Sole proprietorship- A business owned by one person Unlimited liability- the owner is responsible for the company’s debt Partnership- a business owned by two or more people Corporation- a company that is registered by state and operates apart from its owners Limited liability - holds a firm’s owner responsible for no more than the capital that they have invested in it. Cooperative- an organization that is owned and operated by its members Nonprofit organization-an organization that focuses
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BUSINESS ORGANIZATION Tutor Marked Assignment (TMA) Course Code : ECO-01 Assignment Code :ECO-01/TMA/2012-13 Total Marks: 100 Attempt all the questions 1. What are the essential requisites of an ideal form of business organization? Explain the criteria for the selection of the form of organization. (20) Solution:
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Intro To Business Student: ___________________________________________________________________________ 1. Any activity which seeks to earn a profit by providing a good or service is known as a(n): A. industry B. corporation C. business D. service 2. __________ is the amount a business earns over and above what it spends for salaries and other expenses. A. Profit B. Revenue C. Interest D. Dividends 3. A business incurs a ___________ if its costs and expenses exceed its revenues
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presentations to make any event‚ a truly memorable experience. Business Form: East Coast Catering is a LLC. The reason I selected this type of business is because most local catering businesses function as a Sole Proprietorship‚ because it is the easiest form of business to start and operate under. Sole Proprietorships leave the owner accountable to very high amounts of liability. LLC’s are easier to set up in comparison with a corporation and allows the business owner to experience fewer liabilities
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CHAPTER 1 INTRODUCTION Shoe polish is a product used to shine‚ polish‚ and protect leather footwear. Polishing shoes will increase their life span. In present times‚ everybody always use shoe polishers for their shoes to look presentable and fabulous to walk with attractive thus boosting more confidence to its beholder. But no everyone knows that traditional shoe polish which are available in market made of harmful chemical and synthetic ingredients which has a bad door. Since
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to equity ratios‚ the intentions of going public and a break even analysis. The sources of funding Portions Restaurant is operating as a sole proprietorship‚ as a sole proprietorship‚ the restaurant will have limited sources of funds. In a sole proprietorship the owner’s personal financial condition determines his or her credit standing. Additionally‚ sole proprietorships may have to pay higher interest rates on funds borrowed because they are considered large risks (Ferrell‚ 2010 p.147). Among
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Sadie incorporates her sole proprietorship with assets having a fair market value of $80‚000 and an adjusted basis of $100‚000. Even though § 351 applies‚ Sadie may recognize her realized loss of $20‚000. F True False 2. For § 351 purposes‚ stock warrants are included in the definition of "stock." F True False 3. In order to retain the services of Paige‚ a key employee in Byron’s sole proprietorship‚ Byron contracts
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disadvantages of incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. | | | | Sole proprietorships are subject to more regulations than corporations. | | | | In any type of partnership‚ every partner has the same rights‚ privileges‚ and liability exposure as every other partner. | | | | Sole proprietorships and partnerships generally have a tax advantage over many corporations‚ especially large ones. | | | | Corporations
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reference: In this report I will examine the business of Mr Khan’s mobile phone shop and advise him on which legal form he should take; either setup a sole trader or go into partnership. I will study all the advantages and disadvantages of sole trader and a partnership business. Finding: Advantages of a sole trader Disadvantages of a sole trader Easy to setup and to run- not many forms to be filled in. Unlimited liability- If the business is bad then it is possible for the owner
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the personal guarantee on the loans. Mr. Sleiman is not eligible for the $1 million step up in basis because of a few reasons. In Selfe v. United States‚ 778 F.2d769 (11th Cir.1985)‚ the case involved a sole proprietor who incorporated her existing business into an S Corporation. While a sole proprietorship‚ she obtained bank loans in her own name‚ secured by property that she owned. Once incorporated she then transferred her personal loans to the corporation. Once she transferred her personal
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