Forms of Business Erin Epps Law/531 August 1, 2011 Christine Benway Forms of Business There are a number of different types of businesses: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate firm. Each form of business has benefits which it can provide to its owners. As a person in business it is extremely important to determine which form of business best suits the intended goals and needs. According to
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Starbucks leases retail stores, roasting and distribution facilities and office space etc. After an explicit analysis and detailed discussion, we also understand that these lease related activities and issues play a very important role in Starbucks’ business activities. After an introductory accounting course we had taken, we realize that leasing can reduce risk of obsolescence. With more leases, there will be little or no down payment. And these positive effects are preferred choices for managers,
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issue is the establishment of a company and its corporate liability in terms of debts. The legal issue seeks to determine if Samantha is entitled to collect the payment of $50,000, which she has loaned to the company. The second step：Principle of Law According to the resource a company is considered as “a separate legal entity,” (Hicks and Goo 2008, 95) and under its own name, the company has the power to own properties and to sue or be sued (Hicks and Goo 2008, 95). Based on s 114 of Corporations
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Part A Sole Proprietorship A sole proprietorship is essentially a small business that is headed by one party or owner, referred to as an entrepreneur. As a sole proprietorship, the debt liability rests entirely on the owner. This means that they can be sued by creditors to collect business debts. Also, if the business owner has any unpaid personal debts, creditors may attempt to collect them from the business profits. Issues such as injuries, lawsuits, and torts that may arise will find the owner
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PART A Sole Proprietorship: A type of business where there is no legal distinction between the business and its owner. • Liability – What a business or an owner of the business can be subject to. An owner is personally liable for the debts and or actions of the business. • Income Taxes – Because there is no distinction there is no separation of taxes between person and business. The owner is solely responsible for reporting all business income or loss on his / her personal tax return. • Longevity
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1. Three forms of business organizations are sole proprietorship, partnership and corporation. The sole proprietorship is the least regulated of the three. One person who keeps all of the profits owns it. The owner is also financially responsible for the business and its debts because there is not a division between personal and business assets and income. The life span of this type of business is limited to the life span of the owner and the owner’s own assets limit the amount of equity that can
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Running head: SMALL BUSINESS IDEA PAPER 1 Small Business Idea Paper Napoleon Melton, Jr. ACC/561 September 5, 2011 James Sullivan SMALL BUSINESS IDEA PAPER 2 Small Business Idea Paper Establishing a small business requires the cultivation of a business idea to a business plan that successfully outlines its unique product or service, the rationale for choosing the business organization in particular for the unique product or service, and the financial statements & implications associated
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An Inventor and His Struggles to Start His Business Troy Wollenbecker AIU Online Abstract Troy has an invention that he wants to start a business around. He finds out very quickly all the questions he needs to find answers to. Troy has a family and low net worth to get things moving. Troy also knows little about managing and financial responsibilities of running a business. These are all struggles Troy faces in the midst of inventing and patenting my project. Making the correct decisions
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purpose of this paper is to demonstrate my grasp of the learning objectives The Family and Medical Leave Act (FMLA) of 1993 is an act that was passed during President Bill Clinton administration. The bill was signed into law on February 5, 1993 and took effect August 5, 1993. The law was created for the purpose of protecting employee jobs in the event that they have a family emergency that requires the employee to be away from their job for an extended period of time. The Act was also created to offer
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ASSIGNMENT #2 – FAMILY RELATED ISSUES ALICE F. EDDINGTON PROFESSOR RHONDA J. WILLIAMS EVANS LAW, ETHICS, AND GOVERANCE LEG 500 JANUARY 26, 2012 Family and Medical Leave Act (FMLA) What is the Family and Medical Leave Act (FMLA)? It is an act that was passed in 1993; it is a national policy that grants workers up to twelve weeks of unpaid leave in four situations. The four are: pregnancy, caring for an infant, this includes new borns, adoptions, and foster children that have been
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