Study Questions (15.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. What is liability‚ and what does it mean to have personal liability for a company? (0.5 points) Liability is the authorized word for being alleged responsible as well as compelled to complete a commitment. If you attain a personal liability for a company‚ this means that you can be held personally responsible for your company; including financial obligation as well as illegal
Premium Limited liability company Corporation Types of companies
Nothing feels more discouraging and even frightening to get a call from a debt collector. This holds especially true if you own a business that’s about to go into collections. However‚ you don’t have to be at the mercy of the debt collection companies. Here are four steps you can take to help you stay out of debt and out of collections. 1. Have an Emergency Fund Dave Ramsey‚ one of America’s most respected financial advisors‚ tells the readers of his book “Total Money Makeover” that they need to
Premium Corporation Management Money
The term CSR could lead to an understanding that only companies or enterprises could actually apply the CSR principles in their business. For example‚ the definition of the corporation itself could vary in different English speaking countries as according to the dictionary of American English‚ the word corporation is most often used to describe large business corporations. In British English and in the Commonwealth countries‚ the term company is more widely used to describe the same sort of entity
Premium Corporation Types of business entity Legal entities
greatest quality. This business will also allow us to offer a valuable part of Kentucky’s history into our customer’s homes. I have chosen a Limited Liability Company (LLC) as the entity of my business. I chose this type of business entity for all of its advantages. Limited Liability Companies get the best of a partnership and a corporation. Like a partnership‚ members can enjoy the benefits of receiving profits in excess of their individual ownership percentage. This entity allows for an unlimited
Premium Corporation Types of business entity Limited liability company
and their four sons in Arlington‚ 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
Premium Limited liability company Corporation Finance
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 to emerging
Premium Alternative dispute resolution Franchising Corporation
its fast growth has] led to cash flow and capacity problems” (Ross‚ Westerfield & Jordan‚ 2013‚ p. 18). What follows is information on “the advantages and disadvantages of changing the company’s organization from a sole proprietorship to an [limited liability company] as well as “the advantages and disadvantages of changing the [company’s current form of business organization] to a corporation” (Ross‚ Westerfield & Jordan‚ 2013‚ p. 18). In addition‚ the McGee’s have asked me for my recommendation
Premium Corporation Business law Legal entities
Canadian provinces including Alberta‚ British Columbia‚ Manitoba‚ Ontario and Quebec. Five Guys Holdings‚ LLC started expanding rapidly through franchising in 2002. Five Guys Holdings is owned by the Murrell family. Five Guys Enterprises is a limited liability company (LLC). This is the newest type of business in growing economy and till this day it is still evolving. When you form your business into an LLC‚ it is similar to forming a corporation. The same as corporations‚ LLC’s have to file a document
Premium Franchising Limited liability company Corporation
is the amount a business earns over and above what it spends for salaries and other expenses. A. Profit B. Revenue C. Interest D. Dividends 3. A business incurs a ___________ if its costs and expenses exceed its revenues. A. loss B. liability C. debit D. dividend 4. __________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable. A. Depreciation B. Risk C. Fallibility D. Redundancy 5. The total amount of money
Premium Economics Sole proprietorship Corporation
2. A search of Mr. Mike McBride’s locker located at the companies on site fitness center is permissible. First and foremost‚ the instigation of the search is being conducted on reasonable suspicion. In Alabama v. White the court stated that “reasonable suspicion can arise from information that is less reliable than that required to show probable cause.” (Rutledge‚ 2011) This reasonable suspicion is based on the various comments Mr. McBride made during his exit interview. Secondly‚ Greenwood Company
Premium Corporation Law Legal entities