LIT1 Task 310.1.2-01-06 Part A: 1. Sole Proprietorship: a. Liability: The owner of sole proprietorship is responsible for all bills that involve the business from supplies to employees. Owner personal’s assets are attainable by creditors in case the sole proprietorship is unable to cover for the bills. b. Income Taxes: The owner would be considers as ordinary person income in which they are tax heavily. Sole proprietorship is unable to take advantage of the lower income
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INTRODUCTION It is essential for every business association to understand and have knowledge of all law and regulation of business before starting new business. If any organization does not meet the requirement or fails to fulfill the essentials of business law than, it becomes difficult for them to proceed in a successful manner (Aurther, 2013). The proper knowledge of business law would help the business to properly operate the business operations without having hindrance of ignorance. In this
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who wishes to start their own successful business, there are a lot of important factors to be considered in order for that to happen. The main factor is how the business is intended to be conducted, and characteristics such as liability, taxation, continuity, profit retention and sharing, and the conveniences and burdens associated with the business. It is important for a potential business owner or owners to be educated on the different types of business organizations and rules and regulations involved
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Forms of Business There are many forms of businesses, from the small business to the corporate business that are found all over the world. Each has its own unique properties, as well as some areas that are similar to all. In this paper, I will give scenarios of the following legal forms of business: sole proprietorship, limited liability partnership, Limited Liability Company, S corporation, franchise and corporate form. This paper will also discuss the justification as to why this business form
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Strayer University Creating, Financing, and Marketing a business . 5/27/12 Partnerships have many benefits, but they also can be maintained very easily. You do not have to register with your state and pay fees, as you do to establish a corporation or a (LLC). And with a partnership, filing income tax returns is relatively easy. Unlike a regular corporation, there is no need to file separate tax returns for the corporate entity and its owners. Another advantage of partnerships is
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New Idea…New Business Virginia Fincher AIU Online Abstract I have a great idea for a new kind of home appliance that, I believe, will meet the everyday needs of consumers. I have done some market research and now have to convince my husband that my idea is legitimate. I have to consider the different business types. The pros and cons of each type and make a decision on which business type would best suit my needs. Title of Paper
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starting a business is choosing a form of ownership. This section will lead you through your options and present the advantages and disadvantages of each (Hatten, 2006). When entrepreneurs establish a business, they must decide on the form of business ownership. There are different types of business ownership, and the type that is chosen can affect the profitability, risk, and value of the firm (Madura, 2004). Sole proprietorship, as the simple and easy to form type of business, is a business that
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Legal Forms of Business Paper 531kjm LAW531 January 1, 2010 Abstract This paper looks at the various legal form of business. Each form of business is better suited to certain uses, and in this paper each form is matched with suitable business ventures. The different forms of business being examined are partnership, limited liability company, sole proprietorship, limited liability partnership, franchise, s corporation, and corporate form. Legal Forms of Business Paper Sole proprietorship
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Part A There are many different types of business forms for your company to convert to. Below I will discuss the six types, their characteristics, advantages and disadvantages. I have concluded that there is one piece of generalized advice I can give for all of these types, and that is preparation for all owners involved, no matter the role. In the event of a death, or a decision to leave the business, you should make sure that at the forming of the business, that everything is in order for all parties
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the three ways a business is organized. In this report the one will get an overview of which business organization would be the right fit to ensure business success. All Four One, One Does None A product to put an end to all products, a product that any inventor would love to put on the shelves of as many stores as possible and immediately begin raking in the cash; just a dream I believe all inventors imagine. Too bad it’s not that simple. Making the decision of business organization is
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