Business Entity Matrix Blake M. Reimert LAW/531 Beverly Spencer October 1, 2012 Business Entity Matrix |BUSINESS |Formation |Control |Liability |Continuity |Taxation | |Entity | | | | | | |Partnership | A general partnership | Partners | Tort liability:
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ACC 561 Jared Jones Forms of Business Organization Introduction There are four ways that a business can organize itself. The owners and partners in this newly formed business may share in a variety of responsibilities and must decide which form their business should take on. The four basic ways a business can be organized is a sole proprietorship, partnership, C corporation and S corporation. There are a variety of advantages and disadvantages to each. When it comes to Tax implications
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Business Structure Business Structure Being your own boss or in other words owning your own business can have its advantages as well as its disadvantages. As an entrepreneur you are able to take control and direct the culture of your organization and determine what key factors will make your business successful and outdo the competition. The flexibility that you can establish is beneficial to being able to balance your work and personal life with family and friends; all while you are challenging
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individual. In this business, a single person makes all the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers from unlimited liability. The owner becomes liable personally for all the obligations and debts of the business. The second
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they should ensure that their behavior is ethical. Ultimately, the owners will only benefit if the business is operated within the legal and ethical limits. Q2. What is a limited partnership? Briefly explain what are the advantages and disadvantages of being a general partner and a limited partner. Suggested Solution: A Limited Partnership (LP) is a vehicle for doing business and is a subset of partnership. It is a partnership consisting of a minimum of two partners, with at
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BUSINESS STUDIES (CODE - 054) CLASS–XI (2013-14) One Paper Units Periods 100 Marks 3 Hours Marks Part A: Foundations of Business 1. 2. 3. 4. 5. 6. Nature and Purpose of Business Forms of Business Organisations Public, Private and Global Enterprises Business Services Emerging Modes of Business Social Responsibility of Business and Business Ethics } } } } } 22 26 22 22 12 16 120 20 18 12 50 Part B: Finance and Trade 7. 8. 9. 10. 11. Sources of Business Finance Small Business Internal Trade International
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world, it is imperative that entrepreneurs are well versed in business forms. Choosing the wrong form can prove to be disastrous. Below is a list of business forms that are in use today. Sole Proprietorship: Liability – A sole proprietor has unlimited liability. If insurance or business assets are not enough to cover company debts, the owner’s personal assets are accessible. Income Taxes – Legally, the sole proprietor and business and are viewed as one and taxed as such. This is pass-through
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DeWayne Carter, Jr. currently owns a tree cutting business that has roughly twenty employees, two of which work in the office full time. The business owns several trucks that are used in the operations of the business. Mr. Carter makes between $250,000 and $300,000 each year in net income from his tree cutting company. Presently, Mr. Carter’s business is operated as a sole proprietorship and is run on a day-to-day basis. Because the tree cutting business owned by Mr. Carter is a Sole Proprietorship
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Instructions: According to the instructions in Taskstream, you may conclude the task is asking you to include 3 components for Part A of Task 1 which are: 1. Six of seven characteristics 2. Advantages and disadvantages for each business organization 3. Brief description for each business organization But to clarify what is actually required, you only need to describe the 6 of 7 characteristics; you don’t need to list Disadvantages/Advantages nor a brief description. The reason: 1) the info for your advantages/disadvantages/brief
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Sole Proprietorship A sole proprietorship is a business that is owned by one person. This person may operate the business or he/she may contract the work out to another individual. The owner makes all the decisions concerning the business regardless of who actually performs the work. The limitless and peerless accountability is one of the key characteristics of the sole proprietor. Advantages of a sole proprietorship Some of the advantages of a sole proprietorship are the simplicity and autonomy
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