it the most commonly used form of business enterprise. The distinctive characteristic of a sole proprietorship is that it is owned and managed by only one person. The sole proprietor has the ultimate responsibility and authority for all decisions affecting the business. In addition‚ sole proprietors are personally liable for all debts incurred by the business. In Bill’s Dry Cleaning‚ Bill sought the assistance of Nancy‚ a venture capitalist to fund his business. Bill accepted Nancy’s terms and as
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KEYWORDS: goal of firm‚ profit maximization‚ timing of cash flows 9. The sole proprietorship can be described as the absence of any legal business structure. ANSWER: True DIFFICULTY: Moderate KEYWORDS: sole proprietorship 10. In a general partnership‚ all partners have unlimited liability for the actions of any one partner when that partner is conducting business for the firm. ANSWER: True DIFFICULTY: Moderate
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Chaebol The “Chaebol” is native to Korea and is a unique form of a family-owned business conglomerate. The Chaebol has a centralised ownership structure where founding family members controls the business‚ where the chairman has power over all operations. Member firms are called Kyeyol and falls under the control of the central planning office‚ which is controlled by the chairman. Cross-equity holding by family members and complex systems of interlocking ownership of member firms enables control
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conflicts of interest policy mention that a conflict of interest arises when an employee’s clear judgement can be affected. b. Acceptance of gifts‚ favors‚ or excess services are considered a COI if the additional item is from a business that has dealings with tour business. c. Preforming any task of service that would differ from making a judgment against the interest of a given company. d. A COI may exist when one employee is directly supervising over another member of their family. e. No transactions
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its larger manufacturing plants. These comments were published together with the above information in mass media. Thus‚ the main business partners and suppliers of the company started doubting financial viability of Core-Tex. The company’s stock price fell. In my opinion‚ the best solution of this problem is a good PR campaign. Core-Tex needs to return trust of business partners‚ suppliers and the public. It is worth listening to advice of the vice-president for marketing and to stay ahead of the
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VICTORIA UNIVERSITY FACULTY OF BUSINESS SCHOOL OF LAW BLO 2205 CORPORATE LAW ASSIGNMENT Semester 1 2010 Melbourne Pty Ltd has one company secretary‚ Jill and four directors: William‚ Jack‚ Susan and Sarah. William is the managing director of the company while the rest of the directors are non executive directors of the company. Susan is an experienced business woman with other business interests and she is not involved in the running of the company. She leaves the running of the company
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or more persons desiring to form a limited partnership shall: (1) Sign and swear to a certificate‚ which shall state - (a) The name of the partnership‚ adding thereto the word "Limited"; (b) The character of the business; (c) The location of the principal place of business; (d) The name and place of residence of each member‚ general and limited partners being respectively designated; (e) The term for which the partnership is to exist; (f) The amount of cash and a description of and the
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SCHOOL OF BUSINESS MANAGEMENT BM 0003 PRINCIPLES OF ACCOUNTING 2013/14 Semester 1 In-Course Assessment (ICA) 1 - Show & Tell Project TOPIC: Business Entity Concept GROUP PROJECT REPORT Module Group: BM 0003 - AC (AF 1303) Student’s Name Student’s Admission Number KOH WEI YANG 133409 T COLLIN CHIA BOON SIANG 135999 K LEE CHEUK WAI NELSON 132007 H LEE WEI HAO 132618 K GOH WEI TING‚ CHARLENE 132558 T TABLE OF CONTENTS No. Content 1 2 3 Definition and Explanation of Business Entity Concept
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by the Securities and Exchange Commission. ARTICLE V. That the purpose for which said partnership is formed are as follows: 1. To conduct business related to graphics design and lay outing including business promotion and advertising; 2. To conduct photography and videography services for all occasions; and 3. To engage in business related to computer buying and selling as well as computer repair services. ARTICLE VI. That the capital of the partnership shall be six hundred
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Partnership Partnership is a long-term commitment to operate in business together. The people who own a partnership are called partners. They maintain one set of accounting records and share the profits and losses. Nature of Partnership 1. It is formed to make profits 2. It must obey the law as given in the Partnership Act 1890. If there is a limited partner‚ it must also comply with the Limited Partnership Act of 1907. 3. Normally there can be a minimum of two partners and a maximum of
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