An entity set that does not possess sufficient attributes to form a primary key is called a weak entity set. One that does have a primary key is called a strong entity set. For example‚ The entity set transaction has attributes transaction-number‚ date and amount. Different transactions on different accounts could share the same number. These are not sufficient to form a primary key (uniquely identify a transaction). Thus transaction is a weak entity set. For a weak entity set to be meaningful
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Legal Forms of Business Organizations Carol Sauceda FIN/419 February 4‚ 2013 Kristtine Donnelly Legal Forms of Business Organizations In business‚ there are legal forms that organizations are classified under. There are three most common forms of business organizations‚ sole proprietorship‚ partnership‚ and corporation. The life cycle theory of the firm starts out as a proprietorship. As a firm grows larger‚ more complex and needs more capital than is available from the proprietor‚ the proprietor
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Question 1 A corporation is a separate legal entity from its owners. The principle of separate legal entity is a fundamental of company law‚ and is demonstrated by SS119 and 124 of the Corporations Act. In other words‚ if a corporation‚ in the course of doing business‚ is involved in any legal action‚ then the corporation‚ for legal purposes‚ is its own person. The corporation is liable for its debts‚ not the members; members do not have the proprietary interest in the company assets. This is how
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Business Entities Paper Trameka M. Alpough BUS/415 January 31‚ 2011 Richard Simon When starting a business it is important to choose the correct type of entity that will allow it to be successful. Upon choosing the best entity for the business there are different rules and regulations that need to be followed including issues from liability to taxation. Starting a business requires some research on licensing‚ state laws‚ and regulations. Opening a business requires choosing an entity‚ taking
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The main issue in the question� entails a discussion relates to corporate entity or personality. As noted a key feature of the company is that is a legal person with a separate existence from the company ’s members� or its directors. It is an artificial person in the eye of law that exist independently and separate from any other entity associated with the company. As a consequences a company can enter into contracts with its own shareholders� and own property in its own right. Beside that‚ a company
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Legal Issues for Business Organizations – LIT1 Task 1 Legal Issues for Business Organizations – LIT1 Task 1 – Part A The way a business is organized is an important part of the business’s structure. “Different organizations provide different advantages and disadvantages in creation cost and simplicity‚ ongoing maintenance requirements‚ dissolution and continuity‚ fundraising‚ managerial control‚ public ownership‚ tax planning‚ and limited liability.” The nature of the business being conducted
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BUS 670 Legal Environment of Business Business Entities & Liabilities Instructor Leah Westerman May 19‚ 2014 Businesses Entities and Liabilities “A business entity is an organization established as a separate existence for the purposes of taxes (BusinessDictionary.com‚ n.d.).” Some of the most common known business entities are; sole proprietorships‚ general partnerships‚ limited partnerships‚ corporations‚ and limited liability companies. Each business entity has its advantages and disadvantages
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one to choose a type of business entity. In India one can choose from five different types of legal entities to conduct business. These include Sole Proprietorship‚ Partnership Firm‚ Limited Liability Partnership‚ Private Limited Company and Public Limited Company. The choice of the business entity is dependent on various factors such as taxation‚ owner liability‚ compliance burden‚ investment and funding and exit strategy. Lets look at each of these entities Sole Proprietorship This is
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project. Its entities includes the product (merchandise‚ includes laptop and desktop subclass)‚ manufacturer‚ warehouse‚ store and customer. It also has the manufacturer-make‚ product-in-store‚ product-in-warehouse‚ and customer-order relationships. 1.1 Entities. This project focuses on the product (or merchandise) entity. Its attributes include item number‚ model‚ type‚ price and quantity. The item number distinguishes every item‚ and we choose it as the primary key of product entity. Here quantity
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it has provided. It is necessary to go behind this image to get to the company which is the subject of company law. As we all know in Malaysia there are different types of business entities. Local or foreign investors are coming to Malaysia to start a business. Company has been defined as any formal business entity for profit which may be a corporation‚ a partnership‚ association or individual proprietorship. Often people think the term "company" means the business is incorporated‚ but that is not
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