expected to be successful. Choosing an industry, identifying the target market, and developing a business strategy can be time consuming, however; the rewards outweigh the work. Deciding what legal form of business to operate can be a difficult decision for entrepreneurs because of the requirements that must be met for each legal form of business. Following is a discussion about the different forms of business. A scenario simulation for each form of business including justification for the preferred
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These notes are not a substitute to the textbook. They merely highlight important points and add some needed information to the assigned text. The title of this course is Management of Financial Institutions. This is a very broad and a far reaching topic. To make it possible, the course will concentrate on Bank management. Many of the concepts we will learn in course are transferable to other financial institutions. To begin the discussion, let us define banks. What is a bank? What do Banks
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made between the owner and the business Income taxes you and your business have combined taxes. Business owner reports all gains and loses. The business income is your income. Continuity of the organization The owner has the right to pass the business to another person through inheritance. If no will is set in place the business will disperse. Control Because you are the sole owner of the business, you have complete control over all decisions. Profit retention The owner has complete access to all profits
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in evaluating the effects of amnesties and for predicting the prospects for a federal tax amnesty from the state results. Under a tax amnesty, taxpayers are of- fered an opportunity to come forward dur- ing a specified period of time and pay pre- I 15 unpaid taxes. The carrot viousiy encouraging participation is usually for- giveness of at least some penalties that could have been assessed on the overdue taxes. Typically there is also a stick-the promise of harsher penalties for evasion and
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Generated $7.9 billion in revenues; $2.2 billion in income after expenses and income taxes * Owed $5.6 billion to creditors; Assets of $23.5 billion Organization - a collection of individuals pursuing the same goal or objective. Ex: Student groups, a government, a business, a club, or a charity * Need financial information to describe the resources they hold and to support the various financial decisions they make Forms of Organizations Business Entities: * organized to earn an income
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partner. Another advantage is the partners can collaborate to make key decisions regarding the future/demise of their business. A major disadvantage is these partners are fully responsible for the business and are legally liable, even for the misactions of a fellow partner. Limited Partnership "The partner's liability is limited to the amount of his or her investment in the venture. A limited partner has no voice in management, no involvement in the day-to-day running of the business." (Stevick
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the economy is the circle of life. Businesses promote growth; provide jobs for citizen who intern feed the economy with their earnings. When an individual spends supporting other business the boomerang effect takes place. Businesses pay government taxes which allow the government to support the common good of the people. Businesses also tend to make charitable donations to offset some of the tax burden; this is another means of affecting the common good of society. The government creates different
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into the company, are referred to as a nonprofit business. Businesses with the goal of making more money than they spend are referred to a for-profit business. Regardless of the purpose of a business, they always have a team to help with making decisions that drive the business. The teams may consist of human resources managers, operations managers, and financial accountants. Human resources managers also referred to as HR members are on front line of most organizations. They are responsible
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B’s Week 5 Assignment ECO/365 Automotive Industry Introduction The automotive industry is one of most important businesses in the World, creating a variety of vehicles for consumers worldwide. Management teams must learn to recognize how changes in other businesses can directly or indirectly affect the success of firms in the same industry or another type in domestic and global markets. The following paper analyzes the effects of changes in the
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elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding. Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial institutions, wise use of credit cards and consumer loans, financing automobiles and homes, and the use of insurance for protecting one’s family and property. Policies Faculty and students/learners will be held responsible
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