...Proprietorship is a business entity owned and operated by one individual. This type of business organization is relatively inexpensive to start. The pros of the sole proprietorship are easy to start, the owner is able to retain his profits and the owner has sole control of business decisions. The cons of sole proprietorships are unlimited liability, limited financial resources, harder to get additional financial resources for example loans, limited growth, and limited life span. 1) The owner/operator is solely liable for the business and if the business is sued, the owner is liable for any and all judgments rendered. The owners personal assets are not protected. 2) The owner/operator reports the income taxes on their personal tax form. The owner is able to deduct business expenses. 3) The longevity of a sole proprietorship is not guaranteed. If no arrangements are made to continue business, business will not continue upon the death of the owner. “Sole Proprietorships are terminated upon the death of the proprietor. Until the business is assumed by a new owner the business remains a part of the deceased proprietor’s person’s estate.” (Bartschi, 2001, pg 21) 4) The owner/operator has total control over all the decisions that need to be made in regards to the business. 5) The owner/operator retains all profits. 6) If the owner or operator chooses to relocate his business, all he will need to do in the new location is fill out a new DBA (How to Move Your Business,LLC or Corporation...
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...An example of a Sole Proprietorship business in my town would be The Evans Barber and Salon. Their business is filed a single entity for tax liability purposes. As a company they are not registered with the state as a limited liability corporation or company. Being the owner they do not have to pay income tax separately for they only report income or loses or individual tax returns. Landscapers, housekeepers, and mom/pop stores are also examples of Sole Proprietorship. They also do not have to register with the state. Their income can be reported on their individual tax return, because they work alone. A partnership business example in my town would be the First Steps Daycare of Cuthbert Ga. The only daycare in town. A partnership is the type of business where multiple individuals, called general partners manage the business and are equally liable for its debts. Examples of other partnership are doctor offices, dental offices, and eye doctors. The partners in these offices that manage the business, they are equally liable for the debts incurred with that business. A Limited liability partnership is used by professional associations. The liability on the partner is limited to the amount he or she may have invested in the company. This action keeps each partner from being held accountable for their wrong doings of another partner in their partnership. Examples of limited liability partnerships are Baker Tilly Virchow Krause, Deloitte, and Ernst & Young. The examples listed...
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...main ecommerce business models, B2B (business to business), B2C (business to consumer), and C2C (consumer to consumer) and these three main models can combine other models which consist of merchant business model, advertising business model, affiliate business model, brokerage business model, information business model, and subscription business model. The B2C business model is a e-tailer business model, which is one of my chosen examples, entails virtual merchant, bricks and clicks, catalog merchant, and manufacturer direct, and as with any business models several can be combined for any business. My second example is a B2B business model that is an E-procurement business model which is a digital market that is a supplier exchange as in business to business or business to consumer through the internet. [ (Laudon, 2012) ]. The first business I chose to research in my project is Sears. Sears started with watches and then expanded to jewelry, later adding clothing, tools, electronics, appliances, and car service. After many years of operating as just Sears, they expanded their business by buying out Kmart; this caused them to have higher sales and a larger customer base. Sears is fourth largest retailer in the United States and Canada with over 4,000 retail stores and it leads in selling home appliances, tools, and lawn and garden, electronics, and car maintenance. Sears is a B2C (business to consumer) business model and an e-tailer (bricks and clicks) business model which have...
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...Types Of Business There are many different advantages and disadvantages of different types of ownership within the business sector. Before you start you’re new or expanded business plans. You need to explore all the options available to you. Will you be a Sole Proprietor or a Corporation or everything in between? The following report will examine six different business organizations in detail. Sole Proprietorship: is when the business is fully owned and managed by one person (others can be employed to help run the business) as the sole proprietorship only monetary income is from the business, you don't receive a paycheck. If you need money for living expenses, you take a draw. A Sole Proprietor, personal and business taxes are not separated. Therefore, your tax return will include business profit/ loss, as well as other personal income on your 1040. Also it's hard to raise capital to expand your business. These types of businesses are located in the small business sector and usually covering local areas. A few examples of sole proprietorship are barber shops, mechanic shops, hobby shops, plumbers, etc. Sole Proprietorship have unlimited liability, which means if the business fails, the owner is 100% responsible financially for all debts, it has occurred while open. Also his personal assets and possessions will be used to settle his responsibilities from his business. “A sole proprietorship avoids the expense of forming a partnership or corporation, and is the easiest...
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...Introduction to Business Unit 1 IP Tania Scott January 12, 2014 Abstract This paper takes a look at the different business types that a person can get into. The person has an invention that will make life easier. The paper goes through the legal aspects of a sole proprietorship, partnership and a corporation. Know these will help the person to determine which would be better for them. Sole proprietorship is easily and inexpensive to establish. The owner can do business in their own name. It carries little ongoing formalities. The sole proprietor does not need to pay unemployment tax on themselves. Owners can freely mix business or personal assets. These are some of the advantages of a sole proprietorship, now for the disadvantages. The owners are personal liable for the debts, losses and liabilities of the business. They cannot raise capital by selling interest in the business. The business rarely survives the death or incapacity of the owners and do not retain value. (http://www.entrepreneur.com/article/77798). A partnership is created when two or more persons engage in a business enterprise for profit. The advantages of a partnership are that is easily and inexpensive to start. They do not require meetings or few ongoing formalities. It offers favorable taxation to most smaller businesses. (http://www.entrepreneur.com/article/77980). They do not have to pay minimum taxes. The disadvantages are all owners are subject to unlimited personal liability for the debts...
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...Industry Agriculture & Forestry/Wildlife Business Type Extermination/Pest Control Farming(Animal Production) Farming(Crop Production) Fishing/Hunting Landscape Services Lawn care Services Other (Agriculture & Forestry/Wildlife) Consultant Employment Office Fundraisers Going out of Business Sales Marketing/Advertising Non Profit Organization Notary Public Online Business Other (Business & Information) Publishing Services Record Business Retail Sales Technology Services Telemarketing Travel Agency Video Production AC & Heating Architect Building Construction Building Inspection Concrete Manufacturing Contractor Engineering/Drafting Equipment Rental Other (Construction/Utilities/Contracting) Plumbing Remodeling Repair/Maintenance Child Care Services College/Universities Cosmetology School Elementary & Secondary Education GED Certification Other (Education) Private School Real Estate School Business & Information Construction/Utilities/Contracting Education Technical School Trade School Tutoring Services Vocational School Finance & Insurance Accountant Auditing Bank/Credit Union Bookkeeping Cash Advances Collection Agency Insurance Investor Other (Finance & Insurance) Pawn Brokers Tax Preparation Alcohol/Tobacco Sales Alcoholic Beverage Manufacturing Bakery Caterer Food/Beverage Manufacturing Grocery/Convenience Store(Gas Station) Grocery/Convenience Store(No Gas Station) Hotels/Motels(Casino) Hotels/Motels(No Casino) Mobile Food Services Other (Food & Hospitality)...
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...A business (company, enterprise or firm) is a legally recognized organization designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies. Most businesses are privately owned. A business is typically formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative enterprises and state-owned enterprises. Businesses can also be formed not-for-profit or be state-owned. Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has personal liability of the debts incurred by the business. Partnership: A partnership is a form of business in which two or more people operate for the common goal which is often making profit. In most forms of partnerships, each partner has personal liability of the debts incurred by the business. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships. Corporation: A corporation is either a limited or unlimited liability entity that has a separate legal personality from its members. A corporation can be organized for-profit or not-for-profit. A corporation is owned by multiple shareholders...
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...There are four different major business formation types. First I will discuss the sole proprietor formation, then the general and limited partnership, the corporation formation and then the limited liability company. I will focus on the main advantages and disadvantages of the formations and decide which one would be best for a design firm. A sole proprietorship is similar to a freelancer, in a sense that one person is the boss and has responsibility over everything. They are taxed similarly as well. One advantage is that the owner would receive all profits. On the other hand they are also responsible for all losses and debts. There are two types of partnerships. You have a general partnership where each partner is responsible for everything, good or bad. Then you have a limited partnership where the limited partner is there for investment purposes only. Having a general partner would be great for splitting the workload and finishing projects at a faster rate. But if one partner is being sued the company and the other partner is at risk as well. In a limited partnership there is usually just one general partner and it could be numerous limited partners. Limited partners basically make investments in exchange for a share of the profits from the design firm. Limited partnerships allow the general partner to run the firm without any interference. A corporation is a company or a group of people authorized to act as one. Corporations are separate legally from the people they...
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...Ownership Ownership is having control over a business/organisation and being able to dictate its functioning and operations. These businesses or organisations can be split into two main sectors either the public or the private sector. The public sector consists of non-profitable businesses/organisations such as charities. However, the private sector consists of profitable business/organisations in various forms such as sole traders, partnerships, franchises, private limited and public limited. Types of business in the Public sector Charitable Organisation Charitable organizations are a kind of business that fit within the nonprofit category meaning all profits are re-used in order to re-invest back into the business. In general, this type of entity is sometimes referred to as a charity or foundation, which can be run publicly or privately and has unlimited liability or in other words has full responsibility for the entire amount of debt and other liabilities combined by the organisation. Depending on the location of the charity, the legal definition of what creates a charitable organization may depend on its country of origin. Therefore, the tax which also applies to a charity will also depend upon the region or country in which the charitable organization is based or operates from. Being a business/organisation there are many advantages and disadvantages. The advantages of being a charitable organisation are that there are certain tax exemptions and tax reliefs for taxpayers...
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...Unit 1: The business environment Help sheet 1.1.1 P1 Describe the type of business, purpose and ownership of two contrasting businesses To achieve P1, you must complete Task sheet 1.1.1, a case study, as well as Worksheets 1.1.1 to 1.1.4. You must also write a detailed presentation about two organisations. • You must ensure that the two organisations chosen are very different. For example, a large plc, such as Tesco, and a charity, such as Save the Children. This will make it easier to compare the environments. • It is a good idea to choose organisations that you are interested in, but that also have a large amount of information available. Therefore, spend some time researching a few organisations that might be of interest to see which one will make this task the easiest. • The same organisations will be used for tasks other than P1 so look ahead in the assignment to make sure the information you will need is available. • Once you have chosen your organisations, you need to research them in order to be able to identify the type of businesses they are. You must identify which scale they operate at and what sector they operate in. Make sure you give evidence and reasoning to back up your decisions. • The purpose and ownership of a business can often be seen on its website. However, you may find a phone interview very useful for collecting all the information you need. This can then be used as evidence. Remember to reference your work when necessary. ...
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...businesses and how certain businesses differ. This will help to ensure that your own business is correctly labeled and that you can gain insight into basic overview of what business type you may want to follow. Types of Business The two main sectors are Public and Private sectors. Public Sector Within the Public sector are companies which are owned by the government, either by local or national government authorities. In recent years many Public sector companies have become Private Sector organisations. This has been done through the Stock markets and shareholders. Private Sector Within the Private sector businesses are owned by private individuals, these can be in the form of individuals running a business or as a firm. I will now elaborate further on the different types of forms this can take within the Private sector. These are outlined below. Sole Trader: A sole trader is a single person who runs a business, for example one person with a Jewelry business. This type of business has unlimited liability. Private Limited Companies: This type of company offers limited liability to its shareholders. It places certain legally on it shareholders on it ownership. These restrictions are set out and defined by law and regulations. The restrictions are in place to avoid any hostile takeovers. This restrictions are as follow; share holders must not sell or transfer their share of the business without first offering that share first to current shareholders, these shares...
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...Association of Development Agencies in Bangladesh * Associations * Animal Health * Ayurvadic & Herbal Products * Aerosol * Accounts & Audit Service * Agricultural Machineries & Equipment * Air Condition Project & Installation * Air Conditioner & Air Cooler Distributor & Service * Air Conditioning-Equipment & Parts * Anti Vibration Equipment * Arms & Ammunition * Airlines * Air Craft Spare Parts * Auto Cycle & Auto Rickshaw Accessories * Auto Gas Convertor Systems * Bus, Truck, Jeep, Car, Motorcycle Assembler * Beauty Parlour * Book Publishers, Distributors & Shops * Break Bulk Agent * Business Communication Services * Business Directory * Babies Wear * Baby Care Products * Bathroom Fittings * Bricks * Building Materials *...
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...Căn cứ Nghị định số 78/2015/NĐ-CP của Chính phủ: Về đăng ký doanh nghiệp Căn cứ Luật Doanh nghiệp 68/2014/QH13 1. Công ty trách nhiệm hữu hạn (TNHH) 2. Công ty cổ phần (CP) 3. Công ty hợp danh (HD) 4. Doanh nghiệp tư nhân (TN) Công ty trách nhiệm hữu hạn (TNHH) bao gồm: (Chương III – Mục 1 – Điều 47) Công ty TNHH 2 thành viên trở lên 1) Công ty TNHH 2 thành viên trở lên là doanh nghiệp, trong đó: a) Thành viên có thể là tổ chức, cá nhân; số lượng thành viên không vượt quá 50; b) Thành viên chịu trách nhiệm về các khoản nợ và nghĩa vụ tài sản khác của doanh nghiệp trong phạm vi số vốn đã góp vào doanh nghiệp, trừ trường hợp quy định tại khoản 4 Điều 48 của Luật này; c) Phần vốn góp của thành viên chỉ được chuyển nhượng theo quy định tại các điều 52, 53 và 54 của Luật này. 2) Công ty TNHH 2 thành viên trở lên không được quyền phát hành cổ phần. (Chương III – Mục 2 – Điều 73 ) Công ty TNHH 1 thành viên 1) Công ty TNHH 1 thành viên là doanh nghiệp do 1 tổ chức hoặc 1 cá nhân làm chủ sở hữu (sau đây gọi là chủ sở hữu công ty); chủ sở hữu công ty chịu trách nhiệm về các khoản nợ và nghĩa vụ tài sản khác của công ty trong phạm vi số vốn điều lệ của công ty. 2) Công ty TNHH 1 thành viên không được quyền phát hành cổ phần. Công ty cổ phần (chương V – Điều 110) 1) Công ty cổ phần là doanh nghiệp, trong đó: a. Vốn điều lệ được chia thành nhiều phần bằng nhau gọi là cổ...
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...Describe the different types of business ownership, linking this to the size and scale of four different organisations Sole Traders A Sole trader is person who owns a business of their own. Being a sole trader is the easiest way to start a business. If you become a sole trader you don't have to pay any registration fees, keeping records and accounts is simple, and you get keep all the profits. Advantages The owner has control of the business Cheap and easy to start up – few forms to fill in and to start trading the sole trader does not need to employ any specialist services, other than setting up a bank account and informing the tax offices. The owner keeps all of the profit The Business affairs are private competitors cannot see what you are earning, so they will know less about how the business works and how it succeeds. Disadvantages Sole traders have unlimited liability which means that if the business goes bankrupt then the debt will be payed off his/her possessions like car , house Sole traders have no one to discuss about their business decisions If the owner is ill or is on holiday then their is no one to takeover and run the business which means that the business will be closed until the owner comes back. Partnerships Partnerships have unlimited liability The registration of a partnership is not compulsory If a partner in the partnership wants to transfer his share then he can only do that with every other partners permission otherwise he can’t. ...
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...Type of Business Subway® The main activities of Subway® are that they sell mainly sandwiches to their customer to fulfil the customers need for food. The Subway® franchise began in the USA in 1965 and now has 32,774 outlets in 91 countries, also in most years 70% of new Subway® franchises are sold to existing Subway® owners. Subway® is owned in a private sector, as the business started as a partnership between Fred DeLuca & Dr. Peter Buck and they opened three stores before the Subway® outlet began franchising. Subway® what to make a profit, as when the business first opened it was so that Fred DeLuca could pay for his university tuition, and the partnership turn the business to a franchises so that others could succeed in their own business venture. The industry sector that Subway® is tertiary as they sell mainly sandwiches to people that use the business. Products Subway® has a low fat menu which is popular with customers all around the world, and Subway® allows their customers to add the ingredients that they what into their sub, also other product includes drinks & snacks. The subs, snacks & drinks can be combined together into one deal to give their customers a cheaper offer on their products. Purpose The reason that Subway® exist is that Fred DeLuca was looking for a way to make enough money to pay for his university tuition and the solution came at a BBQ during a conversation with a family friend, Dr. Peter Buck, who suggested to Fred that he open...
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