his own computer company‚ focus on providing computer services to customer. Before he starts doing the business‚ we went to a CPA firm to get a license to legally set up the new company. After collecting some basic information of our business‚ the CPA‚ then choose a Sole Proprietorships business form for us. At that time‚ we don’t know that much about different kind of business form‚ and we don’t know that much about different tax consequences‚ responsibilities‚ and liabilities associate with all
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«Unitel» Limited Liability Company Content Page Introduction 2 Section A – External business environment 2 Political environment 2 Privatization Policy 2 Legal control and protection 2 Economical environment 3 Macroeconomics 3 Gross Domestic Production 3 Unemployment rate 4 Inflation rate 4 Currency Exchange rate 5 Taxes 5 Microeconomics 6 Market share 6 Socio-cultural environment 7 Population break-down 7 Technological environment 8 Section B – Internal organization
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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 file in order to form that business
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withdrawal of a partner unless the partnership agreement provides otherwise. Partnerships are relatively easy and inexpensive to form and require few ongoing formalities. LIMITED LIABILITY COMPANY: A limited liability company is a new and flexible business organization of one or more owners that offers the advantages of liability protection with the simplicity of a partnership‚ i.e. partners are not liable for business debts. Each partner reports business income on their individual tax return. LLCs
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LIT1 Task 310.1.2-01-06 Part A Sole Proprietorship: A sole proprietorship is owned by only one person. All profits and losses are the responsibility of the owner only. Liability – There is unlimited liability in a sole proprietorship. The owner is solely responsible for any debts that may occur. Income Taxes – The business files taxes as one single unit. Because profits are not shared‚ they are considered personal income to the sole proprietor. Longevity/Continuity – In a sole proprietorship
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1 Part A Sole Proprietorship A sole proprietorship is a form of business that is owned by a single individual. • Liability – Due to the lack of legal distinction 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
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a business. These types consist of sole proprietorships‚ partnerships‚ limited liability companies (LLC)‚ C corporations‚ and S corporations. When determining the type of structure to use‚ comparison of different factors such as liability to the owners‚ taxation‚ and management controls must be conducted. Sole Proprietorships The sole proprietorship has one owner that is completely liable for the actions of the company but has total control over all decisions. The profit or loss of the business
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proprietorship the owner is in business once the required licenses are obtained. While timeliness and cost effectiveness are advantages of this type of business formation‚ a significant disadvantage is that the owner assumes unlimited personal liability for any liabilities incurred by the business (Armstrong & Permenter‚ 2011). Another disadvantage is that because a proprietorship is not a separate entity the owner is responsible for all tax payments associated with the organization’s profits (Kubasek
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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 file
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and offer the products of the greatest quality. This business will also allow us to offer a valuable part of Kentucky’s history into our customer’s homes. I have chosen a Limited Liability Company (LLC) as the entity of my business. I chose this type of business entity for all of its advantages. Limited Liability Companies get the best of a partnership and a corporation. Like a partnership‚ members can enjoy the benefits of receiving profits in excess of their individual ownership percentage. This
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