Sole Proprietorship | | | The most common and simple form of business is a Sole Proprietorship. An individual proprietor owns and manages the business and is responsible for all business transactions. The business is normally financed by the owner – the owner bears all the financial risk. | It can also be less costly to start a business as a sole proprietor, which is attractive to many new business owners who often find it difficult to attract investors. | | Let’s look at the advantages
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Business Organization Forms Alyssa Wiseman Western Governors University Overview The decision to change from one form of business organization to another can be quite a daunting task. With multiple factors to take into consideration, it should not be a decision that is taken lightly. I have been hired to facilitate this process by outlining six different forms of business organizations, the key characteristics that differentiate one form from another, such as liability, income
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1. Whether the defendants liable to pay the compensation for the breach of contract to the plaintiff firm? Section 16 of the Sale of Goods Act, 1930 clearly stated: Subject to the provisions of this Act and of any other law for the time being in force, there is no implied warranty or condition as to the quality or fitness for any particular purpose of goods supplied under a contract of sale In the case of Dharmpal & Co, Agra v. Firm Kila Gatla Ram Chandra Rao & Co , the court held that the buyer
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GAAP ACCOUNTING FOR PARTNERSHIPS Formation [i]. The Revised Uniform Partnership Act defines a partnership as a. Any association of two or more persons or entities. b. An association of two or more persons to carry on as co-owners a business for profit. c. A separate legal entity for most legal purposes. d. An entity created by following statutory requirements. Gleim [ii]. The partnership agreement is an express contract among the partners (the owners of the business). Such an
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No statutory audit requirement exists in respect of partnerships. Certain professions are however, governed by statute which prescribes audit requirements such as attorneys and auditors. 2.2.2. TYPES OF PARTNERSHIPS General/ordinary partnership The partners are liable jointly and severally for the debts of the partnership. Anonymous (sleeping) partnership The anonymous partner is not known to the public and is liable to his or her partners only for his or her pro-rata share of the
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Is ‘Better Pets’ a partnership? For Better Pets to be a partnership it must contain three elements contained in Section 1(1) of the Partnerships Act 1891 (SA) . The first element is determining whether Better Pets is carrying on a business. A business, under section 1B(1) includes any trade, occupation or profession1. This includes Sophie and her colleague’s professions as a vet surgeon’s and nurses. It is obviously seen that the business is being carried on as the modern style of keyhole surgery
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Write a brief description of the form of business ownership, advantages and disadvantages. The key characteristics of the form of ownership should be addressed by discussing six of the seven bullet points below. You will want to have the heading as the form of business ownership and then use the bulleted list below for the key characteristics. Sole Proprietorship: * Liability- Liability in a Sole Proprietorship is incurred entirely by the proprietor. There is no shelter from the liabilities
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Chapter 12 and 13 1. Type of damages: compensatory, punitive etc. Compensatory damages are used to compensate or reimburse a plaintiff for actual losses. The goal is to put him in the same position that he would have been if the tort had not occurred. The compensatory damages are generally broken down into special damages and general damages. Special damages compensate the plaintiff for quantifiable monetary losses (medical expenses, lost wages).General damages compensate individuals (not companies)
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Week 4 Q1 1. Is this a partnership? -an agreement of partnership, but re Re Ruddock, label is not decisive -S1(1) PA, this business is ‘trade’ Carried by B & C (A just provided his shop, and made a loan) In common (mutuality interest to make money?) Equally share profits & losses (Prima Facie) -S2(1)(c) (ii), a person lends money to a business where the interest rate varies with the business profits does not of itself make the lender a partner (债主不算partner)
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Comparisons Business Form Comparisons Western Governors University The different forms of business are sole proprietorship, which is already in use by the client; general partnership; limited partnership; c-corporation; s-corporation; and Limited Liability Company. The client is currently unsatisfied with the sole proprietorship, which is the easiest type of business to begin and to run, but which doesn’t fit the client’s needs any longer, since the business
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