The various documents which are required to be produced for registration as a sole proprietor includes a signed declaration on an official letter head stating the bank details held for the business‚ PAN card‚ bank statements for the bank account registered in the Flipkart payment gateway‚ telephone or electricity bill in the name of the proprietorship firm or any other address proof signed by a recognized public authority. Private Limited Company Registering as
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business organization: Sole Proprietorship (Brooks‚ 2013) Partnership (Brooks‚ 2013) Corporation (Brooks‚ 2013) Sole Proprietorship is identified as the most popular and simplest form of an individually owned business (Brooks‚ 2013). There are multiple advantages of a proprietorship: Easy and inexpensive to establish Subject to less government regulations All functions and decisions of the business are administered by the single owner As a proprietorship‚ the main disadvantages
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Web Search Activity #1 1. What is finance? Finance is essentially any transaction where money or a money-like instrument is exchanged for money or a money-like instrument. (Lecture Notes) 2. What is a market? Name five types of markets in which you participate. What markets trade economic resources? Any organized effort where buyers and sellers freely exchange goods and services. Money Market‚ Stock Market‚ Flea Market‚ Real Estate Market‚ Retail Market. Labor Markets‚ Capital Market
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I Instructor: Mark A. Cohen October 30‚ 2014 Acme Fireworks Prospectus Acme Fireworks is a fireworks retailer that sells fireworks‚ puts on ground display fireworks‚ and large aerial displays fireworks. Acme Fireworks has been a sole proprietorship since it began two years ago. At this time the owner is receiving inquiries as to Acme Fireworks ability to create fireworks displays on a regular basis. CITATION Rog12 \l 1033 (Rogers‚ 2012). In anticipation of increased business
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four basic forms of a business are sole proprietorships‚ partnerships‚ c corporations and s corporations. Each of these forms has distinct advantages and disadvantages in relation to taxes‚ legal implications‚ accounting requirements and meeting the business’ objectives. Please refer to the illustration of these areas in the table below: ADVANTAGES DISADVANTAGES FINANCIAL FORMS SOLE PROPRIETORSHIP (Investor Guide. com‚ n.d.) and (All Business‚ n.d.) A sole proprietor has complete control
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Sole Proprietorship- A simple business where a single person owns the business and is personally responsible for any debts incurred. •LIABILITY-You are liable for payment of any debts incurred that cannot be paid for by the profits from the company. Also if you have personal debts that have gone to collections a creditor can be awarded business profits and or business assets to offset these debts. You are also liable for any injuries that may occur due to your company. •INCOME TAXES-The business
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Format: True/False Learning Objective: LO 1 Level of Difficulty: Easy 1. The financial manager is responsible for making decisions that are in the best interest of the firm’s owners. A) True B) False Ans: A Format: True/False Learning Objective: LO 1 Level of Difficulty: Easy 2. The demand for a potential business product‚ as well as the identification of what product or services is to be produced‚ are both contained in a business plan. A) True B) False Ans: A
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wealth for the shareholder. As long as the firm is keeping their shareholders’ wealth as high as they can‚ they know they are making sound decisions for the firm. (2) Identify the primary characteristics of a sole proprietorship‚ partnership‚ and corporation. A sole proprietorship is a business that is owned by one person. The owner maintains title to assets is responsible for any liabilities incurred. The proprietor is entitled to any profits from the business‚ but also takes any hits that
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Legal Issue A paper submitted in the course of Business Law BUS/415 University of Phoenix March 16‚ 2008 Introduction Agency Law in a Business Environment A principal is the party who employs another person to act on his or her behalf; an agent is a party who agrees to act on behalf of another. In order for the agent to successfully fulfill their tasks for their principal’s they have duties that they are expected to fulfill. The duty to obey instructions‚ to act with skill‚ loyalty‚
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Starting & Naming a 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
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