Legal Section The business will operate as a partnership because the number of people setting up the business will not exceed the permitted twenty. When operating as a partnership it is the partners’ responsibility to inform the general public as to who the partners (joint proprietors) are within the business unit. The main advantage that applies to ILM Trading is that a partnership ensures that there is greater scope for raising finance. Another advantage that arises out of a partnership as
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TASK 1 (A). SOLE TRADER : Is a business which is owned and manages by one individual‚ who is self-employed and in some case employ other people on either a full time or part time basis. EDEXCEL HNC/HND BUSINESS (2009). A sole trader normally use his own personal funds/capital to start the business and he decided on types of goods or services to produce‚ the location‚ what capital or funds is required etc examples of sole traders are self employed plumbers‚ news agents‚ local
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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
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THE COMMON PROBLEMS IN BUSINESS ARISING FROM SOLE PROPRIETORSHIP AND PARTNERSHIP AMONG BUSINESSMEN IN TAGUM CITY ____________________ A Research Paper Presented to the Faculty of the College Department ____________________ In Partial Fulfilment of the Requirements in English 2A ____________________ By: Maghanoy‚ Laira M. Luma-ad‚ Chriselle Mae P. Lumotos‚ Flora Mae D. Chapter 1 THE PROBLEM AND ITS SETTING Background of the Study Sole proprietorship and partnership
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Fundamentals of Business Law. Summarized Cases. 8th Edition 24.4 Indications of Partnership – Norris v. Fontenot. In 1996‚ Stafford Fontenot‚ Steve Turner‚ Mike Montelaro‚ Joe Sokol‚ and Doug Brinsmade decided to go to Atlanta‚ Georgia‚ the site of the Olympic Games to sell Cajun food. They started the preparations about 6 month before‚ choosing “Prairie Cajun Seafood Catering of Louisiana” as their name. On May 19‚ they applied for a license with the designated department in Fulton County‚ Georgia
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Case : “week 8 federal taxation discussion” Employee Business Expenses" Please respond to the following: As part of his contract at his new job‚ Jim is provided a company car and gas card to go back and forth to work. He sometimes uses the car for out-of-town travel approximately once a month. Jim also uses the car and the gas card for his family vacations‚ dinner‚ etc. Question: Explain the applicable tax law regarding employee compensation and the criteria for deducting expenses Make at least
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Sole Proprietorship: This is a type of business is where the business and the owner are one in the same. Sole proprietorship has its advantages and disadvantages just like every form of business. Sole proprietorship is one of the easiest types of business to create. You as the owner can name‚ organize and carry the business as far as you dream of it going. Sole proprietorship also can have risks; as the owner you cannot bring others into the business‚ so the responsibility of time management
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solely classed as a business cost can be claimed back on expenses. Trading through a Limited company means you can claim on a wider range of expenses such as accountancy fees‚ equipment‚ software‚ phones‚ travel‚ Internet and much more. Complete control of your business – you keep complete control of your financial affairs meaning you do not have to risk your money with any third party administrator or umbrella company. Personal assets are covered - As a non-limited business‚ personal assets can
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a form of business organisation that is owned and controlled by one individual. He is the only risk bearer and the profit recipient The word ‘sole’ implies only and the word ‘proprietor’ refers to owner. Hence a sole proprietor is the only owner of the business. FEATURES 1. Formation and Closure – Hardly any legal formalities are required to start. But in some cases licence might be required. Closure can be done easily. Hence it is easy to form and close the business 2. Liability-
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Bridget Sarris‚ Bonnie Kyle‚ Erlyn Cruz‚ Ernest Snyder LAW / 421 Robert Tisher May 27‚ 2013 BRASWELL v. UNITED STATES This case presents the question whether the custodian of corporate records may resist a subpoena for such records on the ground that the act of production would incriminate him in violation of the Fifth Amendment. We conclude that he may not. From 1965 to 1980‚ petitioner Randy Braswell operated his business — which comprises the sale and purchase of equipment‚ and
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