One of the initial steps to take when beginning a business consist of choosing the structure of the company. There are numerous business structures existing to new business owners, from functioning as a partnership to creating a corporation. Each of the business structures has its individual legal and tax consequences. Your business objectives will have great influence on determining the most appropriate business structure to use. Sole Proprietorship Sole proprietors have limited formalities
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Legal Issues for Business Organizations – LIT1 Task 1 Legal Issues for Business Organizations – LIT1 Task 1 – Part A The way a business is organized is an important part of the business’s structure. “Different organizations provide different advantages and disadvantages in creation cost and simplicity, ongoing maintenance requirements, dissolution and continuity, fundraising, managerial control, public ownership, tax planning, and limited liability.” The nature of the business being conducted
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Subdomain 310.1- Business Law A1a. Sole Proprietorship- One person owns the business. Unlimited Liability -Under sole proprietorship, only one person owns the business and there is no difference between the business and the owner. The owner takes full liability of everything that happens when operating the business. If a customer slips and falls, the business owner will be liable for 100% of any liability incurred. The personal and business assets are intertwined so if the business is sued, the
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Starting a business exciting and also it is incredibly challenging. There are things that you need to think and do before starting your business. Having a business plan can help your business to be successful. On your business plan you need to put your executive summary of your business. On the executive summary you need to include the mission statement, company information, growth highlights, the product or service that you will offer, financial information and summarize future plan. Since you are
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2 You are interested in establishing a small business, and you must decide which form of business organization would best suit your unique product or service. Consider legal, tax, accounting, and other implications when selecting from the four business types. Write a paper of no more than 1,250 words discussing your small-business idea. Include the following: The advantages and disadvantages of the different forms of business organization, which include the following: Sole
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Colorado Technical University Business Proposal and Formation Business Law I MGMT235-1503A-09 Unit 5 I P Instructor: Dr. Leslie Cooper-Blood By: Betty Smith August 10, 2015 Introduction to Lady B’s Salon This introduction is to institute the spawning of Lady B’s Salon within the state of Alabama. The company will be a full-service salon that offers an enormous amount of services that goes beyond the normal stylist salons. This proposal outlines the steps and measures that will be taken during
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there are work life imbalances stress, spillover, and burnout occur at work and also effect the family. This literature review aims at looking at all the factors that contribute to the growing issue of work-life balance in America. Currently only one law, the Family Medical Leave Act (FMLA) passed by the United States (US) government gives employees unpaid time off for certain situations. The review reveals a lack of US government and private companies’ involvement in creating better work-life balance
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common way to do a startup business in the US. There is no distinction between the owner and the business. This is owned by one person * Liability- The owner of the business is solely responsible for all liability (unlimited liability) * Income Taxes- The owner of the business pays taxes on the income generated as ordinary income. For tax purposes, all income needs to be reported on their personal tax forms. * Continuity-When the owner dies, the business dies with them * Control-The
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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
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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
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