Business Entities Jessica Perez BUS 311 Business Law Instructor: Janet Fiorentino 12/1/2014 As the manager of Acme Fireworks, I need to gather information to help the owner determine whether or not he should continue to be a sole proprietorship or if he should switch to another business entity. I will help him do so by explaining each entity and how they relate to his business situation. I am the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display
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structures selected to start a business. It is an independent business maintained and run by one individual with no distinction between the business and you, the proprietor. Benefits of a sole proprietorship it’s easy and economical to method, cost are minimal, with legal cost limited to obtaining the necessary license or permits. Weaknesses of a sole proprietorship are unlimited personal liability, hard to advance currency because you can’t sell stock in the business. Banks are also hesitant to lend
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long time, until the building ceases to exist. Thus the business of the customer is a repeat business. In traditional product selling approach the industry stakeholder (carpet manufacturer) gets the business every few years, typically 7-10 years. Due to the large gap in time when the business happens in a traditional market, it may not be possible for the manufacturer to maintain the relations with the customers to secure the repeat business. The long-term customer relationship aspect of the services
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Billy Houston, a sole proprietor doing business as Houston Auto Sales (Houston). In connection with each purchase Houston executed and delivered to Wiley, Tate & Irby a negotiable instrument drawn on the defendant, Peoples Bank & Trust Company of Tupelo, Mississippi (Payor Bank). Upon delivery of each negotiable instrument, the respective automobiles sold were at once turned over to Houston. All transactions were consummated at Wiley, Tate & Irby's place of business in Milan, Tennessee. 3 In each
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At your request, I have evaluated your concerns and have reviewed your options regarding a business organization change for Lamond Manufacturing. The types of business organizations I considered during my evaluation were a sole proprietorship, which provides autonomy and ease in creation, but is risky because of unlimited liability. The general partnership, which allows owners the opportunity to do business together, however, it carries the same unlimited liability as the sole proprietorship. The
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I have also recorded any extra information that did not coincide with the Amenities chart. For instance, signage at the park included that which prohibited motorized vehicles. Also, there was no apparent commercialization at the park. The park has two areas of entrance from residential streets (Forestwalk Circle and Cree Crescent) as well as from the main road itself. Dogs are allowed, but the park is not least free. The park and Community Centre themselves are adjacent to both an elementary
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expensive business form to set up. Advantages include low minimal legal fees to obtain proper licenses or permits, easier tax preparation with lower tax rates, and since it only has one owner that owner has complete control in the decision making for the business. Sole proprietorship does not go without its disadvantages. Disadvantages include the challenge to raise money for business growth, unlimited personal liability, and the heavy sole responsibility for the success or failure of the business. •
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Legal Forms of Business Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. Develop scenarios in which each of these forms of business would be the preferred form. For each scenario, justify why the corresponding business form is preferred. In today business world entrepreneurs are presented with many forms of business organization to choose from to conduct
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LIT Task 2 LIT Task 2 The Family and Medical Leave Act (FMLA) of 1993 is a federal law to provide employees time off of work for due to medical and family reasons. Reasons include: the birth or adoption of a child, an employee’s grave medical condition which prevents the employee from doing his/her job, or attending to the serious medical condition of a child, parent, or spouse. This leave is unpaid and requires employees to have been employed with the employer for at least one year. The
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Business is the profitable activity in which the owner provides products or service to the customers in order to get profit. The main aim of the business is to make profit. The wrong decision on selecting the ownership affects the over all performance of the business. The business run by the one in order to take risk and profit is called the sole-proprietorship. The second form of the ownership is partnership which include more than two business partner in the firm. Corporation is the third form
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