several business structures that that affect taxation (Hamel‚ 2014)”. Business owners may select one of types of business structure that affect taxation such as sole proprietorships‚ partnership or corporation. Each structure is built‚ taxed‚ ruled and regulated by the Internal Revenue Service (IRS). It is the responsibility of the a sole proprietorship owner to report annual business income for taxation purpose. For corporations‚ the entity is taxed and the owner is not directly charged with taxation
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Business Organizations Task 1 SOLE PROPRIETORSHIP: A sole proprietorship is the easiest and most simple business form to operate under. The sole proprietorship itself is not a legal entity. In a sole proprietorship‚ the person who owns the business is personally responsible for the business debts. • Liability: The business owner is personally liable for any claims/lawsuits against the business. If a sole proprietorship is defeated in a lawsuit or is in debt‚ the owner/sole proprietor is personally
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Business Organization Research Notes Sole proprietors must also pay self-employment (SE) tax‚ a Social Security & Medicaire tax primarily for individuals who work for themselves. SE tax is figured using Schedule SE (Form 1040). Social Security & Medicaire taxes of most wage earners are figured by their employers. The SE tax rate is currently 15.3%. The rate currently consists of two (2) parts: 12.4% for Social Security (old-age survivors and disability insurance) and 2.9% for Medicaire
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In the thought of Sonic remaining a sole proprietorship I do not think that it would have grown as big as it is today because if there was not a chain of Sonic’s there would be only the one that Troy Smith started in 1954(Sonic Video Case: Sonic is Booming.)Troy Smith started Sonic as a sole proprietorship and gradually evolved to a partnership‚ then to a corporation‚ and finally to franchisor. If he had not have took the step that he did to start as a sole proprietorship and slowly evolved it to
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Practice Exam Question Is money the sole motivator for the workforce? Mitchell has defined motivation as ‘the degree to which an individual wants and chooses to engage in specified behaviours’. Simply put‚ motivation is the reason why an individual wants to do something. The four characteristics that underlie Mitchell’s definition are: motivation is typified as an individual phenomenon‚ as each individual is unique; motivation is described usually as intentional; motivation is multifaceted
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are different types of business structures and they are sole proprietorship‚ partnership and Corporation. So therefore when starting a business one has several options in the type of business structure they can use. A sole proprietorship is known to be one of the simplest structure there is and is inexpensive to start off. It is about 75 percent of all business in the United States. The owner has full control over the business and is has sole rights of the profit the business acquire. All business
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Business Structures Ruth Whitehead FIN/571 February 23‚ 2015 Oscar Lewis Business Structures Three types of business structures exist; Partnership‚ Sole Proprietorship‚ and Corporation. Essential deliberations are dimensions of the commercial‚ the method in which revenue from the trade is a tax‚ the lawful obligation of the proprietors‚ and the capability to obtain monies to fund the business. Few businesses start-up as a large capacity organization. All business structures have advantages and
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Assignment 8: The Business World (24.0 points) 1. Choose a good that you are familiar with‚ such as a t-shirt‚ a tennis racket‚ a cupcake‚ a pair of sunglasses‚ or any other good. Be sure to choose something specific. Then‚ analyze its economic utility‚ using the questions below. a. Describe the good you chose to analyze. (1 sentence. 0.5 points) I chose a t-shirt to analyze. b. Describe the form utility of this good. Is the form utility good or bad? Can you think of ways to improve it
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business. Financing decisions also involve dividend decisions because payment of dividends reduces the internally generated funds that are available. (a) A sole proprietorship is a business owned by one person. Many small service businesses‚ retail stores and professional practices are operated as sole proprietorships. Although the owner of a sole proprietorship is legally liable for its debts‚ the business should be regarded by the proprietor as a separate entity. (b) A partnership is a business owned
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[Employment] By creating or providing employment for individuals this minimises the unemployment rate. B) Unincorporated enterprises is when the enterprise has NOT gone through the process of not separating the owner from its legal entity examples; sole traders and partnerships Incorporated enterprises are when the business HAS gone through the legal process of separating the owner from its legal entity examples; private and public companies. PART 2 A) Stakeholders: People who are
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