business and has the sole rights to the business profits. The owner is responsible for making all business decisions and does not have to defer to partners for decision approvals (Parrino, Kidwell, & Bates, 2012). The life entity of a sole proprietorship is limited (Parrino et al, 2012, p. 572). An advantage of a sole proprietorship is that the profits earned are subjected to lower income taxes (Parrino et al, 2012 p. 572). One of the major disadvantages of a sole proprietorship is that the owner
Words: 1101 - Pages: 5
Hospitals around the United States Hospitals were not always large, nor did they have the technology that is used in today’s time. Hospitals did not exist until around 1736, in which they were referred to as almshouses (Hospitals, 2013). Almshouses were first founded in New York and could treat up to 6 or 7 patients at one time (Hospitals, 2013). After the New York almshouse was successful, new hospitals started to appear all over the United States. The US now has around 5,000 community hospitals
Words: 1588 - Pages: 7
loans and debts. One of the advantages of doing business as a Sole Proprietorship is that it’s easy to create. Another key advantage is the autonomy. Since the owner or individual is the business, he or she may decide for themselves whatever business decision they feel is needed to make, including the business finances. Some disadvantages would be that it is impossible to bring in others to do business being there can only be one owner. This also makes it difficult to raise capital in terms of seeking
Words: 3092 - Pages: 13
Victor Ho January 8, 2014 Reporting Practices and Ethics This paper will include a summary of the four elements of financial management, a summary of the generally accepted accounting principles, and a summary of the general financial ethical standards. The four elements of financial management are controlling, planning, directing and organizing, and decision making. The generally accepted accounting principles are generally known as GAAP, and are the basic accounting principles and guidelines
Words: 984 - Pages: 4
Business Organization Form Choice Memorandum Erin P PLAW 350 December 9, 2013 Memorandum To: Professor From: Erin P. Date: October 23, 2013 Re: Business entity form and federal tax regime choice of Erin P Photography ------------------------------------------------- As per our conversation on November 29, 2013, in regards to the firm’s new client, Erin P Photography, I have compiled the following information of your review. In this memorandum you will find that I have thoroughly
Words: 3208 - Pages: 13
Williams- ID# 000425916 Legal Issues in Business Organizations (LT1) Task 1 By Forms of Business organization There are seven characteristics used to determine a business organization; Liability, Income taxes, Longevity or continuity of the organization, Control over decision making, Profit retension, Expansion/ Location, and Compliance/Convenience/Burden Sole Proprietorship The sole proprietorship is the simplest form of business it is not a legal entity. It is best described as one
Words: 1791 - Pages: 8
Introduction to Business - 2006 SLC 1) The concept that the boss does the thinking and the employee does the work is outdated. A) True B) False 2) The need for effective management decreases as the business expands. A) True B) False 3) Consumerism is built of the philosophy of “Let the Buyer Beware.” A) True B) False 4) An informal group can help or hinder the proper functioning of a business. A) True B) False 5) Consumerism is
Words: 3220 - Pages: 13
Business Entities, Laws, and Regulations Paper University Of Phoenix Business Entities, Laws, and Regulations Paper Successful management of a business entity is dependent on understanding industry structure, taxation, laws, regulations, risks, motivation, and a business plan. The business structure will affect profits, business liability, and taxes. A sole proprietorship, an LLC, or corporation, requires research and planning to determine which structure is right for a business. Equally important
Words: 1795 - Pages: 8
unique to each financial environment and their management practices. Finally we will explain why financial management is more difficult in health care compared to other organizations. Financial Structures The government financial structure makes up almost 25 percent of the health care organizations in the United States. These hospitals are divided into federal and public hospitals. The San Antonio Military Medical Center (SAMMC) is one of the federal hospitals in the United States. The San Antonio
Words: 1382 - Pages: 6
Ronald Wilson Reagan, born February 6, 1911, served the United States as the 40th president from 1981 to 1989. Reagan was the first and only movie actor elected to office. During his two-terms in office, Reagan had many accomplishments; cutting taxes, strengthened and increased national defense spending, and through foreign policy pursued “peace through strength.” (Freidel & Sidey, 2006). The primary strength Reagan possessed in office was his oratory skills, in which he was dubbed “The Great
Words: 1520 - Pages: 7
