company. In order to attain the startup capital required they approached their college professor Michael, who agreed to fund their business as long he was made a limited partner. To appease Michael and get the funds needed, they started a Limited partnership with the three friends being general partners and Michael a limited partner. Soon after the company started Michael, being a business professor found it extremely difficult to keep himself distant from the business seeing many problems with the
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proprietor could lose everything they have to pay the debt. These are easy startups in almost any state with just a business license. When the owner retires or decides to do something else the business is finished. General Partnerships These are unincorporated partnerships where two or more co-owners carry on business for profit. Each co-owner is considered a partner. This organization is risky especially if the group of owners is large and they do not know each other. Each partner is personally
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The Form of Your Business The dynamic creation of Funn Timez was form by three intelligent people; Dominick Batiste, Emily Burkett, and Danton Lee. We decided to create a general partnership where each of us will invest our own money and start a business. The partners of Funn Timez all agreed on having joint authority and joint liability. Being said, we understand the responsibilities if the company gets sued for injuries or harassment issues. Also providing personal income to sustain our business
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Task 310.1.2-01-06 1. Sole Proprietorship - A sole proprietorship is any business that is owned and ran by the same individual. There is not a difference between the owner and the business. The owner IS the business. The advantages of this include the owner retaining all profits and being in direct control of all elements of the business. The disadvantages of this are that the owner is entirely responsible for debts, loans, losses, and this form of business cannot include a partner or co-owner
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29,41,53,55 29. Determine the Taxpayer’s gross income for tax purposes in each of the following situations: a. Deb, a cash basis taxpayer, traded a corporate bond with accrued interest of $300 for corporate stock with a fair market value of $12,000 at the time of the exchange. Deb’s cost of the bond was $10,000. The value of the stock had decreased to $11,000 by the end of the year. Deb will have to recognize a gain of $1,700. 12,000-300= 11,700 and deduct this from the cost of 10,000. b. Deb
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I have also recorded any extra information that did not coincide with the Amenities chart. For instance, signage at the park included that which prohibited motorized vehicles. Also, there was no apparent commercialization at the park. The park has two areas of entrance from residential streets (Forestwalk Circle and Cree Crescent) as well as from the main road itself. Dogs are allowed, but the park is not least free. The park and Community Centre themselves are adjacent to both an elementary
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Partner (a) Example of “specific partnership property”: A and B each contributed a car for the partnership. The two cars are specific partnership property. (b) Example of “interest in the partnership” — the partner’s share of the profits and losses (without mentioning any particular or specific property). (c) Note that the right to participate in the management is a very valuable property right. Art. 1811. COMMENT: (1) Co-Ownership in Specific Partnership Property The law says “a partner
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Legal Issues for Business Organizations Sole Proprietorship The sole proprietorship is the most common form of business and has been around for many years. It is the simplest form of business because it is owned and operated by an individual. Some advantages to choosing a sole proprietorship would be minimal state and federal regulations, which make it easy to control and manage. Another is the cost to start a Sole Proprietorship is minimal. It is a good form of business for someone who is starting
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for investments and total liability of the business. Individuals that are seeking sole proprietorship would need to conduct a personal assessment to determine if they are fit to handle a business entirely on their own. Partnerships Partnerships are
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PART A Business Forms of Organization SOLE PROPRIETORSHIP: A sole proprietorship business is owned by a single individual and is not legally differentiated from the owner. It is the simplest form of business as there is less paperwork and it is subject to fewer regulations and restrictions. It is not usually required to register as a business unless it operates under a fictitious name or provides supplies or services that require licensing. The owner has complete autonomy for all business
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