Billy Houston, a sole proprietor doing business as Houston Auto Sales (Houston). In connection with each purchase Houston executed and delivered to Wiley, Tate & Irby a negotiable instrument drawn on the defendant, Peoples Bank & Trust Company of Tupelo, Mississippi (Payor Bank). Upon delivery of each negotiable instrument, the respective automobiles sold were at once turned over to Houston. All transactions were consummated at Wiley, Tate & Irby's place of business in Milan, Tennessee. 3 In each
Words: 637 - Pages: 3
At your request, I have evaluated your concerns and have reviewed your options regarding a business organization change for Lamond Manufacturing. The types of business organizations I considered during my evaluation were a sole proprietorship, which provides autonomy and ease in creation, but is risky because of unlimited liability. The general partnership, which allows owners the opportunity to do business together, however, it carries the same unlimited liability as the sole proprietorship. The
Words: 452 - Pages: 2
I have also recorded any extra information that did not coincide with the Amenities chart. For instance, signage at the park included that which prohibited motorized vehicles. Also, there was no apparent commercialization at the park. The park has two areas of entrance from residential streets (Forestwalk Circle and Cree Crescent) as well as from the main road itself. Dogs are allowed, but the park is not least free. The park and Community Centre themselves are adjacent to both an elementary
Words: 781 - Pages: 4
expensive business form to set up. Advantages include low minimal legal fees to obtain proper licenses or permits, easier tax preparation with lower tax rates, and since it only has one owner that owner has complete control in the decision making for the business. Sole proprietorship does not go without its disadvantages. Disadvantages include the challenge to raise money for business growth, unlimited personal liability, and the heavy sole responsibility for the success or failure of the business. •
Words: 2571 - Pages: 11
Legal Forms of Business Consider each of the following 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 today business world entrepreneurs are presented with many forms of business organization to choose from to conduct
Words: 1587 - Pages: 7
LIT Task 2 LIT Task 2 The Family and Medical Leave Act (FMLA) of 1993 is a federal law to provide employees time off of work for due to medical and family reasons. Reasons include: the birth or adoption of a child, an employee’s grave medical condition which prevents the employee from doing his/her job, or attending to the serious medical condition of a child, parent, or spouse. This leave is unpaid and requires employees to have been employed with the employer for at least one year. The
Words: 603 - Pages: 3
Business is the profitable activity in which the owner provides products or service to the customers in order to get profit. The main aim of the business is to make profit. The wrong decision on selecting the ownership affects the over all performance of the business. The business run by the one in order to take risk and profit is called the sole-proprietorship. The second form of the ownership is partnership which include more than two business partner in the firm. Corporation is the third form
Words: 342 - Pages: 2
People tend to choose a type of business off of what they feel or who they are working with. These forms are what guide someone into being successful or not. These forms are the most traditional ways of our economy. Throughout this paper I will be expressing each major form of business with their advantages and disadvantages. A sole proprietorship is defined as a structure of business organization that is simple to set up and allows you to have control over the business, which is ideal for small owner-operated
Words: 464 - Pages: 2
decided to open a kiosk business in my estate selling potatoes. I therefore have to decide under what legal form to register my business after a careful consideration of the different pros and cons and finally identify what would make up the supply chain of my business. Background information There are a range of legal structures associated with different forms of business: 1. Sole trader businesses are the easiest to set up because there is no complex paperwork. The business and the owner are the
Words: 1921 - Pages: 8
Forms of Business Ownership Characteristics Sole Proprietorship: The business and the owner are the same entity; there is no distinction between the two. It is very easy to start-up. It can be difficult to raise working capital. • Liability – The business owner is fully liable for all business debts. • Income Taxes – All profits or losses are passed through the business to the business owner. The business owner reports profits or losses on their individual income tax reports. The business
Words: 1827 - Pages: 8
