Quiz 2 Intro to Business * Question 1 3 out of 3 points | | | The majority of businesses today are formed asAnswer | | | | | Selected Answer: | sole proprietorships. | Correct Answer: | sole proprietorships. | | | | | * Question 2 3 out of 3 points | | | Based on data gathered from the U.S. Census Bureau, _____ are less common than _____ but they tend to be larger and more profitable than _____.Answer | | | | | Selected Answer: | partnerships; sole
Words: 360 - Pages: 2
liability holding companies. Also called unlimited company. Definition of 'Unlimited Liability' A type of business where owners share joint and several responsibility for the entire amount of debt and other liabilities amassed by the business. Unlimited liability is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made. If the business is unable to meet any financial obligations or settle any outstanding liabilities, the owner's personal assets
Words: 683 - Pages: 3
organization. Finance can be broken into three different sub-categories: public finance, corporate finance and personal finance 2. There are three basic forms of business ownership, namely the sole proprietorship, the partnership and the corporation. ADVANTAGES OF SOLE PROPRIETORSHIPS: Ease of starting and ending the business, Being your own boss, Pride of ownership. Leaving a legacy Retention of company profits. No special taxes. DISADVANTAGES OF SOLE PROPRIETORSHIPS
Words: 548 - Pages: 3
infrastructure. He knows of some and friends, who might be willing to associate with him to provide necessary funds and infrastructure. What sort of business organization should he go and why? ANS. – With the expansion of business, it became necessary for a group of person to join hands together and supply necessary capital and skill. Sanjeev may possess exceptional business ability but doesn’t have much by the way of money and infrastructure; he can have a financing partner. In this case his friend is financing
Words: 1183 - Pages: 5
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 Thus, regarding the format for Task 1 Part A for LIT1, the Bullet/Listing approach (mentioned in the Task 1 Instructions) is below, which basically is you’ll describe each characteristic in usually about
Words: 1068 - Pages: 5
Business Organization Form Choice Memorandum Erin P PLAW 350 December 9, 2013 Memorandum To: Professor From: Erin P. Date: October 23, 2013 Re: Business entity form and federal tax regime choice of Erin P Photography ------------------------------------------------- As per our conversation on November 29, 2013, in regards to the firm’s new client, Erin P Photography, I have compiled the following information of your review. In this memorandum you will find that I have thoroughly
Words: 3208 - Pages: 13
FISH & CHIPS, INC., PART I LEASE ANALYSIS Martha Millon, financial manager for Fish & Chips Inc., has been asked to perform a leaseversus- buy analysis on a new computer system. The computer costs $1,200,000; and if it is purchased, Fish & Chips could obtain a term loan for the full amount at a 10% cost. The loan would be amortized over the 4-year life of the computer, with payments made at the end of each year. The computer is classified as special purpose; hence, it falls into the MACRS 3-year
Words: 453 - Pages: 2
Multimedia Activity: Business Organization Business Law I – BUS311 If I were to start my own business, I would choose a Sole Proprietorship. I have always wanted to be a specialty clothing boutique owner, and as a single woman with three children, I need a business structure that not only allows me to have full control over my business, but also help keep start-up expenses to a minimum. A Sole Proprietorship is the ideal business structure for me, as it is owned by one person, with that person
Words: 972 - Pages: 4
Period__________ Unit 3 – Business and Labor Chapters 8 & 9 C H A P T E R 8 Business Organizations S E C T I O N 1 Sole Proprietorships The Role of Sole Proprietorships _______________________________________________________________________________________________________________________________________________. A ______________________ is an establishment formed to carry on commercial enterprise. Sole proprietorships are the most common form of business organization.
Words: 1604 - Pages: 7
benefits to having a sole proprietorship in the firework business, but if the sales decrease will the owner be able to maintain a fully functional business entity with the extra staff that were incurred due to the demand of more firework displays that were put into contract? The owner wants to know more and I will try and help him with his business through proposing a new business entity, different employment types and relationships relevant to law, the liability to Acme Fireworks if spectators are
Words: 937 - Pages: 4
