the term “Accounting” as the means of collecting financial data about a company, recording that data, analyzing it, and then communicating what it means to other people (Films Media Group, 2009Year). Samantha explained that any attempt to run a business without accounting would be complete chaos. Speaking from a personal experience working on a budget, I could not imagine making decisions without the accounting information generated from executed the budget. Accounting data helps drive every
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Business Structures Business Structures Entrepreneurs should focus on the determining the best business structures based on their needs and the needs of their businesses (Cody, 2007). Entrepreneurs will work comfortably and obtain enough income upon choosing business structures that fulfill their needs accurately. The video shows different business structures from which business entrepreneurs can choose the most suitable structure. The business structures
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Business Entities Lisa Ramos BUS311: Business Law I Instructor: July 28, 2014 Business Entities I. Introduction “Business owners are wise to consider the fundamental issue of organizational formbefore they become too deeply immersed in business operations.” (Rogers, 2012) When it comes the laws of business there are is a large range of categories and topics which include the type of entity to become and how it affects contracts, liabilities and tax information. We must be aware that
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Business Organization The first thing to understand when starting a business is how the structure of the company will be set up. There are several types of business entities and each entity has its own particular benefits and list of drawbacks. In this paper I will enumerate the following types of business structures: sole proprietorship, partnership, corporation and limited liability corporation, how they differ from each other, their advantages and disadvantages. Choosing the wrong structure
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Business Law I MGMT235-1401A-05 January 15, 2014 For this discussion board post we are to discuss the topics of Agency Law and the different principals and ideas that go along with it. There are three types of principles that exist; they are disclosed, undisclosed, and partially disclosed principals. A disclosed principle refers to when there is a 3rd party involved. The person/people are not hidden by the company to the person or persons that they are working with. For example, Let’s
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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
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real-world examples truly helped engrave them into our minds. After we were done writing our stories, our next assignment was to discuss the advantages and disadvantages to business structures such as corporations, sole proprietorships, and partnerships. I had always assumed that corporations were the best way to go about big business, but that may not always be the case. Although they had the advantage of limited liability and the ability to sell stick to raise capital, the fact that they could not take
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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
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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
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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
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