Sole Proprietorship A sole proprietorship is a business that is owned by one person. This person may operate the business or he/she may contract the work out to another individual. The owner makes all the decisions concerning the business regardless of who actually performs the work. The limitless and peerless accountability is one of the key characteristics of the sole proprietor. Advantages of a sole proprietorship Some of the advantages of a sole proprietorship are the simplicity and autonomy
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Business Entity Matrix Blake M. Reimert LAW/531 Beverly Spencer October 1, 2012 Business Entity Matrix |BUSINESS |Formation |Control |Liability |Continuity |Taxation | |Entity | | | | | | |Partnership | A general partnership | Partners | Tort liability:
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Business entrepreneurship 1. Sole proprietorship The sole proprietorship is the easiest business structure under which one can work a business. The sole proprietorship is not a lawful element. It essentially alludes to a man who possesses the business and is in charge of its obligations. The sole proprietorship is a mainstream business structure because of its straightforwardness, simplicity of setup, and ostensible expense. A sole proprietor needs to enlist his or her name and secure
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sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. Formation, Taxation, Control, Liability, Employee Issues, Federal, State and/or local laws affect ting the type of business, and Dissolution. Different forms of business are customized to suit corporations due the amount of liability that is spread throughout the business. One form of business may be a safer and more profitable alternative because investors
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MW 10:15 Business law Business Formation Assignment (ch. 19&20) Sole Proprietorship What legal liability and protection comes with this form of ownership? In a sole proprietorship the owner of the business has full liability for anything that happens within the business. The business isn’t its own entity therefore it all falls on the sole owner. Any issues, liabilities or losses that incur within the business are the owner’s responsibility. How is this type of business formation
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Sole Proprietorship A sole proprietorship refers to a form of organization owned by a single individual. In this business, a single person makes all the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers from unlimited liability
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Of the legal forms of business; sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate; some businesses may only qualify to be classified as one or two of the legal forms of business, making the decision easier for the owners to choose. Sole proprietorship: A sole proprietorship is a for-profit business owned by one person who may operate the business alone or employ others. The sole proprietor of the business is responsible
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Multimedia activity: Business Organization If I somehow managed to begin my own business, I would run with a sole proprietor business structure. i might want to be in all out control and recognize what is happening at all times. In this sort of structure I will have the capacity to alter my mix-ups and learn. This business structure is cost affordable to me and the way that I am an author I’ve had a sole business with composing music. I 100%$ make and compose my own particular music, therefore I might want
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Sports Bar and Restaurant Lou and Jose would like to open up a sports bar and restaurant to enable their customers to sit down, order food and drinks, and watch the big game on large screen TVs surrounding the restaurant. As many Americans, Loud and Jose have big dreams they want to see fulfilled. Lucky for them they have Miriam, who is a wealthy investor wanting to invest in their dream. Miriam will provide the capital with minimal participation in the business, but is wanting to profit from the
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can be organized is a sole proprietorship, partnership, C corporation and S corporation. There are a variety of advantages and disadvantages to each. When it comes to Tax implications, Legal implications and Accounting implications this is especially true. Below is an analysis of the various forms of business and the advantages and disadvantages to each, along with various implications associated with taxes, legality, and accounting. Sole Proprietorship Sole Proprietorship is a type of business
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