text/class notes -probably will use a question from discussion -content of democracy -what is rule of law (may be specific or simple) -know some of constitutional law CML 2117 November 20‚ 2013 Corporate Law Forms of ownership 1. Sole proprietorship: provincial form of ownership‚ since you have to register your business name every 5 years this gets them money Why is this the most popular form of ownership? Economic purposes Everyone has assets‚ so for example the prof owns
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organization Answer: c Diff: E [i]. Which of the following statements is true? a. One of the benefits of incorporating your business is that you become entitled to receive unlimited liability. b. Sole proprietorships are subject to more regulations than corporations. c. Sole proprietorships do not have to pay corporate tax. d. All of the statements above are correct. e. None of the statements above is correct. Firm organization Answer: c Diff: E [ii]. Which
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and/or disadvantages the owner(s) experience in operating this form of business organization. I will also speak to the way in which a Christian owner’s faith will determine how the business is operated. I have selected the sole proprietorship form of business to discuss. The sole proprietorship form of ownership is a business that is owned by just one person. This form of business ownership has several advantages. There are no partners. The single owner makes all decisions regarding the operation
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is CORRECT? a. b. c. d. e. It is generally more expensive to form a proprietorship than a corporation because‚ with a proprietorship‚ extensive legal documents are required. Corporations face fewer regulations than sole proprietorships. One disadvantage of operating a business as a sole proprietorship is that the firm is subject to double taxation‚ at both the firm level and the owner level. One advantage of forming a corporation is that equity investors are usually exposed to less liability than
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Diego‚ CA: Bridgepoint Education. Discussion 2 A sole proprietorship is a business owned by only one person. The most common form of ownership‚ it accounts for about 72 percent of all U.S. businesses. It is the easiest and cheapest type of business to form: if you are using your own name as the name of your business‚ you just need a license to get started‚ and once you are in business‚ you are subject to few government regulations. As sole owner‚ you have complete control over your business.
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Whether choosing a Sole Proprietorship‚ a Partnership‚ a Corporation or a Limited Liability Company‚ it is important to assess all the risks associated with the nature of the business. Currently‚ ACME Fireworks operates out of a garage and the owner enjoys complete autonomy over operations. Operating as a Sole Proprietorship‚ the business and the owner remain one and the same. This provides the highest risk of loss to personal assets. “The disadvantage is that a sole proprietor has limited
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manager. What should be the goal of the financial manager of a corporation? Why? What advantages does the corporate form of organization have over sole proprietorships or partnerships? If the corporate form of business organization has so many advantages over the sole proprietorship‚ why is it so common for small businesses to initially be formed as sole proprietorships? The three areas are: 1. Capital budgeting: The financial manager tries to identify investment opportunities that are worth more
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The type of business created in Chapter 1 is: a. Nonprofit. b. Repair and maintenance. c. Retail shop or online commerce. d. Sales-independent contractor. Ans: c 6. The business created in Chapter 1 will operate as a: a. Sole proprietorship. b. Corporation. c. LLP. d. LLC Ans: b 7. The first month of the year for the business created in Chapter 1 is: a. January. b. June. c. September. d. October. Ans: a 8. The new business created in
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deciding the line of business the businessman must decide whether he wants to set up large scale or small scale business. 3. Choice of form of Business organisation :- The next decision must be taken is to finalise the form of business i.e.‚ to set up sole proprietorship.‚ partnership or joint stock company. 4. Location of Business Enterprise :- The entrepreneur has to decide the place where the enterprise will be located. Before taking this decision he must find out availability of raw materials‚
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participate in the business world in a variety of ways. You can start your own business as a sole proprietor‚ in a partnership‚ or you can start or a buy corporation. There are advantages and disadvantages to each. However‚ there are risks no matter which form you choose. Before you decide which form is for you‚ you need to evaluate all the alternatives carefully. The most basic form of ownership is the sole proprietorship‚ a business own and managed by one person. This kind of business is easier of
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