Shania is looking to open a coffee shop in the state of Colorado. She is having trouble making the decision on what business form to choose. Shania has had an offer from a large franchise‚ but she is contemplating on becoming a sole proprietorship or even a partnership instead. Each business form has certain pros and cons‚ Shania will have to consider each one before many any large business decision. The first business type most commonly considered is the option to become a sole proprietorship
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partnerships‚ the corporation did not exist at common law; it is a form of business organization that owes its existence to statutes in all states that provide guidelines for its creation and management. Unlike a partnership‚ the corporation is a legal entity in the eyes of the law—an artificial person that enjoys an existence apart from the individuals who own or manage it.” For the people that wants to be a corporation they like that the company becomes a person that can hold the lability of debts
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The sole proprietorship is the easiest form of ownership to create‚ but once formed‚ it is subject to the greatest number of regulations. 15. If a sole proprietorship fails‚ the owner is not liable for its debts since the business is a separate legal entity. 16. Although not required by law‚ a written partnership agreement that spells out the terms of operating the partnership and the status of each partner should be developed. 17. A general partner is personally liable only for the amount of money
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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 stores nearby our house. Question 1 (b) cont. The second type of
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Running head: SMALL BUSINESS IDEA PAPER 1 Small Business Idea Paper Napoleon Melton‚ Jr. ACC/561 September 5‚ 2011 James Sullivan SMALL BUSINESS IDEA PAPER 2 Small Business Idea Paper Establishing a small business requires the cultivation of a business idea to a business plan that successfully outlines its unique product or service‚ the rationale for choosing the business organization in particular for the unique product or service‚ and the financial statements & implications associated
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well as a justification as to why that type of business is preferred. Business Type‚ Scenarios‚ & Justifications Sole Proprietorship is the simplest form of business (Cheeseman‚ 2010‚ p. 530). An owner and the business are considered one entity in a sole proprietorship. “Sole proprietorships are the most common form of business organization in the United States” (Cheeseman‚ 2010‚ 530). These are the smaller businesses which are and will slowly and surely become nonexistent due to the bigger
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Business Entities‚ Laws‚ and Regulations Paper Tia London-White BUS 415 May 23‚ 2011 Pamela Weddell Business Entities‚ Laws‚ and Regulations Paper Extermination Business: The best business entity for Frank would be a franchise. A franchise is established when a franchisor‚ Frank‚ licenses another party to use their trade name‚ trademarks‚ commercial symbols‚ patents‚ copyrights‚ and other property while supplying and selling their goods and services (Cheeseman‚ 2011). Frank should enter
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Types of Business Organisations When we start to define a company it can be defined as generally a form of business organisation. In the legal field‚ a company is specifically a corporation‚ or less commonly‚ an association‚ partnership or union that carries on a commercial or industrial enterprise. Generally a company may be a corporation‚ partnership‚ association‚ joint stock company‚ trust‚ fund or organised group of persons‚ whether incorporated or not and (in an official capacity) any
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Proprietorships‚ which are not incorporated‚ and includes independent contractors‚ consultants‚ or freelancers. A corporation‚ which is incorporated‚ and has every form of business besides the sole proprietor‚ who is considered a separate entity and this often provides a measure of legal and financial protection for the
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What’s Your Form of Business? Shannon E. Thomas Everest University Composition II What’s Your Form of Business? When opening a business‚ establishing new products or bursting into new markets‚ you will have choices to make. The choices you decide upon are all determined by the information you collect. The more familiar you are about the options you have‚ the better your choices will be when you venture into the business market. One of the best investments you can make before jumping into entrepreneurship
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