TABLE OF CONTENTS Business Structure 2 Sole Proprietorships 2 Partnerships 2 Limited Liability Companies 2 Corporations 2 Identification Numbers 3 Taxes 3 Recordkeeping 3 Assets 3 Business Checkbook 4 Tax Year 4 Insurance 4 Guidelines for Potential Store Owners Preliminary Draft Campbell’s Confections often receives requests from individuals to open and manage a new candy store. To help prospective owners‚ Campbell’s Confections has prepared a guide to provide answers
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limited or unlimited depending on the type of activity. There are five types of business organizations in the United States. These forms are sole proprietorship‚ a partnership‚ limited liability company‚ partnership‚ and limited liability company. Each of these formations business has advantages and disadvantages for the employer. There are different levels attributed to the owners and partners in each of these forms of business organization responsibility. As for the different levels of responsibility
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owner Location- The only reason location is an issue is filing for local and state permits based on the business type; may pick up and move when and wherever owner desires. Would need to file a DBA form if owner is operating under a different name Convenience/Burden- Limited financial availability; family income disappears after death of owner; only one sharing the burden of running business General Partnership Liability- Partners share all profits but are completely liable for all debts
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Acme Fireworks Margaret E. Bridges Brian Lahargoue BUS 311 Business Law 1 Growing Acme Fireworks There is much to consider when expanding a business. How will you make‚ market‚ and distribute your product. Are you willing to take full liability for your product and understanding the legalities of what happens if your product is defective? Once that has been established‚ it’s important to make sure that your business dealings are in order. The strength of the contract and what
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duties and obligations of running the business. Sole proprietorship is the oldest and most common type of business firm in the United States. Most are small and account for only 7% of all business receipts. More common and known as sole proprietors are car repair shops‚ small grocery stores‚ barber shops and also some small farms. Also insurance is needed such as liability‚ malpractice‚ and burglary‚ do not let the policies lapse while you remain in the business. Become familiar with the codes of your
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Business Organization HCS 567 Business Organization Starting any business venture has many challenges. One of the most important decisions to be made to help ensure success is choosing the correct business organization. In order to choose the correct type of organization it is important to understand each type of organization along with the pros and cons for each. Sole Proprietorship The most prevalent organizational type is the sole proprietorship. Sole proprietorship is usually found among
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the business‚ you have complete control over all the operations‚ and you get to make all the decisions. You don’t have a board of directors‚ shareholders‚ or other owners to answer to. Tax Preparation and Filing Sole proprietorship income taxes are easy to file‚ using Schedule C and adding the income/loss from the business to your other income on your personal tax return. Tax Rates According to the Small Business Administration‚ sole proprietorship tax rates are the lowest of any business form
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start a business can do so‚ whenever‚ he likes. In Nepal‚ only nominal legal formality of registration is necessary. (2) Easy to dissolve: Dissolution of sole trading concern equally simple. There are no legal formalities in this regard. Proprietor can dissolve business whenever he likes to do so. (3) Effective control: In this form of business organization‚ proprietor is responsible for all types of activities. He controls all functions and takes decisions at appropriate time. So‚ the business is controlled
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Head: Four Types of Business Brandon Mckinley University of Phoenix ACC/561 Introduction An Entrepreneur is a person who forms and operates a business. Entrepreneurs form and start companies by themselves‚ or with partners. Most of the time companies which are started by entrepreneurs are relatively small in size‚ but some grow into huge corporations‚ such as Microsoft which is owned by Bill Gates. Entrepreneurs have four different options when starting a business‚ which include a sole
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Why do you think colonel Darling chose sole trader as a form of business organization and when and why might his company have become a partnership. Joshua Darling was a retired army colonel‚ who returned after the army to Liverpool‚ where he was born‚ opened a chocolate factory and set up his own business as a sole trader in July 1933. Why colonel Darling chose a sole proprietorship as a form of business organization? First of all‚ a sole proprietorship was suitable for his nature as he could
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