LeBlanc‚ a student looking for summer employment‚ opened a bait shop in a small shed on a local fishing dock. For this case‚ I think the type of business here is Sole Proprietorship. Joseph LeBlanc a student looking for a summer employment and decides to open his own bait shop is a very big responsibility. If his business is Sole Proprietorship‚ it will benefit him in a lot of ways. He will be the boss of himself‚ which makes him getting all the profit and only very simple accounting will be needed in
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Intro To Business Student: ___________________________________________________________________________ 1. Any activity which seeks to earn a profit by providing a good or service is known as a(n): A. industry B. corporation C. business D. service 2. __________ 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
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that Sonic would have grown as large as it did today if it had remained a sole proprietorship? No they wouldn’t have lasted if they stayed as a Sole Proprietorship why or why not? The way Sonic has expanded it would have too much for a single owner to open up 3000 sonic stores to date. What were the advantages and disadvantages to Sonic of each form of business ownership? The advantage of the owner of Sonic been a Sole Proprietor would have been‚ being your own boss‚ having the creativity freedom
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to make any event‚ a truly memorable experience. Business Form: East Coast Catering is a LLC. The reason I selected this type of business is because most local catering businesses function as a Sole Proprietorship‚ because it is the easiest form of business to start and operate under. Sole Proprietorships leave the owner accountable to very high amounts of liability. LLC’s are easier to set up in comparison with a corporation and allows the business owner to experience fewer liabilities
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Outline KNOWLEDGE ON THE STEPS IN MAKING FINANCIAL STATEMENTS OF A SOLE PROPRIETORSHIP FORM OF BUSINESS: DOES IT MATTER? Thesis Statement: The knowledge on the steps in making financial statements greatly matters to the success of a sole proprietorship form of business. I. Introduction: Definition of sole proprietorship‚ forming a sole proprietorship‚ and thesis statement II. Financial statements of a sole proprietorship business A. Elements of financial statements 1. 4. Revenue
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incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. | | | | Sole proprietorships are subject to more regulations than corporations. | | | | In any type of partnership‚ every partner has the same rights‚ privileges‚ and liability exposure as every other partner. | | | | Sole proprietorships and partnerships generally have a tax advantage over many corporations‚ especially large ones. | | | | Corporations of all
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of the company‚ centralized and decentralized operations. This essay will describe that Zia Inc. is as private limited company‚ has centralized operations and has a flat hierarchal structure. Zia Inc. is a private limited company and is run by a sole proprietor‚ this company is a recycling company‚ which is recycling the used plastic bottles and thus encounters to be in the secondary sector of manufacturing goods. The company has thirty full-time employees‚ and is operating in Jebel Ali‚ Dubai
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BUSINESS ORGANIZATION Tutor Marked Assignment (TMA) Course Code : ECO-01 Assignment Code :ECO-01/TMA/2012-13 Total Marks: 100 Attempt all the questions 1. What are the essential requisites of an ideal form of business organization? Explain the criteria for the selection of the form of organization. (20) Solution:
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Chapter 1 Case The McGee Cake Company Q1: What are the advantages and disadvantages of changing the company organization from a sole proprietorship to an LLC? Since the company’s inception‚ the McGee’s have operated The McGee Cake Company as a sole proprietorship which has provided them with several key advantages. The first among these advantages is the relative ease with which the McGee’s likely experienced in starting their business where essentially they were only required
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ratios‚ the intentions of going public and a break even analysis. The sources of funding Portions Restaurant is operating as a sole proprietorship‚ as a sole proprietorship‚ the restaurant will have limited sources of funds. In a sole proprietorship the owner’s personal financial condition determines his or her credit standing. Additionally‚ sole proprietorships may have to pay higher interest rates on funds borrowed because they are considered large risks (Ferrell‚ 2010 p.147). Among the few
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