traders. Sole proprietorship is a business owned by a single owner‚ all the profit of the business will be owned by the owner himself and the owner also is responsible for all the losses incurred by the business. This a simplest form of business entity and is easily setting up and have lower cost. The disadvantage of this organisation is that the financial resources are limited. Example of sole proprietorship is the grocery stores nearby our house. Question 1 (b) cont. The second type of
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partnerships‚ the corporation did not exist at common law; it is a form of business organization that owes its existence to statutes in all states that provide guidelines for its creation and management. Unlike a partnership‚ the corporation is a legal entity in the eyes of the law—an artificial person that enjoys an existence apart from the individuals who own or manage it.” For the people that wants to be a corporation they like that the company becomes a person that can hold the lability of debts
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well as a justification as to why that type of business is preferred. Business Type‚ Scenarios‚ & Justifications Sole Proprietorship is the simplest form of business (Cheeseman‚ 2010‚ p. 530). An owner and the business are considered one entity in a sole proprietorship. “Sole proprietorships are the most common form of business organization in the United States” (Cheeseman‚ 2010‚ 530). These are the smaller businesses which are and will slowly and surely become nonexistent due to the bigger
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Running head: SMALL BUSINESS IDEA PAPER 1 Small Business Idea Paper Napoleon Melton‚ Jr. ACC/561 September 5‚ 2011 James Sullivan SMALL BUSINESS IDEA PAPER 2 Small Business Idea Paper Establishing a small business requires the cultivation of a business idea to a business plan that successfully outlines its unique product or service‚ the rationale for choosing the business organization in particular for the unique product or service‚ and the financial statements & implications associated
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Proprietorships‚ which are not incorporated‚ and includes independent contractors‚ consultants‚ or freelancers. A corporation‚ which is incorporated‚ and has every form of business besides the sole proprietor‚ who is considered a separate entity and this often provides a measure of legal and financial protection for the
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What’s Your Form of Business? Shannon E. Thomas Everest University Composition II What’s Your Form of Business? When opening a business‚ establishing new products or bursting into new markets‚ you will have choices to make. The choices you decide upon are all determined by the information you collect. The more familiar you are about the options you have‚ the better your choices will be when you venture into the business market. One of the best investments you can make before jumping into entrepreneurship
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Types of Business Organisations When we start to define a company it can be defined as generally a form of business organisation. In the legal field‚ a company is specifically a corporation‚ or less commonly‚ an association‚ partnership or union that carries on a commercial or industrial enterprise. Generally a company may be a corporation‚ partnership‚ association‚ joint stock company‚ trust‚ fund or organised group of persons‚ whether incorporated or not and (in an official capacity) any
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Business Entities‚ Laws‚ and Regulations Paper Tia London-White BUS 415 May 23‚ 2011 Pamela Weddell Business Entities‚ Laws‚ and Regulations Paper Extermination Business: The best business entity for Frank would be a franchise. A franchise is established when a franchisor‚ Frank‚ licenses another party to use their trade name‚ trademarks‚ commercial symbols‚ patents‚ copyrights‚ and other property while supplying and selling their goods and services (Cheeseman‚ 2011). Frank should enter
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Unit 1: Individual Project Heather Stowe AIU Online Abstract This paper is about an inventor who is trying to start up their own business but does not have the financial stability nor the management skills to keep the business afloat. They also need to decide which type of ownership will best fit their business: Sole Proprietorship‚ Partnership or Corporation. Unit 1: Individual Project Becoming a successful inventor is no easy task. It takes hard work coming up with and designing the
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1 LITI Task 1 Business Organizations Sole Proprietorship A sole proprietorship is owned by one person that runs the business. No formalities are necessary since the business is not owned by anyone else. There are some advantages and disadvantages of owning a sole proprietorship. One advantage is that the business can be closed down at any time and any financial obligations can be paid off. Another advantage is that the business has no boss‚ partner‚ or board of directors to answer to. One
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