Sole Proprietorship A Sole Proprietorship is a type of business where there is no legal difference or distinction between the business and its owner. Legally‚ the name of a sole proprietorship is the name of the owner‚ unless a DBA is filed. Advantages include the ease and simplicity of creating a sole proprietorship‚ autonomy‚ and the benefits of financial freedom. Disadvantages are unlimited liability‚ continuity‚ limited resources‚ and raising working capital. * Liability – The liability
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of different types of organisations and in outcome 1.2 demonstrate the level to which a business organisation meets the goals of different stakeholders and finally in the outcome 1.3 explain the responsibilities of an organisation and tactics used to achieve them. I am also going to give examples based on my own personal experience. Lo1.1 Identify the purposes of different types of organisation Business organisations can be divided mainly into two sectors: The public companies including
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Bus-101 Kevin Lentz 06/2013 Chapter 1 Rooftop Restaurant and Lounge will enter into a market with perfect competition. With perfect competition Rooftop Restaurant and Lounge will have an infinite number of consumers with the willingness and ability to buy our products at a certain price. It would also have an infinite amount of producers with the willingness and ability to supply the products at a certain price. Rooftop Restaurant and Lounge is a new fine dining restaurant and lounge
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Business Structure Advice Adriana Tovar FIN/571 December 15‚ 2014 Professor David Gobeli Dear John Owner‚ In response to your request for business structure advice‚ I believe you will find the following information extremely helpful to lead you to your decision. First‚ you must know which your business structure options are‚ these include: sole proprietorship‚ partnership and corporation. A partnership could be general or limited and a corporation could be a general or a subchapter
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1. Able entered into an oral contract with Baker for the sale of Able ’s car for $5‚000. Later Baker breached that contract. Able wants to sue to enforce the contract. Under the Statute of Frauds‚ who is the "party to be charged" in this case? a. Able. b. Baker. c. Both Able and Baker. d. Neither Able nor Baker‚ because this is a contract for the sale of goods. 2. Chen‚ a retail seller of fruit‚ entered into a contract for the purchase of 10 bushels of peaches from Georgina‚ at a price
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Topic Topics 1 and 2 Introduction and Legal skills Seminar question given to students In 1998 the Federal Parliament appointed a special committee to look into the magpie problem. After months of serious investigation‚ the committee presented its report to Parliament. The following is an extract from the report We have heard a great deal of evidence and we are satisfied that there is a need for strong legislation to protect the Australian public from magpies during the breeding season ... None of
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Answer: • Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business. • Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are
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Legal Forms of Business Tim Yeakley AIU Online Abstract There are three different legal forms of business and all vary in levels of liability‚ ownership‚ and P&L control. An inventor who has developed a new product needs to determine the proper form of business to establish. The inventors’ situation is unique and narrows his choices of business types due to his lack of financing‚ business skills‚ and family. The three types of business he would have to research are sole proprietorship‚
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A common saying that we hear today is‚ “history repeats itself” but how true is it? We have many examples of this but what really matters is that we are learning from history. One example is the business practices today and those from almost a millennium ago. If one takes the time to look at business practices today and those shown in the medieval documents‚ they are quite similar. “The Venetian Commada or Collegantia” provides medieval documents that discuss entrepreneurship and it’s common today
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Miguel Flores Checkpoint: Business Organization A sole proprietorship is a business that is owned by one person only. That one person is the sole owner and makes all decisions on their own. Most sole proprietorships are small business likes restaurants‚ markets‚ and liquor stores. The owner must have knowledgeable business experience or else his business will not be profitable. Most of this shops end up closing up after a couple of years because the sole owner must take in all the losses
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