A sole proprietorship is a business with only one owner, that’s not a corporation of any kind. Many business owners automatically start a business as a sole proprietor when they launch their small business. Pros of Sole Proprietorship: • Sole proprietorships are easy to set up. • Sole proprietorships are inexpensive to set up. • Sole proprietors don’t have to keep as many records for the IRS as corporations do. • Sole proprietors control their business finances and profits exclusively
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Starting a business is a challenging process. It is imperative to consider what form of business would best suit the unique product or service. The decision to form a specific type of business depends on many factors including tax, accounting and legal implication as well as the structure and liability of the business. In this paper the focus will be on establishing my wedding photo studio, the advantages and disadvantages of different business structure and the consequences associated with each
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A(1). A principal is a “party who employs another person to act on his or her behalf” (459). Thus, the principal is Fab Flowers. An agent is a “party who agrees to act on behalf of another” (p. 459). Thus, the agent is Ben. These two parties together make an agency. In this case Fab lowers and Ben have formed an express agency. This occurred when Fab Flowers agreed with Ben, whether oral or written, that Ben would represent Fab Flowers to purchase wholesale flowers in Ecuador for Fab Flowers
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Small Business Idea Paper University of Phoenix ACC/561 September 24, 2012 Introduction It has been published in the news media that the government of the United States will open up some opportunities for businesses by releasing some funds. This week’s assignment is to discuss the forms of business organizations. Also, the intent of this paper is to discuss the accounting structure for the lending process along with all the legal documentation. The intent of the paper will
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Sole Proprietorship- a business that is owned and operated by one person. There is no legal distinction between the business and the person. • Liability-Legally, there is no distinction between the business and the proprietor. The proprietor has complete financial responsibility for all debts incurred by the business. Thus, creditors can go after a proprietors personal assets. • • Income taxes- All income from this business form is considered personal income, and sole proprietor will report
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Ethical and Socially Responsive Business Stacey Scott-Spland Professor Mark McMullen Saturday, March 14, 2015 The company’s code of conduct that I have chosen to review is Chipotle. Chipotle code of conduct covers every possible incident that may occur within or outside of the company. It is a very detailed code of conduct, but I will dive into the most important aspects of the code of conduct that is of significance or importance to the company. The company was established in 1993 with
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PROPRIETORSHIP: This business entity is the most common business used in the United States. This entity is owned and ran by one individual where there is no legal distinction between the owner and the business. This legal name of the business is the owner’s name; however, the business may operate under a fictitious name by filing a DBA. This person is legally accountable for all elements of the business including finances, loans and debts. One of the advantages of doing business as a Sole Proprietorship
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A Growing Business Liliana Drum BUS 311 Business Law I Instructor: Donald Ceplenski November 17, 2014 Although have a sole proprietorship type business can be straight-forward, deciding when to grow a business to handle larger amounts of transactions can be a difficult time. When first setting out in a sole proprietorship, decisions and business transactions are done through one person, when a situation occurs that calls for larger transactions and more employees, revamping the initial business
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[Type the company name] 24/6/2012 Business Administration Managing financial resources and decision: assignment not be spoken Introduction: If you can read a nutrition label box or a football score, you can learn to read basic financial statements in order to make the right investments. If you can follow a recipe or apply for a loan, you can learn basic accounting. Financial statements aren’t difficult and they aren’t rocket science. Before understanding the four types of financial statements
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FAMILY AND MEDICAL LEAVE ACT Edward Hill JUNE 20, 2015 MGT 331 Professor Barnes Table of Contents I. IMPORTANCE OF FMLA PAGE 3 II. CURRENT SITUATION PAGE 4 III. ANALYSIS OF ISSUE PAGE 5 IV. CONCLUSION
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