Potential Cardigan Home Store Case Study
Date 07/06/2015
To: P. Strami and Mable Bacon
From: Allicia Hines
Re: Business Formation of Potential Cardigan Home Store
A partnership, sole proprietorship, and incorporation are three types of business ownership. (Miller 444) Sole proprietorships can be operated and owned by the same person. Then again, an entrepreneur may claim sole proprietorships; however they may acquire a supervisor to run the business daily routine. The sole proprietor tracks every profit made from the business and is responsible for any losses that may occur. Of the three types of ownership, the sole proprietorship is the most demanding. When considering a business one of the crucial starting points should be the registration and business name. (Miller 445) The name …show more content…
• Partners bears the unlimited financial obligation.
• Each partner accepts obligation for the mistakes of his or her partners.
• Partners must equally share profits.
A corporation is considered a legitimate entity that is governed by law. As a artificial person, a corporation can perform every one of the errands that a genuine person can do, similar to pay expenses, collect obligation, go into contracts, be considered responsible for carelessness and make a profit. (Miller 462) A corporation must be developed by one or more people. The shareholders record Articles of Incorporation with the Secretary of State. The minute the Articles of Incorporation are in place, the pay state charges for incorporation (Miller 489) At the point when the sum total of what necessities have been met, a state official ordinarily the Secretary of State – issues the sanction. (Miller 467) Entrepreneurs should have a lawyer document the papers. (Miller 457) Attributable to the legitimate structures of corporations, there are various focal points:
• 1st Limited liability – In the corporation, the shareholders' requirements for liability, duties, and claims are restricted to the measure of cash invested resources into the purchase of
To: P. Strami and Mable Bacon
From: Allicia Hines
Re: Business Formation of Potential Cardigan Home Store
A partnership, sole proprietorship, and incorporation are three types of business ownership. (Miller 444) Sole proprietorships can be operated and owned by the same person. Then again, an entrepreneur may claim sole proprietorships; however they may acquire a supervisor to run the business daily routine. The sole proprietor tracks every profit made from the business and is responsible for any losses that may occur. Of the three types of ownership, the sole proprietorship is the most demanding. When considering a business one of the crucial starting points should be the registration and business name. (Miller 445) The name …show more content…
• Partners bears the unlimited financial obligation.
• Each partner accepts obligation for the mistakes of his or her partners.
• Partners must equally share profits.
A corporation is considered a legitimate entity that is governed by law. As a artificial person, a corporation can perform every one of the errands that a genuine person can do, similar to pay expenses, collect obligation, go into contracts, be considered responsible for carelessness and make a profit. (Miller 462) A corporation must be developed by one or more people. The shareholders record Articles of Incorporation with the Secretary of State. The minute the Articles of Incorporation are in place, the pay state charges for incorporation (Miller 489) At the point when the sum total of what necessities have been met, a state official ordinarily the Secretary of State – issues the sanction. (Miller 467) Entrepreneurs should have a lawyer document the papers. (Miller 457) Attributable to the legitimate structures of corporations, there are various focal points:
• 1st Limited liability – In the corporation, the shareholders' requirements for liability, duties, and claims are restricted to the measure of cash invested resources into the purchase of