LIT1 – Task 1 Part A SOLE PROPRIETORSHIP: A “for profit business” owned and operated by an individual. Owning a sole proprietorship allows an individual to run a business any way they see fit with few state/federal regulations and limited legal formalities. The owner of a sole proprietorship assumes considerable risks by without liability protection and therefore is held personally liable for any judgments against the company and is susceptible to loss of business assets‚ personal property and
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To: Penelope‚ Mark‚ and John From: Redacted. Date: 4/12/14 Subject: Entity Selection Facts: After 20+ years of working for other firms‚ Penelope (enrolled agent‚ age 41)‚ Mark (CPA‚ age 43)‚ and John (CVA‚ age 65) want to leave the firms they are currently employed by and become their own bosses. Penelope specializes in taxes‚ Mark is the auditor‚ and John is a business valuation expert. There are so many options available as to how they can structure the new business. The appropriate
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If Maria does adopt a business form‚ what business form is the best for her company? Please explain. Group Sh recommends Maria to adopt a limited liability corporation (LLC) for the following reasons: –Limited liability: The key consideration for setting up a LLC is to protect herself and the other members‚ and to limit their liabilities to the amount invested in the business. Without limited liability‚ the members don’t only lose their investments but are also liable
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Product Plan Product Plan Joe Veltri Joe Veltri Chrysler Group LLC 2010‐14 Business Plan Chrysler Group LLC 2010 14 Business Plan November 4‚ 2009 Product plan development process Identify consumer & market trends Commercial Industrial I d ti l Controlling Marketing Determine opportunities with our brands Determine optimal use of available platforms • Utilize existing platforms • Common parts/technologies • Speed to market Speed to market Ensure containment
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which in the end hampers the business able to exploit new opportunities (Ross‚ Westerfield‚ & Jordan‚ 2013‚ p. 14). A limited liability corporation (LLC) operates and is taxed like a partnership but retain the limited liability for owners‚ basically making it a hybrid of a partnership and corporation. The Internal Revenue Service maintains oversight of LLC operations and if a business does not meet certain criteria it will be faced with double taxation
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Issue : Did LLC failed to pay the market value of OLSON`s interest? .Rule: A member`s ownership interest in an LLC is not freely transferable.A transferee of a member distributional interest receives only the member`s share of LLC distributions. .Application: according to the written agreement LLC payed the capital account and 2005 compensation to Olson.Olson may argue that due to the oral agreement LLC breached it`s duty to pay fair market value of a member.on the other hand LLC may argue that
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Elements of a Business Plan 1. Cover sheet 2. Executive summary (statement of the business purpose) 3. Table of contents 4. Body of the document A. Business 1. Description of business 2. Marketing 3. Competition 4. Operating procedures 5. Personnel 6. Business insurance B. Financial data 1. Loan applications 2. Capital equipment and supply list 3. Balance sheet 4. Breakeven analysis 5. Profit and loss statements 6. Three-year summary 7. Detail by month‚ first year 8. Detail by
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Homework Solutions: Spilker et al. C h. 20 40. Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership: Harry: Cash Land Totals Basis Fair Market Value $ 30‚000 $ 30‚000 100‚000 120‚000 $ 130‚000 $ 150‚000 Sally: Equipment used in a business Totals 200‚000 $ 200‚000 150‚000 $ 150‚000 a. How much gain or loss will Harry recognize on the contribution? b. How much
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Delimited File Reports Version 2.0 January 8‚ 2013 Published: November 27‚ 2012 TECHNICAL SPECIFICATIONS Delimited File Reports Version 2.0 Chase Paymentech Solutions‚ LLC 2013 - All rights reserved This document contains confidential and proprietary information of Chase Paymentech Solutions‚ LLC No disclosure or duplication of any portion of these materials may be made without the express written consent of Chase Paymentech. These materials must be used solely for the operation
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Sampling and Data Collection Plan: Amsterdam LLC Cindy Smith QNT/561 November 10‚ 2014 Professor Derek Blythe Sampling and Data Collection Plan: Amsterdam LLC Amsterdam LLC is a transportation company that transports clients to and from their destination throughout the states of Ohio‚ New York‚ and Illinois. The company operates over 1‚500 vehicles and consumes at least 3 million gallons of fuel per year. The company has realized that the operation and maintenance of the outdated vehicles are becoming
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