Introduction to Business Unit 1 IP Tania Scott January 12, 2014 Abstract This paper takes a look at the different business types that a person can get into. The person has an invention that will make life easier. The paper goes through the legal aspects of a sole proprietorship, partnership and a corporation. Know these will help the person to determine which would be better for them. Sole proprietorship is easily and inexpensive to establish. The owner can do business in their own name
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000400693 Ardoin LIT1 Task 310.1.5-02, 11, 13 Situation A: This situation consists of an employee who has been employed with a company for two consecutive years. This employee’s spouse recently gave birth prematurely to a set of twins. Based on these circumstances, the employee chose request a leave of absence from work, in which he was granted. The employee remained on leave for 11 weeks, at which time he requested to return to his previous role with his employer, and in addition he also requested
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summary of the financial balance of a sole proprietorship, a business partnership, a corporation or other business organisations such as an LLC or an LLP. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a snapshot of a company’s financial condition, the balance sheet is the only statement which applies to a single point in time of a business. A standard balance sheet has three main parts: • Assets
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LIT1: Task 310.1.2-01-06 Part A: Sole Proprietorship: is the most common business structure. The business is not a separate entity from the proprietor which makes autonomous. Liability - if you enter into a sole proprietorship, you have unlimited liabilities associated with your business. You will be liable to the full extent of your assets for any business liabilities. Income taxes - as a sole proprietor, when you file taxes, you would file it under your own personal income taxes. Sole proprietor
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Business Basics Apex Training Company As the sole proprietor of Apex, Martha has had the full responsibility of running all aspects of her company for the past six years. At the time of initial start up, the company was small and was easily managed by one person. Martha worked numerous hours as she developed her training company to structure a strategic plan that addressed her short and long term business goals. Martha, as the sole proprietor, did not have to share
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Business Partnership Name/ STUDENT ID/ Business Partnership A partnership consists of two people to twenty one people who run the business while in a voluntary organisation it can range from 1 to as many as possible but in general charities are quite large. A contract is usually formed called deed of partnership. The deed will state how much capital each party has contributed and the profit and losses will be shared. A local example Lomas smith in Measham. The majority of these partnerships are
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A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. A business process or business method is a collection of related, structured activities or tasks that produce a specific service or product (serve a particular goal) for a particular customer or customers Types of business structures Sole Proprietorship A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most
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Fireworks Derex. D. Moore Instructor Shawn Grimsley BUS 311: Business Law June 30, 2014 Growing Acme Fireworks There is much to consider when expanding a business. How will you make, market, and distribute your product. Are you willing to take full liability for your product and understanding the legalities of what happens if your product is defective? Once that has been established, it’s important to make sure that your business dealings are in order. The strength of the contract and what
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Leave Act (FMLA) is a U.S. federal law which requires employers to provide eligible employees at least 12 weeks of unpaid, leave of absence (LOA) time for certain qualifying medical or domestic reasons. The mandates of FMLA guarantee that the returning LOA employee will be reinstated the same or equivalent position, job duties, rate of pay, and benefits they held prior to taking leave. Covered Employers Eligible Employees • Private Sector Employers - Any business with 50 or more employees who have
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Business Organization BUS 210 Bill Wigton Joint-Stock Company A Joint- Stock company is owned by shareholders, each one shares a portion of the company. For example; Mr. Equis designed a glass company that would specialize on building custom shower doors. He sets up a meeting with a group of possible investors, presents his business plans and offer to sale up to 40% of the shares in order to start the business he will keep control of the company by owning 70% of the shares. Limited
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