fictitious company ToolsCorp Corporation and writes the company’s mission statement is using the nine essential components framework. This report focuses on the principles and tools needed to implement and evaluate the effectiveness of the strategic objective process. Lastly, this report considers any legal and ethical issues. Unit 1 Individual Project The following discusses the process of creating a mission statement for fictitious company ToolsCorp Corporation and writes the company’s mission
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Facts The Hawaiian Memories, Inc. was formed in 2007 as a C corporation, and it deals in specialty tourism products. The two main incorporators of the company own 1,000 voting common stock and 100 preferred stock in shares each. The company’s eight employees own 500 nonvoting stock collectively. Two of the eight employees own 100 shares each and the other six own 50 shares each, totaling to 500 nonvoting stock. Several of these employees have worked for this company for certain amount of years and
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Proprietorship This is the structure most often selected by individuals starting new businesses. It is generally defined as a business completely and directly owned and operated by one person. To create a sole proprietorship, you need only obtain whatever licenses, if any, are necessary to begin operations; few legal formalities are required to start, and it is usually less expensive to establish than a partnership or corporation. The sole proprietor, as sole owner of all assets, is entitled to all
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with a lawyer or an account about regulations, taxes, job offers and legal matters. The three different business organizations which are, sole proprietorship, partnership and corporation. Making the decision which organization would best help him succeed and serve his customers. Introduction to Business Starting a business is important to seek a lawyer or an accountant. Having knowledge on the legal forms of business will help the business owner with regulations for the locations were
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Legal Issues for Business Organizations – LIT1 Task 1 Legal Issues for Business Organizations – LIT1 Task 1 – Part A The way a business is organized is an important part of the business’s structure. “Different organizations provide different advantages and disadvantages in creation cost and simplicity, ongoing maintenance requirements, dissolution and continuity, fundraising, managerial control, public ownership, tax planning, and limited liability.” The nature of the business being conducted
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complex and ripe with regulations and rules. It is also enormously important to any organization, big or small, and thus can be a very intimidating career choice. As with anything else though, reaching a destination requires a starting point, and in accounting, a good starting point is to understand basic accounting concepts and business structures. These basic accounting concepts include but are not limited to the Generally Accepted Accounting Principles, the qualities of effective accounting information
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and products. Starbucks used to only sell hot drinks and teas, it has now expanded its products with sandwiches and other treats. The Starbucks customer base gets bigger every day. You can usually find a Starbucks every few miles; it is a huge corporation and continues to grow. “To inspire and nurture the human spirit-one person, one cup and one neighborhood at a time” (Starbucks.com). Section two Starbucks is internationally known, has a strong valuable brand. The most well recognized coffee brand
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activities are suspended in 1916 as the company supplies the war effort with 41,000 machines. 1920-1929 In 1923 the company is renamed Indian Motocycle Company, dropping the "r" in "motorcycle". It's a decade of growth for the Indian model line, starting with the revolutionary 1920 Scout and followed by the 95-mph Chief, the even more powerful Big Chief, the lightweight Prince, the awesome 4-cylinder Four. The 1928 101 Scout becomes the machine of choice for "wall of death" stunt riders. 1930-1939
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cares of starting a business is deciding on what entity that the owner or owners wish to become. Depending on the size and justification that the corresponding business prefers to be, it is a tax and business identity trait. Failure to decide on the right entity can result in penalties from the federal or state government, because this is one of the main reasons of taxation. Depending on what you chose for your business, your entity selection can change from a sole proprietorship to corporation within
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similarities and differences that are in each organization. Being an inventor the first order of business is that he needs to apply for a patent so that he has all the right to the invention. After getting the patent in place this will allow the invention to be protected and it also give the inventor the exclusive rights to sell his/her product, license for any further distribution without the consent of the inventor. Next the inventor needs to take into consideration the type of business that
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