Name: Course: Instructor: Date: 1. Advantages of a sole trader * Ease of formation and dissolution Compared to other forms of business, sole trader is one of the cheapest businesses to set up and to administer. Its administration system requires only the accounting and bookkeeping system to show the business profits or loss, and the business revenue and expenses. * Direct motivation and secrecy The owner owns all the risk associated with the business hence he or she is motivated to work
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Review Test Submission: Quiz 1 (30 pts) Skip to Course Menu Skip to Top Frame Tabs Content User | Jason Roy Nickels | Course | Intro To Business | Test | Quiz 1 (30 pts) | Started | 7/11/15 4:53 PM | Submitted | 7/11/15 5:44 PM | Status | Completed | Attempt Score | 27 out of 30 points | Time Elapsed | 51 minutes out of 1 hour. | Instructions | This quiz consist of 10 multiple choice questions and covers the material in Chapter 1. Be sure you are in Chapter 1 when you take the
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private sector. Asda is a limited company which means that it is made up of people who know each other. In this case Asda's parents are Walmart. Shares cannot be brought by the public however it is possible to buy shares in the company but the owners control who buys the shares. The shareholders own Asda which means that the liability is limited. This means the shareholders will only lose the amount they invested in the business if anything was to go wrong. With limited companies it is essential
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businesses Sole trader: Sole trader describes any business that is owned and controlled by one person, although they may employ workers, e.g. a newsagent's shop. Individuals who provide a specialist service like hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a separate legal existence from their owner. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. This is called unlimited liability. Advantages:
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there is no improvement in goods and services 3. Advantages a) A corporation is formed by a larger pool of individuals than a partnership; hence, it provides more money for investment than the latter. b) A corporation provides a limited liability for the shareholders while a partnership has no limited liability clause unless it is a limited liability partnership. c) A corporation assumes a perpetual
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are: * Sole trader * Partnership * Private Limited Company * Public Limited Company * Franchise * Working Co-operative I am going to research the different types of ownerships using the internet and text books to gain an understanding of what each type of ownership consists of. This will therefore help me gain a wider and deeper knowledge and understanding of aspects of each ownership, for example the advantages and disadvantages. Sole trader A sole trader is the
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2002 and Corporate Law Economic Reform Program (CLERP) 9 resulted from the shortfalls of the existing regulations prior to 2001. The objective of this paper is to define auditors and GFC. In addition, this paper will look at the how the auditor liability increased because of the GFC. There will also be consideration of any additional issues that may exist in the Pacific as to
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siness entitiesBusiness Entities, Laws, and Regulations Paper Akiva and Tara Limited liability partnerships are organized to protect individual partners from personal liability for the negligent acts of other partners or employees not under their direct control. LLP's are not recognized by every state and those that do, sometimes limit LLP's to organizations that provide a professional service, such as medicine or law, for which each partner is licensed. Partners report their share of profits
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different types of partnerships discussed in this week’s reading assignment. The oldest and most common partnership is a general partnership which is when two or more people come together to start or carry-on a business as co-owner for profit. The second type is a limited partnership where there is both general partners and limited partners that break down to managers of the business and investors in the business. The final type of partnership is a Limited Liability Partnership (LLP) where no one
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Joe decided to change his sole trader status to that of a partnership with Saskia as a partner. To what extent do you agree with this decision? Justify your answer. (15) A sole trader is people who sets up in business by themselves and assumes all responsibility for the decision-making and liabilities of the business. Joe enjoyed the opportunity to be his own boss as a sole trader and had developed a successful business where he made all the decisions on what foods to sell. However with this
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