businesses; sold proprietorship, partnership and corporation (Griffin 2005). Before deciding which the best one for the business is, the owner needs to know what each one is and how it operates. A sole proprietorship is a business that is owned and operated by only one person. Anyone can open up a business as a sole proprietor as long as they have the means and know how to do so. A lot of the “mom and pop” stores throughout the United States are classified as a sole proprietorship. They tend to
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There is the sole proprietorship, which is an organization that is owned by one individual. There is the partnership, which is an organization that is operated by more than one person. There is also a corporation. A corporation is an organization that buys and sells stock and their liability is limited to the amount of their investment. With these three types of organizations, there are some advantages and disadvantages to them (Zaheer, N.D). The advantages to a sole proprietorship are as follows
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WAFFLES AND PANCAKES A Feasibility Study Presented to The Faculty of College of Industrial Technology University of Rizal System Morong, Rizal In Partial Fulfilment of The Requirement for the Degree Bachelor of Technology Major in Hotel and Restaurant Management MA. ANGELIKA L. SEVERINO October 2015 CHAPTER 1 PROJECT BACKGROUND AND HISTORY Introduction The phenomenal success of Waffle Time and Pancake Houses has opened the door for many entrepreneurs in the Philippines to start their own businesses
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of business. Which form of ownership would you prefer? There are 3 main forms of Business organizations a) Sole Proprietorship (b) Partnership (c) Corporation a) Sole Proprietorship In a Sole Proprietorship, there is no legal distinction between the Sole Proprietor's status as an individual from his or her status as a business owner. Although sole proprietorships are common in a variety of industries, they are concentrated primarily among small businesses such as repair shops, small
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jobs” (Anderson, 2004). The most basic type of business organization is the sole proprietorship. In this style, the business is typically owned by one person. The advantages of a sole proprietorship are autonomy, independence and full decision-making abilities. Since there is one owner, there are no shareholders or boards of directors to work with in steering the direction of the organization. The downside of a sole proprietorship is that all tax implications fall on the owner. This includes all profits
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A business undertaking is an organisation which is engaged in some industrial or commercial activity. It represents an institutional arrangement for carrying on any kind of business activity. It may be owned and controlled by a single individual or by a group of individuals who have entered into a formal or informal agreement to jointly conduct the business. Every business undertaking is a separate and distinct business unit. It has its own identity and separate ownership. It can be distinguished
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securities | | | | long-term bonds | | | | Points Received: | 6 of 6 | | Comments: | | | | 2. | Question : | Which of the following could explain why a business might choose to organize as a corporation rather than as a sole proprietorship or a partnership? | | | Student Answer: | | A. Corporations generally face fewer regulations. | | | | B. Corporations generally face lower taxes. | | | | C. Corporations generally find it easier to raise capital. | |
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Urban Law Journal, 2005). Prior to January 1, 1998, availability for individual business ownership was limited to SP (Sole Proprietorship) or corporations. The amendment of the limited liability company act now makes it permissible for a one person LLC (Limited Liability Company). (AAES Project, 1998). After reviewing the options for a business structure, I made the decision to be a sole proprietor. A $10,000 capital investment was placed in the business and the business was started. A large profit was
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[CN]Chapter 1 [CT]Overview of Financial ManagementThe Financial Manager and the Firm SUMMARY OF QUESTIONS BY STUDYLEARNING OBJECTIVE AND BLOOM’S TAXONOMY |Item | |1. | |126. | |81. |4 |C |
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The sole proprietorship is the most common, oldest, and the simplest form of business organization. A sole proprietorship is a business entity owned and managed by one person. The sole proprietorship can be organized very informally, is not subject to much federal or state regulation, and is relatively simple to manage and control. In the state of Tennessee, Bedford County has certain procedures that are to be put into place when registering a business as a sole proprietorship. In the state of
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