LIT 1 Task 1 PART A Sole Proprietorship Sole Proprietorship is a business owned by one person, as distinguished from a partnership or Corporation. Sole proprietorship is a company, which is not registered with the state as a limited liability company or corporation. Some advantages of a sole proprietorship are that they have flexibility in operations. The sole proprietorship business is undertaken on a small scale. If any change is required in the operations, it is easy and quick to bring the
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Director Subject: Attendance and Leave Policy Date: November 29, 2012 Effective January 1, 2013 Harbor Shack will be implementing an attendance policy. Employee absences cost U.S companies millions of dollars annually, according to the Creative Business Resources. All employees are expected to arrive at work as scheduled; consequently this keeps the restaurant running smoothly. Failure of employees to report on time has caused tension among other employees and decreased productivity. Habitually
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Starting and managing a business takes motivation, determination, and aspiration. Possessing the desire and talent for such a task, and the business itself is extremely important when aiming for a successful outcome. Extensive research and planning will be a vital factor to consider in the decision of going to business for ones self. Other important components to take into context are the different forms of business organizations, the financial statements associated with those organizations, tax
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paper, a sole proprietorship is the smartest decision when starting this business. The inventor has a product that he thinks will succeed, but does not have the funding to really back his product. The economy also does not help his situation and the only way to get started is to start small and when the product hits and begins to sell, and then expand the business. There are three major business types and each with their own advantages and disadvantages. There is a
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The four main forms of business organizations namely sole proprietorship, partnership, C corporation, and S corporation have various advantages and disadvantages in terms of tax implications, legal status, financial obligations, and even set up time and compliance issues. A sole proprietorship is an individual based business. The advantages of sole proprietorship are various including the easiness to start and dissolve the company, the ability to have personal and complete control over the company
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Grade Received - "A" What are the three forms of a business organization? What are the advantages and disadvantages of each form? For a corporation, what is the overall goal of the financial manager? Do you agree with this goal? Why or why not? In this discussion I will attempt to discuss what the three forms of business organizations are and discuss what the advantages and disadvantages are for each form. I will then explain what the overall goal of a financial manager is when it comes
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Starting a business can be an exciting, yet overwhelming experience. Before you can launch your business venture, deciding the form of business organization will be one of the first things necessary. Some of these business organizations include; sole proprietors, corporations, and partnerships. With choosing which organization to go with one must consider consequences in lieu of legal issues, taxes, financial statements, and accounting practices. A new business venture will be summarized along with
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Herman did offer a threat of being unemployed if Tony decided to take the leave. Even if a biological parent didn’t have anything to do with the biological child, the child may take advantage of the Family and Medical Leave Act. The point is that the law does not make a distinction. The parent according to the Family and Medical Leave Act
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individuals engaged in a business without the benefit of associates or a corporate charter. Sole proprietorships have many strengths and weaknesses. One of the strengths for the widespread use of the sole proprietorship generally relate to the central theme of the business form’s simplicity: the sole proprietorship has no formal legal requirements for establishment. To establish a sole proprietorship, all an individual is required to do is to start conducting a business for profit. There are no annual
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Balewa Sample Roreita Walker Law and Ethics in the Business Environment July 23 2011 Explain if it matters that a parent literally had nothing
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