process of not separating the owner from its
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Business Structures Ruth Whitehead FIN/571 February 23‚ 2015 Oscar Lewis Business Structures Three types of business structures exist; Partnership‚ Sole Proprietorship‚ and Corporation. Essential deliberations are dimensions of the commercial‚ the method in which revenue from the trade is a tax‚ the lawful obligation of the proprietors‚ and the capability to obtain monies to fund the business. Few businesses start-up as a large capacity organization. All business structures have advantages and
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