Running head: LEGAL FORMS OF DOING BUSINESS 1 Legal Forms of Doing Business University of Phoenix: LAW/531 March 2013 LEGAL FORMS OF DOING BUSINESS Legal Forms of Doing Business 2 Doing business in the United States can be a complicated matter. An entity wishing to conduct business must first chose a form upon which to do business. Some forms of doing business are a sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability company‚ S corporation‚ franchise
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LIT1 Task 310.1.2-01-06 Part A Sole Proprietorship - • LIABILITY – There is no separation between the individual and the business. As the owner and operator of a sole proprietorship‚ all of the profit and loss is the personal responsibility of the business owner creating unlimited liability. • INCOME TAXES – As a sole proprietor all business income or losses must be reported as personal income tax. The business itself is not taxed separately. • LONGEVITY/CONTINUITY – The sole proprietorship
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1987. Julie has said that she only writes music when she has something to say‚ then she tries to say it in the most personal yet universal way possible (Songfacts LLC‚b‚ 2015). In Julie Gold’s words ‘I still don’t believe it I feel I was just chosen as the designated messenger‚ I hope and pray I’ve been a worthy steward.’ (Songfacts LLC‚b‚ 2015) Bette Midler recorded the song in 1990 as the Gulf war was beginning‚ and the world embraced it as an anthem of sorts in a time when hope was needed. Music
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Sole Proprietorship A business with one owner who is responsible for all features of the business. Everything that happens in the company from the daily operation to the legal obligations are controlled by one individual. Sole Proprietorship Advantages: • Convenience - Usually the least costly to begin. Sole proprietorships are easy to start up. They entail acquiring the proper licenses and permits. Regulations very from industry‚ state‚ and county. There is no administrative configuration
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8. For federal income tax purposes‚ one-member limited liability companies are not taxed. ANSWER: F PAGES: Section 1 TYPE: + BUSPROG: Analytic AICPA: BB-Legal 9. Most states apply to a limited liability company (LLC) formed in another state the law of the state where the LLC was formed. answer: T PAGES: Section 1 TYPE: + BUSPROG: Analytic AICPA: BB-Legal 10. Limited liability company operating agreements typically contain provisions relating to management. ANSWER: T PAGES: Section 2
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Master Roger Grabowski‚ ASA Duff & Phelps Questions@BVResources.com © 2011 Business Valuation Resources‚ LLC Disclaimer Any opinions presented in this seminar are those of Roger J. Grabowski and do not represent the official position of Duff & Phelps‚ LLC. This material is offered for educational purposes with the understanding that neither the author or Duff & Phelps‚ LLC are not engaged in rendering legal‚ accounting or any other professional service through presentation of this
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are NOT sufficient to answer the question asked‚ and additional data are needed. View Answer and Explanation GMAT Practice Questions | GMAT Study Guide | Free GMAT Prep www.platinumgmat.com | GMAT Practice Test Copyright © 2009 PlatinumPrep‚ LLC. May be distributed freely‚ but not modified. GMAT Practice Questions | GMAT Study Guide | Free GMAT Prep www.platinumgmat.com | GMAT Practice Test 4 Powerful XYs If x and y are distinct positive integers‚ what is the value of x4 - y4? 1) (y2
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This article was published in a slightly different form as Chapter 10 of Joint Ventures in Europe‚ Tottel Publishing‚ 2008. Joint Ventures in the Russian Federation Hermann Schmitt White & Case‚ Moscow 1 Hermann Schmitt Partner 1 General background 1.1 Joint ventures under Russian law Russian law currently does not provide a specific definition of ‘joint ventures’.2 In broad terms‚ a joint venture is a structure involving two or more independent entities that decide to work together
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EXECUTIVE SUMMARY: Smart Meters Smart Electrical Meters‚ Advanced Metering Infrastructure‚ and Meter Communications NOTE: This document is a free excerpt of a larger research report. If you are interested in purchasing the full report‚ please contact Pike Research at sales@pikeresearch.com. Published 4Q 2009 Bob Gohn Industry Analyst Clint Wheelock Managing Director Smart Meters Section 1 EXECUTIVE SUMMARY The electrical metering industry is undergoing the largest transformation
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Part A When a business forms‚ the owner or owners must decide how to classify it. The type of classification will ultimately determine the rules under which the business will operate. Six general types of business entities exist with multiple variations thereof. Each type of business entity has advantages and disadvantages and there is no one type of entity that’s better than another. Business owners must decide how their business should be classified based on their individual and unique needs
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