When deciding to go into business for oneself, it takes a great deal of time, thought, and risk. Becoming an entrepreneur is not a simple task. One of the most important decisions an entrepreneur must make is deciding what type of business he or she wants to open. Throughout this paper, I will discuss seven business types; sole proprietorship, partnership, limited liability partnership, Limited Liability Company, S corporation, franchise, and corporation, and will give a scenario for each. In
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owner makes 100% of decisions • simplest to set up • least costly to operate • simple tax return | • personally liable for any debt/law suit • limited to personal resources if seeking to expand • limited by skills sets of owner | • a small dry cleaner • small restaurant | If you chose this option, it could limit the amount of money available to the business as it would all come from you and your spouse. | | | | | | | | | | | | | | | | Partnership | • pools financial resources
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Business Organization Checkpoint Lisset Navarro BUS/210 05/18/2012 Judd Shaffer The most common forms of business organizations are: * Joint-stock company (JSC), which refers to a type of corporation or partnership that involves two or more individuals who own shares of stock in a company. In a JSC, shareholders are free to transfer their ownership interest at any time by selling their shareholding to others. Moreover, in a JSC company, the stockholders have unlimited liability, meaning
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report) Forms of Business Organizations SOLE PROPRIETORSHIP A sole proprietorship is an unincorporated business entity owned by one person. A sole proprietorship is the most common form of business today. · Liability: This is one of the largest disadvantages of a sole proprietorship. There is no distinction made under law between the proprietor and the proprietorship therefore the proprietor is one hundred percent liable. In the event that the business flops or is sued the business and personal
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Business Organization • Kenya L Allen Course# BUS/210 2/3/2012 Dana LA Fleur My entertainment company, Kytepromotions, pays fines for every little violation for every little incident. Since I
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sole proprietorship and general partnership. A sole proprietor business is owned by one individual. A sole proprietorship business is the most common form of business and has many benefits. This type of business is easy setup, does not require large amounts of capital, and allows the single owner full management of decisions concerning the business. The proprietor receives all business’s profits and can easily transfer or sell the business if desired. The liabilities and risks of sole proprietorship
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and require employees to take time off from his or her job. To take time off work an employee must be eligible to take such leave whether it is sick time, vacation time, comp time, or FMLA. “The Family and Medical Leave Act (FMLA) is the principal law governing the provision of leave to employees for parental and medical reasons” (Walsh, 2007, p. 312). Employees are entitled to FMLA leave when the following criteria are met: the employee has worked for the employer for at least 12 months before
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Family and Medical Leave Act Law Ethics and Corporate Governance Executive Summary When most employees think of benefits, the first thing that comes into mind is vacation days, personal days, and bonus. The Family Medical Leave Act is another benefit that is not very common, but is accessible if an employee is working for a company that employs over 50 employees within 75 miles from the worksite. It offers employees the benefit to take up to 12 weeks (26 weeks
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forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. Develop scenarios in which each of these forms of business would be the preferred form. For each scenario, justify why the corresponding business form is preferred. In business world the first decision that is made is usually the most difficult. When making business investment decisions, the owner must decide what types of business organization
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Task 310.12 Sole Proprietorship A sole proprietorship is an unincorporated business with a single owner that deals with personal income tax from profits of the business. A key disadvantage of a sole proprietorship as an organizational form is that it does not create another legal entity, making the sole proprietor responsible for all debts incurred. A key advantage to becoming a sole proprietor is startup is usually easy and all the profits that are incurred by a single owner (“Sole Proprietorship
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