proprietorship or sole proprietorship is a business operation in which one person or one entrepreneur owns or holds the business. It is one of the simple business operations because it gives full control of the business and it is simple to get started with and set up. This is perfect for small business that is just starting up, small stores like retail stores, hardware shop, retail shops , barber shops, repair shops or other small business. You own the business and you’re your own boss. Moving on
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Small Business Idea University of Phoenix Accounting Acc/561 Norsey Dorris June 27, 2012 The government has decided to kick start another program to release funds for small businesses across the country. This can be an exciting and overwhelming experience at once to start-up a new business, especially with the help of federal funding. To incorporate or not to incorporate, that is the question. There are many decisions to make once a business idea (hopefully a business plan has been
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Business Entity Matrix Blake M. Reimert LAW/531 Beverly Spencer October 1, 2012 Business Entity Matrix |BUSINESS |Formation |Control |Liability |Continuity |Taxation | |Entity | | | | | | |Partnership | A general partnership | Partners | Tort liability:
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ACC 561 Jared Jones Forms of Business Organization Introduction There are four ways that a business can organize itself. The owners and partners in this newly formed business may share in a variety of responsibilities and must decide which form their business should take on. The four basic ways a business can be organized is a sole proprietorship, partnership, C corporation and S corporation. There are a variety of advantages and disadvantages to each. When it comes to Tax implications
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Business Structure Business Structure Being your own boss or in other words owning your own business can have its advantages as well as its disadvantages. As an entrepreneur you are able to take control and direct the culture of your organization and determine what key factors will make your business successful and outdo the competition. The flexibility that you can establish is beneficial to being able to balance your work and personal life with family and friends; all while you are challenging
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individual. In this business, a single person makes all the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers from unlimited liability. The owner becomes liable personally for all the obligations and debts of the business. The second
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they should ensure that their behavior is ethical. Ultimately, the owners will only benefit if the business is operated within the legal and ethical limits. Q2. What is a limited partnership? Briefly explain what are the advantages and disadvantages of being a general partner and a limited partner. Suggested Solution: A Limited Partnership (LP) is a vehicle for doing business and is a subset of partnership. It is a partnership consisting of a minimum of two partners, with at
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BUSINESS STUDIES (CODE - 054) CLASS–XI (2013-14) One Paper Units Periods 100 Marks 3 Hours Marks Part A: Foundations of Business 1. 2. 3. 4. 5. 6. Nature and Purpose of Business Forms of Business Organisations Public, Private and Global Enterprises Business Services Emerging Modes of Business Social Responsibility of Business and Business Ethics } } } } } 22 26 22 22 12 16 120 20 18 12 50 Part B: Finance and Trade 7. 8. 9. 10. 11. Sources of Business Finance Small Business Internal Trade International
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world, it is imperative that entrepreneurs are well versed in business forms. Choosing the wrong form can prove to be disastrous. Below is a list of business forms that are in use today. Sole Proprietorship: Liability – A sole proprietor has unlimited liability. If insurance or business assets are not enough to cover company debts, the owner’s personal assets are accessible. Income Taxes – Legally, the sole proprietor and business and are viewed as one and taxed as such. This is pass-through
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DeWayne Carter, Jr. currently owns a tree cutting business that has roughly twenty employees, two of which work in the office full time. The business owns several trucks that are used in the operations of the business. Mr. Carter makes between $250,000 and $300,000 each year in net income from his tree cutting company. Presently, Mr. Carter’s business is operated as a sole proprietorship and is run on a day-to-day basis. Because the tree cutting business owned by Mr. Carter is a Sole Proprietorship
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