...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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...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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...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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...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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...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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...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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...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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...Communication 220 Final Review FORMAT 1) This is not a cumulative exam. It will cover only information not covered on Exam #1 and #2. 2) The exam will be 40 multiple choice and 10 T/F questions; each question will be worth 2 points 3) Bring two numbers 2 pencils. 4) If you are a student with a disability send me an email reminding me of the accommodations we discussed so that I can be sure to get your exam to its proper location. 5) You are welcome to attend my office hours this week to review your first or second exam. CONTENT 6) The exam questions will come predominantly from course lecture and the specific chapters and materials covered are listed on the second and third page of this document. a. If the material came directly from the text book it is not listed. If the lecture differed greatly from the text book the terms and concepts are clearly listed below. b. For the chapters reviewed in class you should use review all the terms listed in the key concepts at the end of the chapter. If there is ever a conflict between the lecture and the book, defer to the lecture. 7) You should be able to define and explain all the key terms. 8) You should be able to put concepts and theories into conversation with one another and recognize the differences and similarities between them. 9) You should be able to apply a course concept of theory to a practical example. 10) You should know what scholar created...
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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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...a new business endeavor. The purpose of a feasibility study is to determine if a business opportunity is possible, practical and viable. When faced with a business opportunity, many optimistic people tend to focus on just the positive aspects. A feasibility study enables a realistic view at both the positive and negative aspects of the opportunity. A feasibility study is an important tool for making the right decisions. A wrong decision often leads to business failure. For example, only 50% of start-ups are still in business after 18 months and only 20% are in business after 5 years. Feasibility studies are useful when starting a new business or identifying a new opportunity for an existing business. Ideally, the feasibility study process involves making rational decisions about a number of enduring characteristics of a project, including: * Definition of the project; * Current market segmentation; * Projected growth in each market segment; * Current market offerings; * Customer profile(s); * Estimation of customers/revenues; * Determination of competitive differentiation and advantage(s); * Vision/mission statement; * Definition of proposed operations/management structure and management methods; and * Financing and projected cash flows * Definition of Industry Analysis * by Osmond Vitez, Demand Media * An industry analysis is a business function completed by business owners and other individuals to assess the current business environment...
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...Dissolution/Easily Transferable In this type of business owner can start up easy. It does not have to file any paper work as long as the business is under their own legal name. The personal responsibility of the owner is unlimited. The money that is needed is provided by the owner. If you need more money you cannot sell shares of stock or bring someone else in as a partner. You will have to borrow the money yourself. Since there are no legal formalities this type of business can be easily dissolved. It can also be transferred to another person without any restrictions. This type of business is based on life or death and good health of the sole owner. An example of this type of business is: Cathy’s house cleaning service/ Joe’s Tire Shop/Dave’s Custom Cuts Characteristics of General Partnership: Trust/ Money/ Responsibility/ Joint Contribution and Gain/ Mutual Ownership This type has more than one owner. Contributions made by partners include money, property, services, ideas and knowledge. Partners also share in the gains of the business dividing the Characteristics 3 profits according to their agreement. If the business has losses both partners are impacted. They both make business decisions and implied authority. Sometimes a managing partner is appointed for decision making. Some examples of this type of business are: Morgan and Morgan Law Office/ Doctor...
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...Introduction The following paper will identify the different types of business structures. The paper will demonstrate of how each type of business structure would benefit the business owner and some possible disadvantages to certain business structures. Each type of business structure can help the business partners by protecting them both legally and financially. Business founders want to get their business, up and running as soon as possible by starting a business without exploring the different types of business structures, a business owner loses the opportunity to protect themselves from certain tax issues and legal concerns, which can be avoided by structuring their business in certain ways. Starting your business The beginning of starting businesses is financial. You have to know what the steps are in order to develop your own business. The official business link to the US government, https://www.sba.gov/starting-business, provides free training and counseling services such as preparing a business plan and getting financing. By researching some and skill building, using the resources available on the government business link, the new proprietor will be prepared to meet the challenges associated starting a new business venture. Financial skills and management skills must be determined in a very realistic manner. A financial management section of the business plan should explain plans for funding the company and the initial amount of equity capital. Potential investors...
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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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...Types of Business Writing Dear Ms. Talbot, Our company would like to schedule a meeting with you to discuss the project that is currently on the drawing board. Your insight into this venture will be much appreciated. Mr. Boss would be honored if you can join him for lunch at the King Charles Hotel on River Street, this Wednesday, at 2:30pm. Also attending would be a Mr. Rory Webster who is our assistant manager. Please let me know if you are available and if the meeting would fit your busy schedule. If you do need to reschedule, that would not be a problem. Sincerely, Assisant. To: Dr. Melaine Dobler From: Assistant Re: Arrangements for Upcoming Seminar Date: May 5, 2009 The purpose of this memo is to inform you of the arrangements made for the upcoming departmental training seminar. The seminar has been arranged in the Golden Rose Hotel, which is located atXXXXX Nowhere, USA. A deluxe, non-smoking suite, number 345, has been pre-arranged for you at the hotel. The seminar’s participants have been informed of the location and of the fact that the hotel graciously offered a 15% to any guest of the seminar who wishes to stay overnight at the hotel before or after the seminar’s date. The hotel has also agreed to let us make use of their modern conference room, which includes a projection screen which is compatible with our laptop, making PowerPoint presentation possible. The conference room is large, and has a boardroom design, with thirty executive chairs...
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...solid: Is there a need? How significant is the need? How much competition currently exists in this space? How large is your potential customer base? Do you have a unique ability to provide this product/service? Do you have experience/passion in this area? Are there trends in the marketplace/industry that might make my produce/service more or less attractive going forward? Related: 6 Signs You're Ready to Declare Your Entrepreneurial Independence 2. Execution: How Well Can You Execute the Concept? While it’s great to have a solid business idea, it’s quite another thing to execute it well. Your idea about selling doggie teeth whitening might be a viable concept that the marketplace needs, but how well can you execute it? How do you manufacture the product? How well does it work? How easily is it applied? How do you market and deliver the product? These questions and others are critical issues to consider when contemplating how well your business idea scores on execution: How will you provide great customer service? What is the quality level of your product/service? How efficiently can you produce your product/service? What is your time to market? How is your product/service produced? Fulfilled? How easy/difficult is it to market the...
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