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
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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
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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
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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
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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
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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
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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
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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
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ownership of medical records, the doctors must come to an agreement before they enter into the multiple-doctor setting. If an agreement is not reached, the doctors will have to depend on basic business laws, and these types of arguments can end up being very ugly and expensive. Normally, under state business law, work-related products of employees belong to the employers. With that being said, in a practice where one doctor employs another doctor, and a prior agreement is not made, the employee doctor
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Forms of Business Business Law/531 Forms of Business A sole proprietorship owner is liable for 100% of the business. This means that any debts of the business are also debts of the owner (Chesseman, 2010). This is a disadvantage for a sole propriety owner. Sole proprietor owner gets a tax break. The owner can file a single personal tax form. A sole proprietor is also subject to the least amount of government regulations of all business entities (Chesseman, 2010). When it comes to running
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