Income: from whatever sources derived Sec. 702(a)(8)- owners of partner and S corp – items subject to ord income treatment are lumped ‘S’-Corporation vs. Sole Proprietorships comparison: Note: 1 GI‚ Prop G/L‚ Prop Non-Recog‚ Sale and called 702 Income or loss. Recognized even if no cash is distributed. Accordingly‚ generally not (a) BOTH have single taxation; ‘S’ over Prop-(b)Liability shield except for personal profession of Business & Capital
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Chapter 2: Foundations of Quality Management TRUE/FALSE 1. Deming laid out a “quality improvement program” for companies such as Ford‚ GM‚ and Procter & Gamble‚ when invited to work with them to improve their quality. ANS: F DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-Head: The Deming Philosophy KEY: Bloom’s: Knowledge 2. Unlike other management gurus and consultants‚ Deming defined and described quality precisely. ANS: F DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-Head:
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making the depression go worldwide. The U.S. had a weak economy. There was an inability of the political and financial institutions to cope with the downward spiral that had started in the late twenties. Even after political intervention fifteen percent of the work force were unemployed. The biggest cause of the Great Depression was the 1929 Stock Market Crash. On October 29‚ 1929 stock market prices dropped dramatically and continued to drop for the next three years. “Stock prices in the United
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this is not the kind of plow horse needed in order to plow this land and also the amount of money he spent in order to get him. Albert decides he is going to train the horse and plow the stone filled field; he then names the horse Joey. Albert begins spending time with Joey trying to train
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between the owner and the business‚ the owner is fully responsible and liable for all debts that the business incurs in the same manner that an individual is fully responsible and liable for all debts that they incur. There is no legal distinction between the assets of the owner of the sole proprietorship and the business; this means that creditors have the ability to come after the owner’s business and personal material assets. Income Taxes – Since the business is the same as the owner of the sole
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Legal Underpinnings of Business Law OMM 670: Legal Environment February 25‚ 2013 Legal Underpinnings of Business Law Business | Type of Business | Liability Exposure | Compare | Contrast | Tinker’s Home Security Service | Sole proprietorship | Unlimited | Monetary rewards are from both the Proprietor & business | Sole Liability | Tinker & Tailor’s Home Security Service | General partnership | Unlimited | All partners are responsible whether silent or active | If you are
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Question One I agree with Jacquii Rosshandler’s friends‚ she should reject Arthur Shorin’s offer. As an alternative to taking Shorin’s $250k offer and loosing 75 percent of her business‚ I would suggest she explore loan options offered by the U.S. Small Business Administration (SBA). The SBA can help small businesses received loans from banks that might otherwise refuse due to the unsecured risk involved. Cornwall and Scarborough point out that‚ “An SBA guarantee to insure the business loan is
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University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability company (including the single member LLC)‚ S Corporation‚ Franchise‚ and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to
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association with the Handspring Puppet Company Based on the novel by Michael Murpugo but adapted by Nick Stafford‚ there powerful‚ dramatic ‘WarHorse’ tells the story of a Horse that goes to battle and gets passed through many different owners‚ and how the Horse lives though the First World War. Everything is spoken apart from the song women narrates the story as it goes along by singing. On arrival in the theatre forum‚ the first thing that my eyes were drawn to was the minimalistic
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Leigh to set up his business as a sole proprietorship would be a. its greater organizational flexibility. b. its limited liability. c. its perpetual existence. d. the ease of transferring the business to other family members. 3. Kelly‚ the owner of Llama Farms‚ a sole proprietorship‚ wants to obtain additional business capital but to maintain control. This can best be accomplished by a. borrowing funds. b. bringing in partners. c. becoming some type of corporation and selling a minority
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