Business Betty Wilson’s venture of opening a Christian Coffee House in Belmont‚ NC‚ presents her with abundant opportunities in selecting a business form. She is considering the following types of entities: 1) franchise‚ 2) sole proprietorship‚ 3) partnership of some sort‚ 4) corporation of some sort‚ 5) LLC‚ or 6) even as a joint venture. We will briefly explore each business option and give Betty concise recommendations as to what business form to pursue as well as what business partners to engage
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licenses. General Partnership: A business owned and operated by two or more people that share gains and losses. Liability – There is unlimited liability in a general partnership. The owners/partners are responsible for all profits and losses. If one partner is unable to pay a debt the other partners will be accountable to pay. Income Taxes – Taxed the same as a sole proprietorship. Each partner reports their earnings on their own personal income tax filing. The partnership itself is not taxed
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abilities to function continually. The state of origin joined with the type‚ scope‚ and form of business ultimately defines the standards by which a business will abide by. Looking at the various levels of responsibility dispersed to proprietors and partnerships aids in laying down the foundation for choosing the most applicable organization form recommended to graphically design and market a business. It has been said that knowledge is a powerful possession for one to have. Successful
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operating under a different name Convenience/Burden- Limited financial availability; family income disappears after death of owner; only one sharing the burden of running business General Partnership Liability- Partners share all profits but are completely liable for all debts associated with the partnership‚ just as one would with a sole proprietorship Income Taxes- Taxes are paid as personal income tax; similar to that of a sole proprietorship‚ income is split up per their agreement and then
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basic business structures; sole proprietorship‚ partnership‚ and corporations. (Parrino‚ Kidwell‚ & Bates‚ 2012) Each of these structures is advantageous in its own right. Sole Proprietorship Sole Proprietorships make up approximately 75% of all businesses in the United States‚ which can be attributed to many of their advantages. (Parrino‚ Kidwell‚ & Bates‚ 2012) This structure is very simple to start‚ has minimal regulation compared to a Partnership or Corporation. This structure requires less initial
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2. There was clearly no dissolution. The agreement provided that the partnership may only be terminated “by mutual agreement”. Hence‚ Morrissey’s unilateral action (resignation) is insufficient to dissolve the partnership: Moss v Elphick. Section 26 of the Partnership Act (“PA”) is applicable only when the partnership was silent on the duration of the partnership. In this instance‚ the agreement was for the partnership to enure for the joint lives of the parties (unless terminated by mutual agreement)
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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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is the Limit…If You Don’t Limit Partnerships The NFL is an American treasure. During the season‚ people of all races‚ political affiliations‚ and backgrounds come together to watch football. People have an unbelievable amount of pride in their favorite teams and everyone seems to have an opinion about the latest game or who the best players are. The NFL is for all Americans to enjoy and therefore‚ I think the best mobile strategy is to form non-exclusive partnerships with multiple wireless carriers
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Aphrodite is wrong in taking long lunch hours and making large withdrawals. If you are running a partnership business‚ each one of you must contribute one’s skills‚ knowledge and efforts in running the business to have a successful outcome. c) How might the partnership agreement be revised to accommodate the differences in Aphrodite’s and Venus’ s work and withdrawal habits? The partnership agreement might be revised based on each of the partner’s capital. If Venus puts in a lot of
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Income: from whatever sources derived Sec. 702(a)(8)- owners of partner and S corp – items subject to ord income treatment are lumped ‘S’-Corporation vs. Sole Proprietorships comparison: Note: 1 GI‚ Prop G/L‚ Prop Non-Recog‚ Sale and called 702 Income or loss. Recognized even if no cash is distributed. Accordingly‚ generally not (a) BOTH have single taxation; ‘S’ over Prop-(b)Liability shield except for personal profession of Business & Capital
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