things like licences; you may need a minimum of a business licence and tax registration to start up a business‚ but it depends on what sector you are operating in. To start up a business you need to categorise yourself into one of these ownerships‚ a sole proprietorship (A business owned and managed by a single person)‚ a partnership (A business
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Acme Fireworks Margaret E. Bridges Brian Lahargoue BUS 311 Business Law 1 Growing Acme Fireworks There is much to consider when expanding a business. How will you make‚ market‚ and distribute your product. Are you willing to take full liability for your product and understanding the legalities of what happens if your product is defective? Once that has been established‚ it’s important to make sure that your business dealings are in order. The strength of the contract and
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organisation. First is Sole proprietorship which is also known as sole traders. Sole proprietorship is a business owned by a single owner‚ all the profit of the business will be owned by the owner himself and the owner also is responsible for all the losses incurred by the business. This a simplest form of business entity and is easily setting up and have lower cost. The disadvantage of this organisation is that the financial resources are limited. Example of sole proprietorship is the grocery
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* Do you think Sonic would have grown as large as it did today if it had remained a sole proprietorship? Why or why not? * What were the advantages and disadvantages to sonic of each form of business ownership? * There have been lots of drive-in and fast food restaurants over time. In your opinion‚ what makes Sonic and other major franchises more successful than others? I personally do not think that Sonic wouldn’t have grown as large as they are now if they would have remained a proprietorship
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skilled labor for the orders to be fulfilled. If the orders don’t fall through‚ the owner is now not only in fulfilling the orders but not being able to pay the added skilled labor if the orders don’t get done. The owner has started his company in a sole proprietorship and I am now encouraging the owner to turn his company into a partnership. Acme Fireworks has grown tremendously throughout the years and is now requiring the company to
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of the Business Registration Act 1956 (ROBA 1956). Business that may be registered under the ROBA 1956 is a business operating in West Malaysia which includes Peninsular Malaysia and the Federal Territory. The types of business are as follows : 1. Sole Proprietorship – a business wholly owned by a single owner 2. Partnership – a business owned by at least two (2) persons and not more than twenty (20) partners. Registration Procedure 1. Business may be registered using personal name or using a
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INTRODUCTION Muafakat Niaga Enterprise is a sole proprietorship that registered in the year of 2008 to selling fruit around Mata Ayer and around it areas. This business was started in 2008 with the registration name Muafakat Niaga Enterprise owned by Mohd Azhar bin Mat Isa. This business was operated at No. 6‚ Jalan Rambutan 1‚ Taman Selasih‚ Mata Ayer 3‚ 02500 Mata Ayer‚ Perlis and sells a wide variety of fruits such as watermelon‚ pineapple‚ corn‚ pomegranate‚ and rambutan. In the early‚ this
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possibly heed the sale of my own‚ however‚ “Innovations are not always new products” as stated by Ebert and Griffin (p34). There are three forms of business: sole proprietorship‚ partnership‚ and corporation. There are many advantages and disadvantages in the different forms of business in relation to my business venture. To begin with‚ as sole proprietor‚ I wouldn’t work under anyone and could be my own boss. I could make up the rules and could develop what I wanted based on my own ideas. However
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EXAM 1 (Sample Format and Content) BUAD 210 17967– Tuesdays 7:00 – 9:45 pm Student Name: _________________________________ CWID: _______________________ ESSAY QUESTIONS (15%) (2 Questions): 1 An entrepreneur combines four kinds of resources into a business. What would be the effect on the business if anyone were left out? Material resources‚ Human resources‚ financial resources‚ and information resources. The organization of the business. Land and natural resources‚ labor‚ capital and entrepreneurship
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personal costs and allow for greater allocation of resources. An LLC would also limit his personal liability compared to a sole proprietorship as only his personal investments into the organization would be liable/exposed and not any personal assets. One of the most important positives with a LLC is no double taxation as is the case with the corporation organization. Similar to the sole proprietorship‚ the taxes would be at the personal rate. #1(B). Mr. Young can protect his intellectual property by:
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