in an occupation or business distinct from that of the employer. If the work is done by a specialist without supervision, you have an independent contractor status. If the worker is employed for a short period of time, you have an independent contractor status. If the payment is made at the completion of the job, you have an independent contractor status. An independent contractor may require more skill than an employee. * Worker is engaged in an occupation or business distinct form that of
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responsibilities for running the business. Sole proprietors own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts. In the eyes of the law and the public, you are one in the same with the business. Advantages of a Sole Proprietorship: * Easiest and least expensive form of ownership to organize. * Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they
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Business Structures July 4, 2011 George Bray Business Structures Starting a new business can be an exciting yet challenging time. One of the important decisions new business owners have to make is, which business structure to use. The three business structures new owners typically chose from are sole proprietorship, partnership, and corporation. This paper will not cover a fourth type of business structure the limited liability company (LLC). Choosing the structure that fits best will
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automobile loans | | | | U.S. stocks | | | | short-term debt securities | | | | long-term bonds | | | | Points Received: | 6 of 6 | | Comments: | | | | 2. | Question : | Which of the following could explain why a business might choose to organize as a corporation rather than as a sole proprietorship or a partnership? | | | Student Answer: | | A. Corporations generally face fewer regulations. | | | | B. Corporations generally face lower taxes. | |
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Proprietorship BUS 311: Business Law 7 Jul 2014 Sole Proprietorship Upon the decision to start a new business, one must ask the question of what type of business entity they intend to initiate. According to Rodgers, Author of the book Essentials of Business Law, “One of the most fundamental decisions all businesspersons face in starting a business is how that business will be organized,” (2012). There are several deferent business entities to choose from. The business owner would have to weigh
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Introduction to Business Unit 1 IP Tania Scott January 12, 2014 Abstract This paper takes a look at the different business types that a person can get into. The person has an invention that will make life easier. The paper goes through the legal aspects of a sole proprietorship, partnership and a corporation. Know these will help the person to determine which would be better for them. Sole proprietorship is easily and inexpensive to establish. The owner can do business in their own name
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000400693 Ardoin LIT1 Task 310.1.5-02, 11, 13 Situation A: This situation consists of an employee who has been employed with a company for two consecutive years. This employee’s spouse recently gave birth prematurely to a set of twins. Based on these circumstances, the employee chose request a leave of absence from work, in which he was granted. The employee remained on leave for 11 weeks, at which time he requested to return to his previous role with his employer, and in addition he also requested
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summary of the financial balance of a sole proprietorship, a business partnership, a corporation or other business organisations such as an LLC or an LLP. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a snapshot of a company’s financial condition, the balance sheet is the only statement which applies to a single point in time of a business. A standard balance sheet has three main parts: • Assets
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LIT1: Task 310.1.2-01-06 Part A: Sole Proprietorship: is the most common business structure. The business is not a separate entity from the proprietor which makes autonomous. Liability - if you enter into a sole proprietorship, you have unlimited liabilities associated with your business. You will be liable to the full extent of your assets for any business liabilities. Income taxes - as a sole proprietor, when you file taxes, you would file it under your own personal income taxes. Sole proprietor
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Business Basics Apex Training Company As the sole proprietor of Apex, Martha has had the full responsibility of running all aspects of her company for the past six years. At the time of initial start up, the company was small and was easily managed by one person. Martha worked numerous hours as she developed her training company to structure a strategic plan that addressed her short and long term business goals. Martha, as the sole proprietor, did not have to share
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