help you get started. There are many different ways of earning capital to get your business going. Step 5: Determine the Legal Structure of Your Business Decide which form of ownership is best for you: sole proprietorship‚ partnership‚ Limited Liability Company (LLC)‚ corporation‚ S corporation‚ nonprofit or cooperative.
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use this as a tag line when meeting business people as you market your business or as an introductorily statement presented to a lender. Structure Define your business as a Sole Proprietorship‚ Partnership‚ C Corporation‚ S Corporation or Limited Liability Corporation. To accomplish this will require the skills and expense of a good attorney specializing in small business. Management You’ll need bios and resumes on your principal team players‚ including details of their experience‚ education
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the industrial revolution was the steam engine which increased efficiency and helped soil to remain fertile so that livestock and crops would eventually produce faster. Legal Protection of Private Property-Legal Protection of Private property was limited and only obtained by those who were landowners. These landowners were able to fence off their property and stop others from coming in and making profits off their crops. Those who were not landowners or sharecroppers were unemployed and had to migrate
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Chapter 5 – Entrepreneurship Entrepreneurship – strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations Entrepreneurs – risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view problems Study Question 1: Entrepeneurs are… Franchise Outlet Small Retail shop (convenience store) Self-employed service business (hair dresser that cuts hair in basement) Innovate
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debts of the unpaid fees‚ and if Richard Hess is protected because he is a member of the 1138 LLC. In addition‚ “the trial court ’s analysis was based upon its assumption that the doctrine of "piercing the corporate veil" was applicable to limited liability corporations‚ and the court therefore considered the three-part test for piercing the corporate veil as set forth by the Ohio Supreme Court in Belvedere‚ supra.” (Siva v. 1138 L.L.C.‚ 2007) Furthermore‚ the legal rationale used by the Court
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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 assets‚ Entities not taxed on distributions. Compute: Ord Income (including Sec 1245 recap); less: Exclusions; liability;(c) profits allocated to owners are not subject to FICA/FUTA(payroll tax advantage); - Exclusions and Deferred Comp less: COGS (result Gross Income);
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is the amount a business earns over and above what it spends for salaries and other expenses. A. Profit B. Revenue C. Interest D. Dividends 3. A business incurs a ___________ if its costs and expenses exceed its revenues. A. loss B. liability C. debit D. dividend 4. __________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable. A. Depreciation B. Risk C. Fallibility D. Redundancy 5. The total amount of money
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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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distributed as dividends to shareholders. 21. Limited liability companies (LLCs) are very popular today as a form of organization. Assume a client asks you to explain what this type of organization is all about. Prepare a brief description of the federal income tax aspects of LLCs. A Limited Liability Company or LLC is a legal form of business organization with daily activities like a partnership but with limited liability similar to a corporation. An LLC is formed in the
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M1 analyse why a sole trader might want to become either a partnership or a private limited company. Sole Trader Sole trading is where a person decides to set up a business on their own. They may employ people but there is only one owner. Most people can set up a small business if they wish‚ as there is no complicated paperwork and it is a straightforward process - you don’t need to do anything except start trading. Most small businesses are sole traders. Examples could be: plumbers‚ hairdressers
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