P1 – Describe the travel and tourism business environment, providing examples of organisations Public sector The public sector is a business sector provided and maintain by the government, in the Travel and Tourism sector the public sector consists of organisations like Translink rail and bus service, tourist information centres and leisure centres. Private sector The private sector consists of a variety of business that survive by making profit from whatever service they provide. In the Travel
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and Staff types of authority. With the aid of examples and diagrams, show how these types of authority are applied in an organisation. [3 each] [11] Outline the main features of: i a sole trader ii partnerships Explain the main differences between Private Limited Liability Companies and Public Limited Liability Companies. [5 each] [8] [4 each] 4. a) b) With the aid of a diagram, briefly describe the main features of a procedure for ordering goods. Evaluate the importance of THREE of the main
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1. Ashley and Bradley started an accounting firm and choose general partnership as the legal form of conducting business. General partnership also referred to as ordinary partnership is an agreement between two or more people to conduct business jointly with the intention of gaining profit. This type of partnership gives the co-owners equal management responsibility, unlimited liability, as well as a share of the business profits. The success and growth of the accounting firm justified the addition
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Structure that I have decided to choose for my restaurant “ The Savory Escape is a Limited Liability Company. A Limited Liability Company (also known as LLC) is a business organization that that combines elements of corporations and partnerships. It is designed to provide the advantages of limited liability, favorable taxation, flexible ownership structure and reduced legal formalities.A LLC provides the limited liability protection of a corporation, while avoiding the double taxation. I chose this
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2.0 Proprietorships 3.0 Partnerships 4.0 Corporates 1.0 Introduction In the People’s Republic of China, business organizations may be classified in to three main classes: individual proprietorships, partnerships, and corporations. The laws that effect these forms of business enterprises are diverse. There is no single code or statute that governs the PRC law of business enterprises. According to the sources of capital, there are domestic capital enterprises which are regulated by Sole Proprietorship
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Sole proprietorship The sole proprietorship is the simplest form of business entity. Single person carrying on a business for profit. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for
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legal form. These legal forms of business each have innate advantages and disadvantages related to legal liability, taxes, continuity, and control. The legal forms of business include: sole proprietorship, general partnership, limited partnership, C-corporation, S-corporation, and Limited Liability Company. Other forms of business include: family limited partnership, professional partnership, professional corporation, and personal services corporation, but for the purposes of this document we will
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12 Sole Proprietorship A sole proprietorship is an unincorporated business with a single owner that deals with personal income tax from profits of the business. A key disadvantage of a sole proprietorship as an organizational form is that it does not create another legal entity, making the sole proprietor responsible for all debts incurred. A key advantage to becoming a sole proprietor is startup is usually easy and all the profits that are incurred by a single owner (“Sole Proprietorship Definition
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Part A (The Report) Sole Proprietorship A sole proprietorship is the most common form of forming a business in the United States. The individual that forms the sole proprietorship and the business is one in the same. For example, if the business owes creditors money, the individual who created the sole proprietorship business has to pay the bill. When entering into contracts the individual is actually agreeing to the contract since the person and business is one in the same. The biggest advantage
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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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