«Unitel» Limited Liability Company Content Page Introduction 2 Section A – External business environment 2 Political environment 2 Privatization Policy 2 Legal control and protection 2 Economical environment 3 Macroeconomics 3 Gross Domestic Production 3 Unemployment rate 4 Inflation rate 4 Currency Exchange rate 5 Taxes 5 Microeconomics 6 Market share 6 Socio-cultural environment 7 Population break-down 7 Technological environment 8 Section B – Internal organization
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VA. Named for the men in the family‚ the Murrells intended the restaurant to be financial security for their sons who were not interested in pursuing higher education. As such‚ the Murrell’s formed a LLC‚ a limited liability company for their restaurant. The LLC is of benefit to the company for a number of reasons: 1. Ownership Flexabiity Flexibility of ownership allowed several advantages to the family. First‚ Jerry‚ Janie‚ and their five sons are all able to hold membership in the LLC
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withdrawal of a partner unless the partnership agreement provides otherwise. Partnerships are relatively easy and inexpensive to form and require few ongoing formalities. LIMITED LIABILITY COMPANY: A limited liability company is a new and flexible business organization of one or more owners that offers the advantages of liability protection with the simplicity of a partnership‚ i.e. partners are not liable for business debts. Each partner reports business income on their individual tax return. LLCs
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Business Forms Worksheet There are seven forms of business: sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability Company (including the single member LLC)‚ S Corporation‚ Franchise‚ and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business
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LIT1 Task 310.1.2-01-06 Part A Sole Proprietorship: A sole proprietorship is owned by only one person. All profits and losses are the responsibility of the owner only. Liability – There is unlimited liability in a sole proprietorship. The owner is solely responsible for any debts that may occur. Income Taxes – The business files taxes as one single unit. Because profits are not shared‚ they are considered personal income to the sole proprietor. Longevity/Continuity – In a sole proprietorship
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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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a business. These types consist of sole proprietorships‚ partnerships‚ limited liability companies (LLC)‚ C corporations‚ and S corporations. When determining the type of structure to use‚ comparison of different factors such as liability to the owners‚ taxation‚ and management controls must be conducted. Sole Proprietorships The sole proprietorship has one owner that is completely liable for the actions of the company but has total control over all decisions. The profit or loss of the business
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18‚ 2013 Professor Natalie Brown Business Organization and ADR When starting a business as an entrepreneur involves the process of decision-making of several or one specific entity to assist with determining which type to form “such as‚” general‚ limited‚ cooperative‚ joint partnership‚ a franchise‚ or sole proprietorship. However‚ determining the type of business to create requires implementing the significant elements of an alternative dispute resolution programs “in order‚” to find equitable solutions
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proprietorship the owner is in business once the required licenses are obtained. While timeliness and cost effectiveness are advantages of this type of business formation‚ a significant disadvantage is that the owner assumes unlimited personal liability for any liabilities incurred by the business (Armstrong & Permenter‚ 2011). Another disadvantage is that because a proprietorship is not a separate entity the owner is responsible for all tax payments associated with the organization’s profits (Kubasek
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University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability company (including the single member LLC)‚ S Corporation‚ Franchise‚ and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file
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