An LLC is a relatively new form of business organization whose goal is to operate and be taxed like a partnership but retain limited liability for owners‚ thus a combination of partnership and corporation. If changing the company organization from a sole proprietorship to an LLC‚ the advantages are as follows. Since an LLC is functioned as a partnership‚ the funds raised from other partners will enlarge the scale of the company and relieve the cash flow and capacity problems and enrich its asset
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forward with the business. There are many different factors that have to be considered when making this decision. The most similar type of business is the partnership‚ sole proprietorship‚ S corporation‚ and corporation. A Limited Liability Company (LLC) is a new business structure allowed by state statute. When establishing a new business‚ limited liability corporations and partnerships play a huge role. Limited Liability Corporations Limited liability corporation or company is a “relatively
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The Strategic Move of Crocs‚ Inc. By Jennifer von Briesen‚ Founder & Principal‚ Frontier Strategy‚ LLC Crocs‚ Inc. Overview Crocs‚ Inc. is a U.S. based shoe designer‚ manufacturer‚ and retailer that launched its business in 2002 selling Crocs™ brand casual plastic clogs with straps in a variety of solid‚ bright colors. Love them or hate them‚ the tremendous popularity of Crocs™ shoes is an undeniable business success story. Crocs’ bold strategic move allowed it to break out of the red ocean
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Corporation (LLC) and Limited Liability Partnership (LLP). In addition‚ the paper will describe under what circumstance one would choose one instead of the other. Limited Liability Corporation According to IRS.gov (Internal Revenue Service‚ 2011‚ para. 1)‚ Limited Liability Corporation is a business structure allowed by statute. Owners are known as members and each has limited personal liability when it relates to the debts and actions from the decisions made by the business. One role of a LLC is the
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TASK 1 (PART A) LIT 1 SOLE PROPRIETORSHIP: The owner and the business are considered one. The owner takes all the risk and receives all the profits. It is easy and inexpensive to start up a sole proprietorship however a sole owner has trouble raising capital which could limit growth. • LIABILITY –If the business fails the owner is financially responsible and my lose everything. • INCOME TAXES – The proprietor and the business are taxed together. • LONGEVITY/CONTINUITY – The business dies
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as if it were yours‚ to me is simply unethical. In the case‚ Northeast Iowa Ethanol‚ LLC v. Drizin I would have to say the Drizin acted unethically. Northeast Iowa Ethanol‚ LLC trusted in Drizin to assist them in additional funding for their project (Cheeseman‚ 2010‚ p. 584). Instead‚ Drizin acted carelessly and from the sound of it did what he wanted to do with their money. I know that Northeast Iowa Ethanol‚ LLC trusted Drizin but I feel that Drizin should have keep them in the equation of what
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Fireworks has several options to choose from and‚ each has its own sets of pros and cons. These choices include such entities such as: a partnership‚ a corporation‚ or a limited liability company (LLC). Based upon the information provided‚ ACME Fireworks would most likely benefit by transitioning into a LLC. This type of entity will provide the control of a
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the business owner will be able to start-up quickly without excessive legal paperwork. Examples of this type of business are a home daycare or a nail salon. Partnership A partnership consists of two or more owners who do not file to become an LLC or a corporation (Nolo‚ 2013). There are two types of partnerships general and limited partners. A partnership is the least expensive co-owned business and the easiest to set up. Partners in business are both liable for the business regardless of
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We will start with discussing your current structure‚ a Sole Proprietorship. Since you currently are operating this way‚ it will be easiest‚ and make the most sense to explain it to you. As with the rest of the structures‚ we will go through a list of each of the seven characteristics of a business. Liability-First is a concern for you‚ liability‚ say for instance‚ in the situation of a contract employee. This could end up being a major concern for you.
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report is devoted to internal organization of the company. The scope of the research conducted is limited by the headquarters of «Unitel» LLC (under “Beeline” brand-name). Examining the company under certain internal organizational factors such as coordination mechanisms or principal-agent problem‚ the subject of interest was specifically the main office of «Unitel» LLC. Finally‚ all determined features of the market and the company are summarized at the end of each section and most applicable suggestions
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