usually not governed by special laws. A proprietorship is a type of business entity which legally has no separate existence from its owner. Hence‚ the limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. All debts of the business are debts of the owner. The single proprietor has unlimited liability since creditors of his business may proceed not only against the assets and properties of his business but also after his own personal
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Business Entities Paper Trameka M. Alpough BUS/415 January 31‚ 2011 Richard Simon When starting a business it is important to choose the correct type of entity that will allow it to be successful. Upon choosing the best entity for the business there are different rules and regulations that need to be followed including issues from liability to taxation. Starting a business requires some research on licensing‚ state laws‚ and regulations. Opening a business requires choosing an entity‚ taking
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Business Structure Advice Adriana Tovar FIN/571 December 15‚ 2014 Professor David Gobeli Dear John Owner‚ In response to your request for business structure advice‚ I believe you will find the following information extremely helpful to lead you to your decision. First‚ you must know which your business structure options are‚ these include: sole proprietorship‚ partnership and corporation. A partnership could be general or limited and a corporation could be a general or a subchapter
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Business Organization Research Notes Sole proprietors must also pay self-employment (SE) tax‚ a Social Security & Medicaire tax primarily for individuals who work for themselves. SE tax is figured using Schedule SE (Form 1040). Social Security & Medicaire taxes of most wage earners are figured by their employers. The SE tax rate is currently 15.3%. The rate currently consists of two (2) parts: 12.4% for Social Security (old-age survivors and disability insurance) and 2.9% for Medicaire
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John Walter O. Boisvert TM 102 (12:20 – 2:00) FORMS OF BUSINESS ORGANIZATION 1. Sole Proprietorship - is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. ADVANTAGES: * Capital - Sole proprietor contributes
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Throughout the world‚ wherever business enterprises are carried on‚ there are to be found three basic forms in which the ownership of these enterprises is held. . The individual owning outright his own business and usually managing it himself without much cooperation or assistance.( sole proprietorship) . A group of owners‚ working together under some form of partnership agreement. . The impersonal owner - the corporation - standing between the business and the individuals who have various
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Sole Proprietorship A Sole Proprietorship is a type of business where there is no legal difference or distinction between the business and its owner. Legally‚ the name of a sole proprietorship is the name of the owner‚ unless a DBA is filed. Advantages include the ease and simplicity of creating a sole proprietorship‚ autonomy‚ and the benefits of financial freedom. Disadvantages are unlimited liability‚ continuity‚ limited resources‚ and raising working capital. * Liability – The liability
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Business is an organisation involves in trading activities of goods or services or both. Business can be a profit organisation or a non profit organisation. There are three types of profit organisation in business. First type is Merchandising Business which involves purchasing and selling the products that they purchase. They do not manufacture the products. Example of this business is Parkson‚ who purchase clothings‚ toys and other products from various manufacturers and then sell in their department
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more expert you are. When comparing kite flying to business or management‚ there are a lot of similarities in both of them. A close analysis of all the aspects of both these activities reveals a very close connection between them. There is a lot to learn from kite flying – a common activity we ignore taking advice and advantage of in business or management. The similarities are as follows : Kite flying is not an easy task. Just like business‚ it involves various skill and talent to take the sky
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Bus-101 Kevin Lentz 06/2013 Chapter 1 Rooftop Restaurant and Lounge will enter into a market with perfect competition. With perfect competition Rooftop Restaurant and Lounge will have an infinite number of consumers with the willingness and ability to buy our products at a certain price. It would also have an infinite amount of producers with the willingness and ability to supply the products at a certain price. Rooftop Restaurant and Lounge is a new fine dining restaurant and lounge
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