situation where the company fails due to poor market conditions, business strategy or if someone is injured as the result of company products or other. The person that owns the business is liable for all aspects of the business and could be drawn into legal actions based on outcomes of liability situations. • Income Taxes: The sole proprietor also reports all earnings and losses through their individual’s tax report filing. • Longevity or Continuity of the Organization: Although it is simple
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Letter OF Credit: Case: Beyene sells to Mohammed Sofan. Sofan financed purchase from YBRD (Irvene Trust) The documents for LC that is the bill of lading listed the party for shipping company to notify upon arrival of the houses as Mohammad and not Mohammed Sofan. Irvene refused to pay stating that there was discrepancy between the bill of lading and letter of credit. Judgement: Court ruled in favor of Irevene .Does misspelling in case give right to Irevene to refuse to pay the LOC (Yes) Reason
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the owner dies, the sole proprietorship no longer exists. The assets and liabilities of the business become part of the owner's estate. A sole proprietor can freely transfer a business by selling all or a portion of the assets of the business. (US Legal 2008) * Control: Generally, the owner (sole proprietor) has total management and control over the company. However, the drawback is that the owner is at risk for personal liability incurred through the acts of the owner’s agents or employees. A
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University of Phoenix Material Ethical Worksheet Sample Incident Review 1. What is the ethical issue or problem? Identify the issue succinctly. The moral agent is a criminal defense attorney. The attorney knows of another criminal defense attorney who is an alcoholic and ignores his client obligations. What should the moral agent do? 2. What are the most important facts? Which facts have the most bearing on the ethical decision presented? Include any important potential economic, social
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Nichols v. Coolidge Mrs. Julia Coolidge, of Massachusetts, died January 6, 1921. As required by the Revenue Act approved February 24, 1919, c. 18, 40 Stat. 1057, 1096, the executors returned a schedule to the collector. He estimate the gross estate at $180,184.73 and allowed $77,747.74 deductions. They paid the amount assessed upon the balance. Their return did not include certain property transferred by the decedent through duly executed deeds and without valuable consideration, some to trustees
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Business Organization A joint-stock company is a partnership or corporation between two parties. An electronic company has stocks that are issued to each party in the company in return for each contribution. The shareholders are allowed to transfer or sell their investment at any point in time by selling their stock to another party. A limited liability Company is when the investors are only limited liable in case the business or the investors that were invested in go bankrupt. Creditors can only
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Wednesdays 11:00 – 12:40 Professor: P. Gachago Semester: Fall 2013 Individual Term Paper Now that you have attended several business lectures at USIU, you decide to start a kiosk business in your estate, selling potatoes. 1) Under what legal form of business would you register your business? 2) Why would you choose that form of business? 3) What, in your view, would make up the supply chain of your business? Table Of Contents * Executive Summary
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Grading Form: |Content and Development (11 points) |Points Earned: | |Length: 6 to 10 Microsoft® PowerPoint® slides or the equivalent length in |This assignment allows you to work in a variety of | |another format |presentation media to create a presentation about | |
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Ruth Garratt v. Brian Dailey, a Minor, by George S. Dailey, his Guardian Supreme Court of Washington, Department Two February 14, 1955 Hill, J Brian Dailey, a five year old, was visiting the home of Ruth Garratt alongside his apparent supervisor at the time, Naomi Garratt, Ruth’s sister. Ruth Garratt claimed that during the visit, Dailey intentionally pulled out a chair from below her as she was about to sit down, causing her to fall to the ground and withstand a fractured hip and other injuries
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The Business Environment The different legal forms of business are sole proprietorship, partnership, and corporation in which all forms have to function in the legal, social and economic backgrounds in the form of business. As business entrepreneur, one has to decide which legal form would best fit the company to guarantee success. All Businesses have their advantages and disadvantages, there will be risk and management will have to determine which legal form that they want to take and hope that
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