Final Paper Proposal James Collier BUS311: Business Law I Instructor: Daniel Malvin 9-1-2014 A sole proprietorship is a one-person business that is not registered with the state as a corporation or a limited liability company (LLC). The owner of the Acme Firework is a sole proprietor that has never changed his business entity. A sole proprietor can be held personally liable for any business-related obligation. This means that if your business doesn't pay a supplier, defaults on a debt, or
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questions. When beginning a business, “YOU” as the owner, must consider what form of business entity to establish. Your business structure determines which income tax return form you have to file. The most common forms of businesses today are the Sole Proprietorship, Partnership, Corporation, and S Corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. John, you want to generate revenue of course, but you also have to protect any personal assets
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LIT1 – Task 1 (Part A) Sole Proprietorship: • Single Ownership - The single individual always owns sole proprietorship form of the business. The individual owns all assets and properties of the business and bears the risk of losing or gaining from the business. • No Sharing of Profit – The business is owned by an individual, therefore, all of the gains are directly available for the owner to access immediately. There is no friction between owners
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through the stages of sole proprietorship, partnership, and then a corporation. A sole proprietorship has advantages such as being easily and inexpensively formed and has to deal with less regulation by the government. Some of the disadvantages of a sole proprietorship include difficulties with obtaining capital to enable. The life of a sole proprietorship is limited to the life of the owner Some of the advantages to a partnership are similar to that of a sole proprietorship, however there is more
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Sole Proprietorship: Liability: The entire enterprise and all resources are owned and controlled by the owner. Any debts of the enterprise are the owners debts and must be paid from the owners personal funds. The proprietor is infinitely liable. Income Taxes: The proprietor must pay self employment tax. The business is will not be independently taxed and any income or lack of income must be reported on the owners tax return. The companies earnings must be taxed as well. Longevity or Continuity
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University of Phoenix Material Sample Business Forms Worksheet There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Select one of the forms of business 2. Research and provide three advantages and three disadvantages for this business form. 3. Provide a 100- to 200-word summary in which you provide an example business for each form. Discuss
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of this report; you should have an initial or better understanding of the different types of business forms. Sole Proprietorship: The word proprietorship can sound intimidating. It is important to remember that most things are simplified with knowledge. If your business is a sole proprietorship then you as an individual are the owner and operator of that business. This means the sole proprietor handles everything from setting up the business, which does not require an attorney to establish the
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that has to be identified and determined which is suitable for the individual or individuals are the Sole Proprietorship, Partnership and the Corporate structure and also the Sub Chapter S Corp and the Limited Liability business structure. Each of these structures have particular advantages and disadvantages that are associated with them, that needs to be addressed and identified The Sole Proprietorship structure is an individually owned and managed. This business structure is the least regulated out
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organization. The various forms of organization are as follows: 1) Sole proprietorship 2) Partnership 3) Co-operative Society 4) Joint stock company (Private and Public) These are explained in brief as follows:3.1 OBJECTIVES At the end of this lesson you will be able to know Various forms of organization Its formation & features Merits & Demerits 3.2 SOLE PROPRIETORSHIP 3.2.1 Meaning: The sole proprietorship is a form of business that is owned, managed and controlled by
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2013) Sole Proprietorship: The basic concept of sole proprietorship is that there is no distinction between the individual business owner and the business. To start this type of business, in most cases, one only needs to begin charging money for goods or services. Because of its simplicity, sole proprietorship is the most common business structure in the United States. According to the U.S. Small Business Administration, “over 70 percent of businesses are owned and operated by sole proprietors
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