Different forms of business organizations can be a very confusing topic for many business owners. There are many different types of organizations including, but not limited to, Sole Proprietorship; General Partnership; Limited Partnership; C-corporation; S-corporation; and Limited Liability Company. Each type of business organization has its own benefits, drawbacks, and restrictions. This report will summarize each type of business organization and explain the drawbacks and benefits in a clear, concise
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their lives. I’ve thought about owning a hair salon, a beauty supply store, a restaurant, etc. the list goes on…however most recently I thought about owning a night club. Before starting a business the Small Business Administration (www.sba.gov) suggests you ask yourself the following questions: 1. Why am I starting a business? 2. What kind of business do I want? 3. Who is my ideal customer? 4. What products or services will my business provide? 5. Am I prepared to spend the time
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example, the Sarbanes-Oxley Act (SOX) shook up the business world and ultimately changed the way corporations account for their profit and gave them more responsibility for their actions. Per Investopedia, the Sarbanes-Oxley Act is an act passed in 2002 to protect investors from fraudulent accounting practices by corporations. SOX act required strict reforms to improve financial disclosures from corporations and prevent accounting fraud (Investopedia). Another regulation implemented by the government
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Business Organization The first thing to understand when starting a business is how the structure of the company will be set up. There are several types of business entities and each entity has its own particular benefits and list of drawbacks. In this paper I will enumerate the following types of business structures: sole proprietorship, partnership, corporation and limited liability corporation, how they differ from each other, their advantages and disadvantages. Choosing the wrong structure
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and responsible for the financial organization of the company to make sure that they return is promising and that the companies that come in to invest between $100,000 and $250,000. Mr. Johnson is not interested in angel investors that are at the starting stages of investing and if the maximum is over $250,000 then Mr. Johnson will need additional support from other angels for the entrepreneur’s idea. However, if the concept is not proven and the sales are not more than $100,000 then Johnson Angel
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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 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 to help in the decision for the type of structure
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You will either lose or save an abundance or money in the development of starting the corporation or retelling the merchandise this all depends on how you produced your merchandise. There are three things that need to be considered; the manufacture price, your financial plan and estimated profit margin. You will correspondingly need to reflect on your management knowledge and the people that assist you with the corporation judgments and the profits, when choosing how you need to manufacture your
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Business Structures There are several different types of business structures available to a person who is interested in starting a business. The following scenarios will illustrate a preferred form of structure as well as what documents are required for the formation. The business structures to be examined are sole proprietorship, partnership, limited liability, S Corporation, franchise and the corporate form. Sole Proprietorship A person wants to start their own business where they do not answer
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government restrictions, personal liability, tax considerations, and the like” (Cheeseman, 2010, p. 529). The major forms of business organizations are, sole proprietorship, partnership, limited liability company, limited liability partnership, corporation, S corporation, and franchise. This paper will define these forms and provide individual scenarios of each and why they were chosen. Sole Proprietorship “A sole proprietorship is the simplest form of business organization. The owner of the business
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