Content……………………………………………………………………………… 3.1 Accounting Equation…………………………………………………………… 3.2 Profit Determination……………………………………………………………. 3.3 Accounting Cycle………………………………………………………………. 3.4 Users of Accounting Information………………………………………………. 3.5 Type of Business in Malaysia………………………………………………….. 3.6 Financial Statements……………………………………………………………. 4. Conclusion…………………………………………………………………………... Reference………………………………………………………………………………… Semester:________________
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Types of Business Business is any activity that seeks to provide goods and services to others while operating at a profit. Business is the solution of how to get money‚ although business can be very risky. Anyone in the world can open a business‚ but there are some steps before deciding how would they structure their business. They will need to know their options. There are many ways to organize a business; the five most common ways are sole proprietorship‚ partnership‚ limited partnership‚ Limited
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most common type of business in the United States. It is formed when a person starts a business‚ but does not register it as a corporation‚ or a limited liability company. Most contractors‚ consultants‚ and home businesses operate under this form of business. Sole proprietorships are easy to form‚ and provide the owner with total control over the business. All of the profits belong to the owner‚ because the business and the owner are one and the same. Taxes are easier with this type of business
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The owner is completely liable for all legal actions and can be sued directly. Income Taxes – The Sole Proprietor is a highly taxed form of business‚ for the individual‚ with few tax breaks and fewer deductions allowed when comparing other business types or formations. Business income is taxed only one time and is reported on a personal tax form. Washington State‚ where I live‚ has no state income tax but the proprietor must still pay Federal income tax on the profits. Continuity/Longevity – The business
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run only by the owner of the company. All decisions are made solely by the owner without the need to have legal consultation. The business only needs to register the business name with the government if the owner choses to use a business name rather than his/her personal name. Liability- All liability is held with the business owner. Sole proprietorship has unlimited liability and the owner will be held responsible in all levels including‚ financially. Because this type of business is funded by the
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1a when considering setting up an organisation there are a number of factors that should be considered. Depending on these factors will determine how your business will be set up‚ the three main types of business being Sole Traders‚ Partnerships and Limited Companies. Sole Proprietors - This business is wholly owned by one person only and will usually be financed personally by the owner. As the business grows‚ the owner can employ personnel for different functions. Advantages
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behalf of the owners. It may also require the involvement of partners who are prepared to contribute some of the financing. The forms of business organisations in which more than one owner is involved may be a partnership‚ a close corporation or a company. FORMS OF BUSINESS ORGANISATION The advantages and disadvantages of the various forms of business organisations 1. The Sole Proprietorship The sole proprietorship is sometimes also referred to as the "one-person
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Kessel Acct 561 Small Business Idea Paper Week 2 12/24/2012 Small Business Idea Paper A business can create large sums of income for an entrepreneur or entrepreneurs. Most future business owners have an idea of what type of service or product to offer. Deciding the type of business organization to become can be a tough decision. Whether the it be a sole proprietorship‚ partnership‚ C- Corporation‚ S- Corporation‚ or a Limited Liability Corporation‚ there will be many factors to take into consideration
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questions should be answered after you have read Chapters 1 and 2. 1. GML is a public company. Its shares are listed for quotation on the ASX. What does it mean to say that a company is listed? Are all public companies listed on the ASX? See [¶1-120]‚ [¶1-140] and key terms [¶1-500] If a public company is listed on the ASX‚ members of the public can buy and sell securities (such as shares) issued by the company on the secondary market conducted by the ASX. People wishing to buy or sell securities
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make a wise decision about how to make his project a reality we look at three types of business‚ the sole proprietorship‚ general partnership and corporation‚ while considering the advantages and disadvantages. After looking thoroughly at these types of businesses‚ we try to make an informed decision in which type to recommend for the project‚ keeping in mind all the aspects of the persons “limitations”. These three types of businesses all have their advantages and disadvantages and based on those
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