the DBA in the new state. Since every state either has a different income tax or no taxes the sole proprietor needs to be aware of any change in state taxes. Budgeting for taxes can have a major impact on the financial aspect of the business. • Dissolution- Dissolving the business is a simple matter of paying off any outstanding debts and not taking on any new business Sole Proprietorship Disadvantages: • Liability – There is no protection of personal assets. If the company is sued the personal
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Assignment Content | Chapter 1 | First Question | Chapter 2 | Second Question | Chapter 2.1 | Characteristics of “Partnership” | Chapter 3 | Third Question | Chapter 3.1 | Characteristics of “Business Environment” | Chapter 3.2 | Characteristics of “Porter’s Five Forces” | ADIL ZHAXYLYKOV TP029709 UCFF1207(G2-T2) BM004-4-0 ITB 1. What would be the aims and objectives of the business Luke is planning to implement after graduation? The main aim of the Luke’s business idea is to
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existence‚ Wang Lung and O-lan have a marriage that is‚ despite its obvious inequalities‚ paradoxically more companionate‚ based as it is upon a united passion for the land. An image of the two tilling the soil by each others side evokes some sense of partnership. In the course of events we transported form the transcultural terrain of open wheat and rice fields and placed within confining‚ ornate interiors.
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Accounting ACC/561 November 11‚ 2011 Small-Business Idea Paper There are five different forms of business organizations that I can consider when planning to start a business. They are 1. Sole proprietorship 2. Partnership 3. C corporation 4. S corporation 5. LLC – Limited Liability Company It is important to understand each organization’s structural make up‚ to make an informed decision about which form of business organization is
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the amount of their investment. Joint Venture Joint Venture acts like a general partnership‚ but is clearly for a limited period or a single project. If the partners in a joint venture repeat the activity‚ they will be recognized as an ongoing partnership and will have to file as such‚ and distribute accumulated partnership assets upon dissolution of the entity. Advantages of a Partnership Partnerships are easy and inexpensive to establish. With more than one owner‚ there would be no difficulties
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Sample Test Questions‚ Final Exam‚ Fall 2003‚ Professor Isler True/False Indicate whether the sentence or statement is true or false. ____ 1. When an obvious clerical error exists in a written contract‚ the contract may not be enforceable. ____ 2. If the subject matter of a contract turns out to be more valuable than one of the parties believed it would be‚ that party can rescind the contract. ____ 3. A fraudulent contract may be enforced by the innocent party. ____ 4. An act of concealment
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CUNY – Queens College ACCT 757 – Taxation of Business Entities Professor: Steven J. Mandelkorn Student: Wang Fang Lei Sole Proprietorships? Partnerships? LLC? S or C Corporations? Which One is the Best Solution? A few years ago‚ my husband sets up his own computer company‚ focus on providing computer services to customer. Before he starts doing the business‚ we went to a CPA firm to get a license to legally set up the new company. After collecting some basic information of our business‚ the
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Negotiable Instruments Act‚ 1881 : Negotiable instruments – Parties to a negotiable instrument – Material alteration – Crossing of cheques – Endorsement Payment and collection of cheques Indian Partnership Act‚ 1932 : Meaning and test of partnership – Registration of firms – Relations of partners – dissolution of firms Arbitration Act‚ 1940 : Arbitration – Arbitration without intervention of court – Arbitration in suits Carriage of Goods : Classification of Common Carriers – Rights duties and
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1. Partnership is the relation which subsists between persons carrying on a business in common with a view of profit‚ under s3 of the Partnership Ordinance (“PO”). Partnership Agreement Partnership agreement is essential for the partnership. An oral agreement is sufficient to create a partnership however it is advisable for the partnership be in a form of written agreement. S26 of the PO implies the rights of the partners and it can be regarded as a sample partnership agreement. They are: (1)
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liable for under contractual agreements with creditors. As his debts are substantial at $170000‚ suing would probably make him bankrupt as the car and Rolex watch (his assets) would most likely not cover this amount. This would result in the dissolution of the sole proprietorship and he would have to reapply to the High Court or the official assignee to allow him to continue his business. He would have to find other means of earning money to repay creditors. Creditors can also apply for a garnishee
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