AND PARTNERSHIPS A sole proprietorship is a business entity owned by one party‚ and is the simplest of the forms of business: • It is easy to form. • The business income is taxed along with the owner’s other income. • The owner is liable for the debts of the business. • The owner controls the decisions of the business. • The business ends when the owner does. The sole proprietorship is often the starting point for a small‚ fledgling business. But a sole proprietorship is often limited in
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“Business Changes” Theresa M. Odom BUS 311 Roger Pao August 26‚ 2014 Business Changes There are many liabilities to owning‚ manufacturing‚ selling and using fireworks. The potential personal liabilities for injury to consumers caused by fireworks can be devastating to those involved but taking precautions and having warning labels/notices can reduce these risks. Taking on larger business sales of fireworks should include changing from a sole proprietorship to a LLC. With this transition there
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Unit 1: Individual Project Heather Stowe AIU Online Abstract This paper is about an inventor who is trying to start up their own business but does not have the financial stability nor the management skills to keep the business afloat. They also need to decide which type of ownership will best fit their business: Sole Proprietorship‚ Partnership or Corporation. Unit 1: Individual Project Becoming a successful inventor is no easy task. It takes hard work coming up with and designing the
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Introduction: For many Business students their main goal is to one day own and run their own businesses. During this assignment I would like to break down the initial steps needed to start a business. Starting a business involves planning‚ making key financial decisions and completing a series of legal activities. Below are the steps that could help you plan‚ prepare and manage your business. Items needed You will need to have: • Business plan • Location or place of purchase via
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Proprietorship caries a large amount of liability because your personal credit can be affected if business fails. INCOME TAXES – As a sole proprietorship you only file one income tax for yourself and your business combined. LONGEVITY/CONTINUITY – A Sole proprietorship can grow as fast or as slow as the owner chooses. CONTROL – Sole proprietor has complete control over every aspect of the business. The sole proprietorship can grow at fast or slow as the sole proprietor chooses. PROFIT RETENTION
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References: Congressional Research Theory: The Family Medical Leave Act: An Overview Mayer. Gerald. 28 September 2012 SHRM: What is the “Key” employee provision under FMLA? 11 May 2012 FMLA AI 2010-3‚ Press Release (JUNE 22‚ 2010) Public Law 103-3. February 5‚ 1999
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Corporation‚ partnership‚ or sole proprietorship? Now that you have decided to start your own business‚ you will have to determine what business structure or form of organization suits your needs. The structure of your business will depend on whether you want to run your business yourself or with a partner or associates. There are four types of business structures: sole proprietorships‚ partnerships‚ corporations and cooperatives. On this page: 1. 1. Sole proprietorship 2. 2. Partnerships
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sole proprietorship business compared to a general partnership or a corporation. States that sole proprietorships are the easies to start and have low start up cost but in hard times you can end up losing. Also you the business owner have the sole reasonability to the business debts that occur. Sole Proprietorship After researching what exactly a sole proprietorship‚ general partnership and a corporation I feel that I would like to have a sole proprietorship business. This means I will own
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Chapter 3: Business Organizations This chapter deals with the economic organizations that are found in our economy. Most businesses operate in search of profits. Others are organized and operate like a business‚ although profits are not their primary concern. Section 1 deals with the three main forms of business organization. The first is the sole proprietorship‚ which is a business owned and operated by one person. The second is the partnership‚ which is a business jointly owned by two or
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Jose Rivera should select to create a corporation for his Toy Builder business. There are many reasons why it would be advantageous for Jose to create a corporation for Toy Builder as opposed to a sole proprietorship or partnership. Jose has a long desired to get into the toy business but it would be wise to separate this desire from his already acquired wealth which he has worked for so many years to accumulate. By Incorporating Toy Builder he creates a liability shield or separation between his
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