LEGAL ISSUES IN BUSINESS ORGANIZATIONS Legal Issues in Business Organizations Toya M. Smalls Student ID: 000295300 LIT1 Task 310.1.2-01-06 June 28, 2013 Legal Issues in Business Organizations A business can be organized in one of several ways and the form its owners choose will affect both the company’s and owners’ legal liability and income tax treatment. It is important that the business owner considers these different forms of business organizations: sole proprietorship
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Sole Proprietorship The business structure that is owned by a single person is called Sole Proprietorship. In this model, the owner has many advances such as, having full control of the company, receiving all profits, and tax benefits. However, on the other side, the owner has full and sole responsibility, and the funds and resources are limited due to the owner is the only one putting the money into the company. Characteristics of Sole Proprietorship Income Taxes – The business owner is required
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Chantelé Shaw LIT1: Task 310.2.1-01-06 Forms of Business Organizations and Key Characteristics and Differences Student # 000258452 6/12/12 Part A The Report Sole Proprietorship A sole proprietorship is a privately owned business, that is owned by one person who has unlimited and unshared liability. The proprietorship, since managed by one person, has no need for any type of agreements or formalities. The self-governing aspect of the sole proprietorship, allows for the owner to make decisions
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LIT1: Task 310.1.5-02, 11, 13 Part A Sole Proprietorship: This form of business is the most common form of new business startup. Legal and tax issues are basic and can be followed without significant assistance from external sources. The business and owner are one in the same and all liabilities will fall upon them personally. The primary key to being a sole proprietor is the owner maintains independence in the decision making of the business and how he or she implements their business plan. LIABILITY:
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CHAPTER I INTRODUCTION International Christian College of Manila (ICCM) according to the Wikipedia, is a private, non-profit co-educational Bible college of the non-denominational Christian Churches/Churches of Christ as rooted on the Stone-Campbell Restoration Movement, whose existence is anchored, among others, on the preservation of primitive New Testament Christianity. Its main campus is in San Jose, Antipolo City, province of Rizal, Philippines. In accordance with
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