Business Structure Advice Fin/571 September 21, 2015 William Stokes Business Structure Advice From: Hope Meeks Date: September 21, 2015 Subject: Business Structure Advice Dear John Owner, I am delighted to have the opportunity to provide you with information about the options available to you for starting a new business. I will begin with providing information on each structure along with the advantages and disadvantages of each type of business structure: the corporation, limited liability
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Comprehensive Statement Analysis Business organizations come in different forms, and although they all have financial gains and losses, not all have the same rules and regulations that need to be complied with when preparing financial statements. The Advantages and Disadvantages of the Different Forms of Business Organization Sole proprietorship is a business organization that is owned by one individual. The advantages to a sole proprietorship is that all profits go to the business-owner and that the owner
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BUSINESS STRUCTURES 1 Husniyah McNeill FIN/571 Professor Timothy Dreyer July 9, 2015 BUSINESS STRUCTURES 2 Business Structures A business entity is an entity that is comprised of a group of people organized for profitable
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Sole Proprietorship The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner. Formation The simplest
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From: RE: Business Options Date: September 27, 2015 _______________________________________________ Changing the way you structure your business can be a frightening endeavor. You have been operating as a Sole Proprietorship for quite some time now, but it appears you have outgrown that business type. You have expressed a need to scale the business as well as a concern for your own personal liability. With those concerns in mind as well as the current state of your business, I recommend
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Acme Fireworks Business Contracts The business contract is considered as the common legal transactions most business people get involved to ensure the activities run smoothly. When a person understands the contract law, he/she is good to create a sound business agreement. However, the agreement would be legally enforceable in case something bad happens. As the manager of Acme Fireworks, I was requested by the owner to determine which law between common law and the Uniform Commercial
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Business Law and Communications LIT1, Assignment 1 Your business is now currently operating as a Sole proprietorship. You and your business are one. Any income the business receives and expenses paid will flow in and out from you personally and will be reported as a Schedule C on your personal income taxes. As a sole proprietor you carry full responsibility and are 100% liable for the company. This means any debts you owe from your business if there are not adequate funds available from the business
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C-corporation e. S-corporation f. Limited liability company Sole Proprietorship: * Liability – can be held independently legally accountable for any business-related responsibilities. * Income taxes- sole proprietors reports all business income or losses on their individual income tax return -- IRS Form 1040, with Schedule C for small business * Longevity/ Continuity- Sole proprietorships only exist as long as the owner is alive or decides on their own that they want to close it. * Control-
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possession of the bailor’s goods. * Partnership: Each partner is an agent for each other partner How is an agency created? The relationship of principal and agent may be created by deed, by agreement in writing or orally, or by operation of law. * Agency may be created by express agreement:
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Enterprise, LLC is a small water purifying company doing business in Arizona. I am not a customer of Desert Rain Enterprise (DRE) but I have a connection to the company. DRE is owned by Daniel Westergaard, my father-in-law and his brother Thomas. They have a 50/50 partnership, with Thomas currently being the silent partner (Daniel Westergaard, personal communication, December 21, 2014). The Business Plan When asked what the business plan is, Daniel answered, “Well to make money of course”
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