...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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...M1: Analyse different types of business information and their sources To: Directors of New Look From: Caitlin Woods Subject: Analysis of different types of information and sources in New Look The aim of this report to focus on how effective communication of New Look, through analysing the different types of business information and their sources. The sort of information I will be analysing will the verbal & written information and the internal & external information and I will including the benefits of all of these types of information. I will also be explaining why New Look as a company use these types of business information. New Look are very big company that was founded in Taunton 1969 who have now become a worldwide business with stores all over many different countries. They use many different types of information in order to provide great customer service, meet customer needs and satisfaction. However, not everything is about meeting the customer’s needs. Verbal & Written information is one of the major part of business information that New Look use in order to meet their goals and provide the best possible customer they can give. Verbal information which is verbally communicating through speak. It includes using your phones, voicemail, presentation, videos, meetings, interviews, radio, video call and face-to-face. Verbal information is very important for New Look as they don’t just use face-to-face with customers; they also use it with employees on...
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...Introduction In this assignment I will be analysing the different types of business information used at Apple inc. and where each information source comes from in their organisation. Verbal information Apple use verbal information. Verbal information is a way of communicating by saying or expressing your thoughts in to words for example by having a conversation with someone this is where verbal information is shown this is because they are speaking. An organisation has to use information verbally as they are selling products which means you have to be persuasive by using words through speech. They also use verbal information to communicate internally between staff and partners. This may be done face to face or even through the phone. Apple use verbal information to talk and communicate with customers in stores or even over the telephone. Verbal information is very essential in an organisation like Apple The main advantages or verbal information are: • Its quick and efficient • Quicker to give someone an understanding of something as you can explain in more detail • Easier to get point across • Quicker to get a reply There are many advantages but there are also disadvantages: • People easily forget as if someone was to tell them allot of information verbally they wouldn’t remember everything they have said • Lack of understanding, this may be from the persons speech or the way that they are talking The advantages of verbal information The advantage of verbal...
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...Task 1 (P1) To answer this task you will therefore need to interview the manager of a local business. This could be a firm that you work for, a shop that you visit regularly or even a family business. Your interview should find out the following: • The types of information they use with examples • The sources from which they get information • The purposes to which they put the information Different Types of information There is a different and wide variety of ways information can be used and sourced, and with an effective business person, they will research the information from a range of different sources before making that decision on which one their business should use. The types of information are: Verbal, written, onscreen, multi-media, and web based. Verbal information This type of information is based on a face-to face verbal communication and is considered the best way to communicate both internal and external. This means there is less scope for misunderstanding and it allows both verbal and non-verbal messages to go through. This is with the constraints of time and budgets in business, and it is not always possible or practical to meet the person, this is such as using telephone conversations, face time, that are also useful ways to communicate verbally, but it is still as important always to use a combination of methods. These ranges of verbal communications are huge as many businesses use this method for information, as speech enables complex ideas to be expressed...
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...Elona Gega 10175414 BTEC Level 3 Subsidiary Diploma in Business Unit 4 Business Communication Cornelius Ademule Task1: Explain the different types of business information, their sources and purpose. TESCO Introduction Business information is important to an organisation because it helps the business to grown and develops including the external information that is brought into the company to help their aims and purposes. Business information could be gathered through external and internal information Tesco PLC is a British multinational grocery and general merchandise retailer. As a big business it has its stakeholders. The communication is one of the most important things in the relationships between stakeholders. Communication needs to be effective in business. It is the essence of the business management. There are many categories of communication eg. oral, video, written, graphical, and multimedia used in a business information; sources would include department who provide the information, and the purpose of information. Category | Type of business information | Source(s) of information | Purpose of information | WrittenThis type of information could include emails, text, letter, memo, financial documents, etc.E.g. Notification for the next meeting, could be delivered through email. | The email could include information and details (date, time and topics) for the next meeting in Finance Department, about the prices and discounts. | Manager of Finance...
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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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...& Cons of the Different Legal Structures There are three main types of firms, which include: sole proprietorship, partnerships, and corporations. When starting a business, it is very important to weigh out the pros and cons of each type to decide which type would be best suit your particular business. Each type has its advantages and disadvantages that need to be considered before deciding which would be best moving forward. I will discuss the advantages, disadvantages, and differences of each type of firm. First, there is a sole proprietorship. “A sole proprietorship is someone who owns an unincorporated business by himself or herself.” (IRS.gov, 2016) This type of firm is the easiest to set up and the simplest of the business structures. It is by far the most popular because of its advantages. Some of these advantages include: ease of formation, least amount of record keeping, minimal regularly controls, and advantage of double taxation. With these great advantages comes a huge disadvantage, which is, there is no legal distinction between the assets and liabilities of the business and those of its owner. In a sole proprietorship you may reap all the reward from financial benefits, but you are solely responsible for all business risks involved. In a sole proprietorship if the business fails then that one individual stands to lose all personal assets and other possessions. The second type of business is a partnership. “A partnership is a single business where two or...
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...LIT 1 Task 1 PART A Sole Proprietorship Sole Proprietorship is a business owned by one person, as distinguished from a partnership or Corporation. Sole proprietorship is a company, which is not registered with the state as a limited liability company or corporation. Some advantages of a sole proprietorship are that they have flexibility in operations. The sole proprietorship business is undertaken on a small scale. If any change is required in the operations, it is easy and quick to bring the changes. Another advantage in this type is the ease of promptness in decision-making, autonomy. When the decision is to be taken by one person, it is guaranteed to be quick. Thus, the entrepreneur, as a sole proprietor, can arrive at quick decisions concerning the business because he does not have to ask anybody else. There is only one person that makes decisions, therefore, there is no other to criticize, or challenge a decision made. A third advantage is the simplicity of the business. Because of this, it is the most common type of business entity. The only difficulty of this business type is obtaining licenses and permits in the state of operation. If the business will be run under a different name than that of the individual who owns it, a separate special certificate must be filed. Sole Gain is seen as a highly ranked advantage because all revenue goes back to the single investor, the entrepreneur. There are no shareholders to declare dividends. The primary advantage for a...
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...three different types of partnerships discussed in this week’s reading assignment. The oldest and most common partnership is a general partnership which is when two or more people come together to start or carry-on a business as co-owner for profit. The second type is a limited partnership where there is both general partners and limited partners that break down to managers of the business and investors in the business. The final type of partnership is a Limited Liability Partnership (LLP) where no one is the manager or liable for the debts and obligations. With LLP all partners involved are limited, or investing partners. A corporation is a form of business organization in which the owner’s, or shareholders, are only liable to the extent of their capital contributions. When describing a corporation it is safe to say that it is a fictitious entity that can both sue and be sued under its own name. There are two different types of corporations classified as S Corporation which is those that elect to be taxed under Subchapter S and all others are classified as C Corporation. Thomas F. Goldman Henry R. Cheeseman The Paralegal Professional page 678 (2011). There are three different classifications of crimes depending on severity and type of crime committed determines whether it is a violation, misdemeanor, and felony. The three are similar in the fact that with all three there is the chance of imprisonment. Though they do have that in common these three are very different. The most...
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...Date Business operations Introduction Businesses can expand and originate from various entity types. Limited or general partnerships, corporation, sole proprietorship, nonprofit organizations, Limited Liability Company (LLC), and Limited Liability Partnership (LLP) may be a few examples of the styles available for business shareholders and owners to choose from in order to carry out their business operations. Each and every style may have its own gains and setbacks as regards taxation, liability and government regulations and laws. In a bid to answer your question, I might have to make use of two different business examples which comprise of different operation styles and guidelines. The two businesses include a bar business and professional practice and may be detailed on the basis of basic requirements necessary for successful business formation. I would also be keen at outlining the entity choice for each of these businesses as a way of providing advantages over the other. A detailed explanation of how each of the two scenarios controls the taxation, liability and business issues would also be in order. To add on that, the regulations, laws and potential risks that may be involved in every business style may be identified. Bar business The best business entity choice for Miriam, Lou and Jose in their business operation could be forming a Limited Partnership. Jose and Lou would then perform the role of general partners hence manage the operations of the business on a...
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...Report based on case study “ A successful business development”. Contents: 1. Types of business entity 2.1. Explanation of each entity 2.2. Advantages and disadvantages of each type of entity 2.3. Objectives of each entity 2. Stakeholders 3.4. Definition of stakeholder 3.5. List of stakeholders of each entity 3.6. Interest of each stakeholders 3. Organizational structure 4.7. Comparison of two structures presented in the case study 4. Human Resource Management 5.8. The role of HR within the structures presented in case study 5.9. Different methods of HR functions has been delivered of each type of entity 5. Reference 1. Types of business entity In the attached case study we have examples of following business entity: * Section 1: Sole trader * Section 2: Partnership * Section 3: Company: Private Limited Company * Section 4: Public Limited Company Sole trader: Sole trader is an individual who is run his own business. It is a self-employed person who bears risks and losses and takes the profits and the benefits. Partnership: Partnership is type of entity which is organized and managed by at least two people and where all profits and debts are share between the partners. Private limited Company: Private limited is type of business entity which is run and managed by shareholders who has limited liability and shares are exchange privately. There are restrictions define...
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...LEGAL, SOCIAL, AND ECONOMICAL ENVIRONMENT OF BUSINESS In the scenario I am an inventor of a product that has combined other products that are dangerous to use but very helpful. With this invention I see that in the future there will be many different ways to use my product in a safe manor just like the TV remote control. I have little skill in the business aspect of things and very little money to start off with. I am trying to figure out what type of business structure (Sole Proprietorship, Partnership, or Corporation) would best suit my needs and help my family out in the long run. To begin, sole proprietorship is a type of business that is the easiest to set-up, it’s all your own money, time and decision making. The business goes on your own tax return, to make it very simple. All the profits you would receive go straight to you and it would take the least amount of money to operate. However, all the liability lies on your shoulders. If the company gets sued due to bad quality products everything you own such as your house, car, or any other valuable assets could be taken away to pay the cost of the damages. An example of this business practice would be a small store or a restaurant. Partnership is a little different in the fact that there are 2 different types. One being general partnership where 2 or more partners contribute everything to the business, money, skills, time, and their effort. With this type each partner is personally liable for all debts of the...
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...for Partnerships There are different types of businesses sole proprietorships, partnerships, limited partnerships, limited liability partnerships, and corporations to name the most common. Along with the different types of partnerships there are also different kinds of accounting procedures that go along with the different types of businesses. Along with the different types of accounting procedures there are also different tax consequences. Partnerships are one of the more sought out type of businesses because of the tax breaks and depending on which type of partnership is formed the liability perks. A partnership begins when two or more people co-own a business and share both the profits and losses. The main contribution that each partner gives to the business is money but there are instances when there are other types of contributions such as ideas, equipment or property. The amount of personal liability that will be distributed to each partner depends on the type of partnership and the stipulations that are stated in the partnership agreement. The first type of a partnership is the general partnership which is as the name states general. The partners in this type of partnership share equal rights and responsibilities within the business. Liabilities are also shared and all partners can be held accountable for any of the liabilities. The downfall for this type of partnership is that if one of the partners does something that harms the business all of the partners are responsible...
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...1. Choose three companies and observe how employees do their tasks. These can be three different fast-food restaurants or three entirely different types of companies, such as a fast-food restaurant, a department store, or the emergency room of a hospital. Company 1 is a restaurant called Applebee’s®. The employees operate in a retail service type of environment. The employees are service oriented, as they wait upon their customers while they consume the company’s products, which is made to order food stuffs. There are several types of employees that work at Applebee’s®. The hostess greets and seats the customers. The waiters and waitresses take the customers orders, and serve the food after it is prepared, and also bring any amenities that are requested by the customer. The bartender prepares the drinks. The cooks prepare the customers orders. The managers coordinate all of the employee’s efforts to help facilitate an enjoyable experience for the customers. Company 2 is a tire store called Discount Tires®. The employees operate in a retail service type of environment. There are several types of employees that work at Discount Tires®. The desk clerk takes the customer’s order, and coordinates the schedule for the tire technicians to work from. The tire technicians remove old tires from the customer’s vehicles, and replace them with new tires that the customer has purchased. The shop manager coordinates the efforts of the desk clerk and the tire technicians...
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...Task 310.1.2-01-06 1. Sole Proprietorship - A sole proprietorship is any business that is owned and ran by the same individual. There is not a difference between the owner and the business. The owner IS the business. The advantages of this include the owner retaining all profits and being in direct control of all elements of the business. The disadvantages of this are that the owner is entirely responsible for debts, loans, losses, and this form of business cannot include a partner or co-owner. Liability: Since the owner IS the business, liability is unlimited for the owner. They are responsible for all debts. This also puts personal assets in line of creditors. A sole proprietor could get wiped out with one large personal lawsuit and lose everything. Income taxes: Taxes for the business are processed as the owner's personal business, which is usually higher compared to other business tax rates. Longevity: This is based on initial work done by the owner when the business is started. It can depend on how the owner finances the business. Typical funding for this type of business is just a personal loan. Control: Owner is 100% in control of everything with the business and does not have to consult with anyone else prior to making important decisions Profit retention: Since the owner retains 100% of the profits, the returns on investments can be whatever the owner wishes at any given time. The owner can retain an entires months profits for investment purposes...
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