simplest form of business entity. Factually speaking it is not an entity at all in the way that a corporation exists as a legal entity. Rather, a sole proprietorship is the person conducting business. They are conducting business on behalf of themselves, they obligate the business personally, and they are personally responsible for all liabilities. Also, no special legal filings are needed outside of compulsory licenses that might be required by local governments to conduct business in that particular
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sole proprietorship is a business that is owned by one person only. That one person is the sole owner and makes all decisions on their own. Most sole proprietorships are small business likes restaurants, markets, and liquor stores. The owner must have knowledgeable business experience or else his business will not be profitable. Most of this shops end up closing up after a couple of years because the sole owner must take in all the losses. A partnership is a business where there are two or more
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good example could be inferred from ANTHONY G. MARTIN, versus BREVARD COUNTY PUBLIC SCHOOLS, Florida case, 2008 where Mr. Martin had to take care of her newly born granddaughter using FMLA leave as a loco parent. Explain whether the size of the business can have any effect on whether Tony is eligible for family leave under the FMLA The Family and Medical Leave Act (FMLA) act of 1993 applies to all employees who are public agencies, including state, local and federal employers, local education
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forms Legal Forms of Business Paper Yaciel Toledo Law/531 June 3rd, 2011 University of Phoenix Legal Forms of Business Paper Selecting the best form of operating a business depends on the type of business the owner wants to run. The owners have to pick the structure that best meets their needs. “The selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions
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Small Business Start Up Christopher Blasdel Accounting/ACC561 November 14, 2011 Julio Jimenez Small Business Start Up Starting a new business can be a daunting task but the end results can be incredibly rewarding. New business owners are the foundation for our capitalistic economy and without them, such organizations as Wal-Mart and Macy’s would never exist. In this paper, we will examine the four different forms of business organization, weigh their strengths and opportunities, and identify
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Restaurant/Bar Business Opening a sports bar and restaurant will take an extreme amount of work for Lou and Jose. Because they do not have much money, they are bringing in Miriam to help with the finances. All three individuals will be partners in the business and will have a partnership agreement. A Partnership is defined by the Indian Partnership Act, 1932, as ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’ (Definition
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Forms of Business Erin Epps Law/531 August 1, 2011 Christine Benway Forms of Business There are a number of different types of businesses: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate firm. Each form of business has benefits which it can provide to its owners. As a person in business it is extremely important to determine which form of business best suits the intended goals and needs. According to
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Starbucks leases retail stores, roasting and distribution facilities and office space etc. After an explicit analysis and detailed discussion, we also understand that these lease related activities and issues play a very important role in Starbucks’ business activities. After an introductory accounting course we had taken, we realize that leasing can reduce risk of obsolescence. With more leases, there will be little or no down payment. And these positive effects are preferred choices for managers,
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issue is the establishment of a company and its corporate liability in terms of debts. The legal issue seeks to determine if Samantha is entitled to collect the payment of $50,000, which she has loaned to the company. The second step：Principle of Law According to the resource a company is considered as “a separate legal entity,” (Hicks and Goo 2008, 95) and under its own name, the company has the power to own properties and to sue or be sued (Hicks and Goo 2008, 95). Based on s 114 of Corporations
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Part A Sole Proprietorship A sole proprietorship is essentially a small business that is headed by one party or owner, referred to as an entrepreneur. As a sole proprietorship, the debt liability rests entirely on the owner. This means that they can be sued by creditors to collect business debts. Also, if the business owner has any unpaid personal debts, creditors may attempt to collect them from the business profits. Issues such as injuries, lawsuits, and torts that may arise will find the owner
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