Part A The Report Sole Proprietorship This is the most common form of business. The business and the owner are the same. That means all debts and liabilities are the responsibility of the owner. The advantage of this form of business is that it is so easy to start. Basically, you just start selling stuff or providing a service. Of course, if permits or special licenses are needed, you still have to get those. The disadvantage is that you can't bring in a partner because there can only be one
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| Sole Proprietorship | Description | A sole proprietorship business is the type of business where there is only one owner. It doesn’t require complicated filings like other corporations, and it allows for the owner to report both business income and expenses on their individual tax returns. | Two Advantages | Some of the advantages of starting a sole proprietor type business are: the ease of start-up and the cost effectiveness. There are also savings from tax filing, as it can all be done in
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To: Company Owner From: Date: December 17, 2014 Subject: Recommending Business Type According to the information that I have received, I have concluded that a Limited Liability Company(L.L.C.) will suit your business the best. An LLC will offer the liability protection that means so much to you, as well as offering you the best opportunity to bring in other partners for gaining capital. Profits and control would be equally divided among all the partners, according to the operating agreement
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Business Organizations Task 1 Part A 1. Sole proprietorship: This type of business is known to be the easiest business for an individual to develop. A sole proprietorship is owned by one person, who is the person that will make the decisions in regards to the business and does not share any responsibilities with anyone else as the business owner. • Liability: One person is liable for the debts of this type of business, this will include their personal assets if necessary. • Income Taxes: Sole
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Situation A Concerning the inquiry regarding Employee A’s qualification to obtain wages while on leave under the Family Medical Leave Act (FMLA) of 1993 are succinctly clarified in the below paragraphs. Employee A requested time off due to the unexpected early delivery of his twins. Due to the unexpected circumstance Employee A was awarded leave of his job in order to assist his wife with the care of the newborns. Under the FMLA act an Employee is entitled to 12 weeks of unpaid leave while the
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Sole Proprietorship is a form of business that is owned and ran by one certain individual. That individual is responsible for all the losses and liabilities and is entitled to all the profits from the business. Advantages: Easy and inexpensive to form. Costs are minimal, most of the costs are due to obtaining the proper permits. Complete control of the business. The owner makes all of the decisions. That person is not expected to consult with anyone when making decisions or changes to the business
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| The Criteria That Determine Sole Proprietorships | Not all corporations started as a corporate entity. Many businesses start out small with one owner. They are known as sole proprietorships, the simplest and most widespread form of business formation in the United States. Certain criteria are used to determine sole proprietorship status. A sole proprietorship: * is owned by a single individual When you are planning to do business with a sole proprietorship, bear in mind that since a single
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LIT 1-Task 2 Situation A Employee A has taken a leave for 11 weeks and is now returning. Under The Family and Medical Leave Act (FMLA), our employee is eligible to return to his position, schedule and pay grade. According to your memo, he is asking for compensation for his time while on leave to be with his spouse who delivered twins. Employee A’s leave was unpaid. Under the Act, all eligible employees are entitled to 12 weeks of unpaid leave. This is including but not limited to, the bonding
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LIT1 Task 1, Part A Sole proprietorship: A sole proprietorship is an inexpensive and easy to form business organization. This entrepreneurship gives the owner the ability to have flexibility in their schedule. The business owner of this organization will benefit from having full control and retains all the businesses profits. Negatively, the business owner is also personally responsible for all the debt. and liability the business may take on. In this organization if the owner dies, the
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Dennis Oglesby LIT1 Task 1 The Family and Medical Leave Act of 1993 provides protection for the employee when medical or family issues arise that cause them to miss work. Without this act, employers would be allowed to terminate ill employees or those who must provide care for their families. There are, however, provisions for when this act is applicable. The first major provision dictates how many employees a company must have in order to be susceptible to the rules it presents. According to
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