select the entity that best meets their business needs. Sole Proprietorship The first and most common form of business organizational structure is known as a sole proprietorship. Not only is it the most common, but it is also the simplest form of business organizational structure to establish. The primary characteristic of a sole proprietorship is that it is simply owned and operated by one person. When operating a business as a sole proprietor, the business also operates under the name of the
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Tiare Gomes Business Marketing Management April 2013 Task 1 (310.1.2-01-06) SOLE PROPRIETORSHIP: The Sole Proprietorship is a business owned completely and solely by one person. It is easy to start this type of business because legal formalities are minimal. Sole Props are popular amongst small businesses or start-ups because of this simplicity. Business taxes are done all under one filing (the owner files his taxes normally with the form 1040 and a schedule C) and all gains and profits belong
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must look at types of business structures available and decide on which one best suits the company. There are three basic types of businesses; sole proprietorship, partnership, and a corporation. Each offers its own advantages and disadvantages as seen in the table below. The first basic business structure is the sole proprietorship. "A sole proprietorship is a business owned by one person." (Parrino, Kidwell, & Bates, 2012, p. 6) This type of business structure is the largest type in the United
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2-01 through 310.1.2-06 Business Forms Sole Proprietorship – Sole proprietors are individuals doing business on their own. They have no partners or shareholders. A sole proprietor may have a free-standing business where he works or he may be a contractor or freelancer and travel as near or far as he pleases. If he chooses to move to another location or State, he can continue his business there. Some advantages to this type of business are that the sole proprietor makes all business decisions,
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LIT1 Task 310.1.2-01-06 ! Different Types of Business Organizations! ! Sole Proprietorship. ! ! Sole proprietorships is one of the easiest types of business organization to sign up for. This unincorporated business only requires one person to have ownership. Convenience is why this form of organization is preferred, as this organization has the least amount of regulatory oversight. The single owner of the business is the one personally liable for the actions of the business. When
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Business Structures FIN 571 July 20, 2015 Business Structures When forming a business, there are three basic structures to identify and understand. Sole proprietorship, partnership, and corporation comprise the basic structures. The partnership can be a general partnership or a limited liability partnership and the corporation can be three types: general, subchapter S (S corporation), and limited liability company (LLC). For a business venture, there are many questions to contemplate
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organizations are sole proprietorship, partnership, corporations, limited liability partnerships. Based on this information it will me decide which form of business would be best suited for my company. Sole Proprietorship According to Cheeseman (2010), sole proprietorship is a form a business in which the owner is actually the business and it is not a separate legal entity. There are some advantages and disadvantages to using this form of business. The advantage to going with the sole proprietorship is that
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Sole Proprietorships Sole Proprietorship is a business entity owned and operated by one individual. This type of business organization is relatively inexpensive to start. The pros of the sole proprietorship are easy to start, the owner is able to retain his profits and the owner has sole control of business decisions. The cons of sole proprietorships are unlimited liability, limited financial resources, harder to get additional financial resources for example loans, limited growth, and limited life
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business can take. The most common are sole proprietorship, general partnership, limited liability company or LLC, and C or S corporation. Sole Proprietorship Sole proprietorships are probably the simplest and cheapest forms of business organization. They do not require registration with local, state or federal governments (other than taxes and special regulatory agencies). They are businesses which have one owner and they do not have stock. The sole proprietor owns all assets and is responsible
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business structure options to choose from when starting a business. These structures consist of sole proprietorship, partnership, corporation, and limited liability company (LLC). To assist you in selecting the best structure for your business, I would like to discuss the benefits and drawbacks, as well as legal and tax implications of each structure. Sole Proprietorship A sole proprietorship is owned and operated by a single owner. It is the easiest, most inexpensive, and least regulated
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