Villapando 1 Business 166 Leah Peer 04/04/18 Test #2 1. A) Sole Proprietorship- A business organization in which one person owns and‚ often‚ operates business. General Partnership- A business organization in which two or more owners agree to share the profits of the business but are also jointly and severally liable for its debts. Limited Partnership- A business organization with two classes of owners. The limited partner invests in the business but may not exercise control over
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FINANCIAL MANAGEMENT INTRODUCTION Business firms exist because they satisfy a human need by providing a product or service. No business firm can be established without sufficient financing. The owner(s) therefore put personal loans they have entered into‚ and/or their hard-earned savings‚ at stake to partially finance the firm. The owner’s or owners’ contribution is referred to as owners’ equity. Normally‚ owners’ equity is not sufficient Borrowed funds (loans) have to be repaid through
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A business that is carried on by a sole proprietorship is owned by one person‚ who also usually runs and manages the business. There may or may not be people working in the business these are referred to as employees of the business and the owner is the employer. The sole proprietorship receives all profits and is legally required to bear and satisfy all losses personally. The sole proprietorship is personally liable for debts of the business. So that‚ the sole proprietorship has unlimited liability
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In both business and accounting there are multiple types of entities (different types of business) that exist. The types of business entities that exist are a sole proprietorship‚ partnership‚ corporation and a limited liability company. Depending on the type of entity that is established‚ will determine how an accountant will analyze the transactions of that business‚ and determine how they are inputted. The type of business can also have their own advantages and disadvantages finically on a business
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tend to overestimate or underestimate their knowledge of the laws that pertain to starting a new firm? What does answer to this question suggest that entrepreneurs do before they start a firm? In general‚ entrepreneurs tend to overestimate their knowledge of the laws that pertain to starting a new firm. Before entrepreneurs start a firm‚ they should seek for lawyer to get some legal advice‚ get sources and information about the business‚ refer to book‚ or search the information thru the internet
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BUSINESS PROSPECTS OF “THE THUNKER” 1 BUSINESS PROSPECTS OF “THE THUNKER” Elizabeth Alfred Bus105 October 2010 BUSINESS PROSPECTS OF “THE THUNKER” 2 Business owners can form sole proprietorships‚ partnerships‚ or corporations. Each type of business entity has its pros and cons that can have a significant impact on the business and its owners
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SUBDOMAIN 310.1 - BUSINESS LAW Competency 310.1.2: Organizational Forms - The graduate can select the appropriate form of organization for a business. Objectives: 310.1.2-01: Differentiate between a sole proprietorship and general partnership. 310.1.2-02: Differentiate between a general partnership and a limited partnership. 310.1.2-03: Identify the distinguishing characteristics of C-corporations. 310.1.2-04: Identify the distinguishing characteristics of S-corporations. 310.1.2-05: Recognize
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Types of Businesses Name Business Law 531 Date Professor Having a business mindset‚ taking risks‚ having patience and a good amount of financial means is just the start to starting up a business. Becoming an entrepreneur of any sort is not as easy as most people would think. An important decision an entrepreneur makes is deciding the type of business to create or go into. The business types that will be explained are sole proprietorship‚ partnership‚ limited liability partnership
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MANAGEMENT (Difficulty: E = Easy‚ M = Medium‚ and T = Tough) Multiple Choice: Conceptual Easy: Firm organization Answer: c Diff: E [i]. Which of the following statements is true? a. One of the benefits of incorporating your business is that you become entitled to receive unlimited liability. b. Sole proprietorships are subject to more regulations than corporations. c. Sole proprietorships do not have to pay corporate tax. d. All of the statements above are
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1. The process of determining whether an entrepreneur’s idea is a viable foundation for creating a successful business is known as a: 2. Porter’s five forces model assess industry attractiveness by surveying these five factors: 3. The strongest of the five forces in most industries is: 4. The force from the five forces model that considers economies of scale‚ initial capital requirements‚ cost advantages relevant to company size‚ and lack of brand loyalty is the: 5. The primary purpose of the
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