autonomy to make decisions on how to run the business i.e. having full control of the business and its resources with no interest rate needed. Using personal finance can jeopardise the financial standing of a business owner especially if he or she has limited funds, this is because a possible catastrophic financial losses could see bankrupt in hindsight. Based on the advantages and disadvantages above the following implications have become apparent. Since the business
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Accounting Basics Important Disclaimer Important Note: The text in this chapter is intended to clarify business-related concepts. It is not intended nor can it replace formal legal advice. Before taking any actions relating to your business, always consult your accountant or a business law/tax attorney. The Need for Accounting Every organization needs to maintain good records to track how much money they have, where it came from, and how they spend it. These records are maintained by using
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Central Michigan University College of Business Administration Department of Finance and Law BUSINESS LAW – Sp 2014 BLR 235, GRAWN 203 Section # 22241532: 8:00 – 9:15 Section # 22241533: 9:30 – 10:45 Section # 22241535: 11:00 - 12:15 BE RESPECTFUL OF OTHERS – DO NOT ARRIVE LATE OR LEAVE CLASS EARLY SEE BLACKBOARD@CMICH.EDU
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the concepts application. Objectives The goal 7, in chapter 5 introduces the concepts of the levels of corporate management, outlining what are the three main legal forms of business ownership and summarize the features of businesses owned by employees and families, as well as not-for profit organizations. Methodology/Concepts: definition Regardless of its size, every business is organized according to one of three categories of legal structure: sole proprietorship, partnership, or corporation
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daily basis products and appliances, the company will be under the name of EDLP "Everyday Low Price" LLC. The company will start with small capital around 280,000 AED and this clarify that this company's category is under small organization "Limited Liability Company" as Art 227. Memorandum of Association Drawing a memorandum of company must include the following: 1. Name clause Everyday Low Price "LLC" 2. Object clause * Satisfaction of customer needs * Maximize profit
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phrase limited liability mean in a corporate context? Owners’ liability is limited to the amount they invested in the firm. Stockholders are not responsible for any encumbrances of the firm; in particular, they cannot be required to pay back any debts incurred by the firm. 1-3. Which organization forms give their owners limited liability? Corporations and limited liability companies give owners limited liability. Limited partnerships provide limited liability for the limited partners
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Corporate and Business Law (Eng) ACCA Paper F4 Format of the Paper 10 compulsory questions each worth 10 marks consisting of: • 7 factual questions (knowledge) • 3 scenario based questions (application). Exam approach – scenario based questions • Follow ISAC approach: Identify the legal issues State the relevant law Apply the law Conclude Core Areas of Syllabus • • • • Essential elements of the legal system The law of obligations Employment law The formation and constitution of business
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corporation different from a public corporation? a. x A publicly held corporation has had an IPO, and has many private shareholders rather than being a corporation owned by a governmental entity. b. A publicly held corporation is entitled to limited liability, but the public corporation is not. c. A publicly held corporation must have a charitable purpose, but a public corporation need not have a charitable purpose d. They are two terms that have the same meaning. 2. If a corporation is properly
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PRINCIPLES OF ACCOUNTING Higher 2 (2016) (Syllabus 9755) CONTENTS Page INTRODUCTION 2 AIMS 2 ASSESSMENT OBJECTIVES 2 SPECIFICATION GRID 2 SCHEME OF ASSESSMENT 3 SYLLABUS OUTLINE 3 SYLLABUS CONTENT 5 SUMMARY OF COMMONLY USED RATIOS 15 RESOURCES 16 Singapore Examinations and Assessment Board MOE & UCLES 2014 1 9755 H2 PRINCIPLES OF ACCOUNTING (2016) INTRODUCTION Principles of Accounting aims to provide candidates with a foundation course in accounting at a breadth and depth
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best business entity taking into consideration control, taxation and liability issues. This business venture is small in nature but has high liability risk. People, alcohol, and sports mixed together can be volatile; therefore the business owners should consider a partnership that limits their own personal liability. A limited liability company combines the most favorable attributes of general partnerships, limited partnerships, and corporations (Cheeseman, 2010). The formation of an LLC requires
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