1 LITI Task 1 Business Organizations Sole Proprietorship A sole proprietorship is owned by one person that runs the business. No formalities are necessary since the business is not owned by anyone else. There are some advantages and disadvantages of owning a sole proprietorship. One advantage is that the business can be closed down at any time and any financial obligations can be paid off. Another advantage is that the business has no boss‚ partner‚ or board of directors to answer to. One
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The board of directors is responsible for directing all of the significant activities of the entity including the approval of operating budgets‚ marketing and sales plans‚ capital requirements‚ and distribution channels. Each partner has an equal vote on all matters involving the venture and equal representation on the board of directors. The board of directors has four positions; Banana designates two‚ while Berry designates the other two. In the event that the two parties cannot reach an agreement
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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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encountered the Chitauri‚ an alien race seeking to conquer the galaxy. In exchange for the Tesseract‚ the Chitauri agree to help Loki subjugate Earth. Suiting up‚ Captain America and Iron Man travel to Germany to apprehend Loki‚ who is recovering iridium needed to stabilize the Tesseract’s power‚ and demanding that the civilians kneel before him. Loki quickly surrenders when the two heroes arrive‚ and he is escorted to a S.H.I.E.L.D. helicarrier‚ a high-tech‚ flying aircraft carrier. However‚ Thor
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Story Map Title: The Avengers Author: Joss Whedon Setting: New York City Characters/Actors: - Robert Downey‚ Jr. as Tony Stark/Iron Man * Chris Evans as Steve Rogers/Captain America * Mark Ruffalo as Bruce Banner/Hulk * Chris Hemsworth as Thor * Scarlett Johansson as Natasha Romanoff/Black Widow * Jeremy Renner as Clint Barton/Hawkeye * Tom Hiddleston as Loki * Clark Gregg as Phil Coulson * Cobie Smulders as Maria Hill * Stellan Skarsgård as Dr. Erik Selvig
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Chapter 1 * * Energy is the ability to do work * It can be measured in food Calories‚ kilowatt-hours and joules * Gasoline has about 10 Cal per gram * Cookies have about 5 * TNT has about 0.65 * Expensive batteries about 0.1 Cal * Fuel cells produce electricity like batteries but are recharged by adding chemicals * Uranium has 20 million Calories per gram * Power is the rate of energy delivery and can be measured in Cal/sec or in watts * 1 hp = 1 kW
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