TABLE OF CONTENTS Business Structure 2 Sole Proprietorships 2 Partnerships 2 Limited Liability Companies 2 Corporations 2 Identification Numbers 3 Taxes 3 Recordkeeping 3 Assets 3 Business Checkbook 4 Tax Year 4 Insurance 4 Guidelines for Potential Store Owners Preliminary Draft Campbell’s Confections often receives requests from individuals to open and manage a new candy store. To help prospective owners‚ Campbell’s Confections has prepared a guide to provide answers
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provide a greater chance of obtaining equity capital for their business venture‚ while sharing the risks that go along with a rapidly growing business. There are basically three types of partnerships: the general partnership‚ the limited partnership‚ and the limited liability partnership. This paper discusses the general partnership. The definition of a partnership is “the association of two or more persons to carry on as co-owners of a business for profit .” Partnerships may be formed as a formal
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A. Liability Under Partnership Joe Roberts and Dr. Donald Jones have a general partnership over Tyler’s Sports Bar & Grill. This is‚ "an association of two or more entities to carry on a business a co-owners " (Hodge‚ 400). Roberts and Jones did not create a partnership agreement when opening the business. Off of the record they agreed that Jones would supply all of the start up money for the business and remain a silent partner while Roberts ran and managed the Bar and Grill. Dan Davidson was
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forms of organisations available to Penelope‚ Mark and John are partnership‚ corporation‚ Limited Liability Company‚ professional association and other legal entities. II. Out of the various available forms of organisation‚ the best and recommended form is a Limited Liability Company. It is a hybrid entity which has certain characteristic of a partnership and certain of a corporation. It has the limited liability feature of a corporation and the flow-through taxation to members as in the case of a
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Bullet/Listing approach (mentioned in the Task 1 Instructions) is below‚ which basically is you’ll describe each characteristic in usually about 1-2 sentences then move on. Example of how to apply this format: SOLE PROPRIETORSHIP: • LIABILITY – (1-2 Sentence Description) • INCOME TAXES – (1-2 Sentence Description) ------------------------------------------------- • LONGEVITY/CONTINUITY – (1-2 Sentence Description) -------------------------------------------------
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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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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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the simplicity of operating the business‚ ability to have complete control over business affairs‚ increased personal income‚ and simpler government regulations to follow. The disadvantages are the unlimited liability the owner has‚ the possibility of losing personal assets invested‚ and limited life (Fay‚ 1998). An entrepreneur must be willing to take risks when venturing out to start a new business on their own. Time‚ money‚ and hard work must all be invested in order to start a sole proprietorship
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with millions of branches all over the world. Tesco has thousands of partners‚ this is because Tesco needs funds to run the business and buy the products limited liability. Limited liability is when the owner of the business is not responsible for the debts therefore his personal belongings cannot be taken from the bank‚ whereas unlimited liability means that your personal belongings are taken away from you if you are in debt.
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as its legal structure must be made first. Five basic entity types exist in which to structure 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
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