PART A (the report) Sole Proprietorship: is an unincorporated business that is owned by one person, the sole proprietor. An advantage of a sole proprietorship is that there are very few formal requirements for the creation, operation, and termination of the business. The sole proprietor may employ as much or as little capital as he or she sees fit and run the business as they so desire. Additionally all the profits are those of the sole proprietor. With that stated, the losses are
Words: 3037 - Pages: 13
It also requires that employee's group health benefits be maintained during the leave. The FMLA is administered by the Employment Standards Administration's Wage and Hour Division within the U.S. Department of Labor.” (http://www.dol.gov/compliance/laws/comp-fmla.htm) Employee A did return to work after 11 weeks of approved FMLA which is within the time frame of acceptance and according to the family medical leave act there is no entitlement to lost wages; only that he may return back to work at
Words: 996 - Pages: 4
TUTORIAL 7 (online) LAW OF AGENCY 1. Describe the relationship of a principal and agent? An arrangement in which one entity legally appoints another to act on its behalf. 2. Can an employee be an agent and why? Can because the employee is negotiating with customers on principal’s behalf. 3. Is a sole distributor an agent and why? It is an agent because its role is to become the middle person in distributing products. 4. In what circumstances can a person be an agent of
Words: 371 - Pages: 2
Business Structures Betty Sanders FIN/571 August 18, 2014 Oscar Lewis Business Structures “Before starting a business, one has to decide which form of business entity to establish, the form of business determines which income tax return form one has to file. The most basic forms are to file. Sole proprietorship, partnership, Corporation, and Limited Liability Company (LLC) which is a new business structure allowed by state
Words: 376 - Pages: 2
There are two ways you can choose and insurance company either by enrolling the help of an Independent insurance agent or by scouting for the right company yourself. An Independent Agent is a small business owner who represents a number of insurance companies, different from agents employed by large insurance companies that employ agents to sell their products. They are the middlemen of insurance. Why use an independent Insurance Agent? One would wonder why in this digital age one would look for
Words: 774 - Pages: 4
1. What are some non-tax considerations that should be taken into account in determining whether to operate a business as a partnership or corporation? There are couple things other than tax that need to be considered before staring a business. In a partnership, the owners are personally liable for the partnership’s debt, which means if the assets within partnership could not satisfied, owners are responsible for the remaining balance. However, owners of a corporation are generally not liable for
Words: 828 - Pages: 4
have identified itself as a residence instead of a business, Mundelein would have had to pay GCB instead of Luis Dominguez. They would have committed fraud as a business and would have been liable to either pay GCB themselves or pay back Luis Dominguez as he should have noticed it was a business and not a residence at the time of hook up. 2. The global dimension. Because the Internet has made it possible for sole proprietorships to do business worldwide without greatly increasing their costs
Words: 912 - Pages: 4
compare and discuss different forms of business and their advantages and disadvantages. Following are the different type of business formed to conduct work: 1. Sole proprietorship. 2. Partnership. 3. Limited liability partnership. 4. Limited liability company. 5. S corporation. 6. Franchise. 7. Corporate. 1. Sole proprietorship, The sole proprietorship is a type of business entity that is owned and run by one individual. All the decisions of the business are made by that individual and there
Words: 1135 - Pages: 5
Anthony and Karen were partners doing business as the Petite Garment Company. Leroy owned a dye plant that did much of the processing for the company. Anthony and Karen decided to offer Leroy an interest in their company, in consideration for which Leroy would contribute his dye plant to the partnership. Leroy accepted the offer and was duly admitted as a partner. At the time he was admitted as a partner, Leroy did no know that the partnership was on the verge of insolvency. About three months after
Words: 312 - Pages: 2
Forms of Business Organization Forms of Business Organization Have you ever imagined who commences the required capital, takes the accountability of arranging assets and other resources, operates them into practice, and controls and coordinates the operation to earn desired profits? If you search around, you will find a manufacturing business owned and operated by a single individual, who executes all these operations. It is significant for business owner(s) and manager(s) to comprehend
Words: 2123 - Pages: 9
