goal of opening up my own day care center. Today, I have decided to turn that goal into a business finally with the support of my friends and family. However, I do need to obtain start-up capital from a lender or from an investor. My goal is to properly convince the lender or investor that opening up my own daycare center is more than just a dream and that I am very passionate about opening up this business and making it a very profitable one. I feel that I have a firm grasp of how to properly
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Running Head: LEGAL UNDERPINNINGS OF BUSINESS LAW Legal Underpinnings of Business Law BUS 670: Legal Environment Instructor: January 2, 2014 This assignment will fall on the presumption that I own a business, and it falls into one of the five different categories and company names as follows Tinker’s Home Security Service (sole proprietorship), Tinker & Tailor’s Home Security Service (general partnership), Tinker & Tailor’s Home Security Service (LP), Tinker & Tailor’s
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Case Study A: What concerns would you have about operating this business as a sole proprietorship if you were Stan? What alternative form of business organization would you recommend and why? In this case Stan is thinking about starting a toxic waste disposal business. He is considering operating this business as a sole proprietorship. Although this is a valid business organization it also carries numerous disadvantages, if not all aspects of the company are taken into account. I will explain
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In this case Jonathan who owns a sole proprietorship has transferred business assets of $1 million to a new corporation. He also transferred $325,000 of debt and adjusted basis of $200,000. Jonathan has no taxable gain or loss; he is justified in the extent that he is under section 351. The rule for section 351 is that no gain or loss should be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange
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Business Structures Jaleesa Thomas University of Phoenix FIN/571 June 30, 2014 Professor Eric Hohl Business Structures When starting a business one of the first steps involves selecting the structure of the company. The three most common structures are sole proprietorship, partnership, and corporation. Successful entrepreneurs sometimes start as sole proprietors and grow their business into a corporation. The key to determining which business structure is most suitable for a company’s
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proprietorship is a type of business where there is no legal distinction between the business and its owner. This is the most common form of doing business in the United States ( Terence Lau and Lisa Johnson, 2015) | Two Advantages | There are many advantages to this type of business. First it is easy to create a sole proprietorship. The entrepreneur in charge simply starts the business. Another advantage is autonomy. The owner is able to decide what they want to do with the business, concerning hours,
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for all debts accrued by the business. This means creditors are entitled to recoup and debts through business and personal assets. • Income taxes: A sole proprietor files their business taxes along with their personal taxes. Typically when filing taxes the form that is files is the 1040. The owner would just need to file a Schedule C form along with their 1040. • Longevity or continuity of the organization: In the event that the owner dies normally the business dies also. Unless the owner
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To: Business Owner From: Jared Williams, Executive Assistant to the President Date: October 31, 2014 Re: Potential Business Model Recommendation I have completed my review the information regarding your company and considered the pros and cons of the available models. It is my recommendation that you convert your Sole Proprietorship into a Limited Liability Company. LLC Details A limited liability company is a relatively new business model that combines the protection of a corporation
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he was previously at before he went on leave. The employee requested back pay, but was denied by the new manager. -Conclusion: Company X was in full compliance of FMLA law. Because the company employs over 75 people, and the associate was a fulltime employee for 2 years, he was entitled to the leave of absence under FMLA law. Company X also let the associate return to his previous job and paid him the same rate of pay he had when he left. However, under the provisions of the Family Medical
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expansion. Doing this simulation review it will show just how to go about making these changes to save money. I will explain as to why I choose what I did in this paper. The cost-cutting options I choose were changing the skill max and reducing agency staff. The reason as to why I choose changing the skill max is to allow the nurses to focus upon their more important tasks. Nurses do not need to be doing what another individual is capable of doing those people that do not have skills. Such as answering
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