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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business became profitable‚ all its profits accrue to the owner‚ but if the business has a loss‚ all its losses are the Sole trader responsibility as one of the specifications of this legal structure says that the Sole trade has unlimited personal liability. It happens due to the Sole trader do not have a separate legal existence from their owner. Even with this disadvantage‚ sole proprietorship is the most popular form of business organisation numerically in the UK and probably one of the reasons
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room revenues: Key Factors (drivers) Key Relationships (ratios that tie key factors to FS captions) Other Considerations (objectives‚ strategies‚ and external factors that impact key relationships) . © 2012 KPMG LLP‚ a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”)‚ a Swiss entity. All rights reserved. © 2012 Frank A. Buckless and D. Scott Showalter Case
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Regional 4. Large Local Major Activities of these firms * accounting and bookkeeping * taxes * consulting Six Organizational Structures p. 29 1. Proprietorship 2. General Partnership 3. General Corporation 4. Professional Corporation 5. Limited Liability Company 6. Limited Liability Partnership Typical positions in CPA firms (Table 2-2…….pg. 29 ) staff assistant‚ senior or in-charge auditor‚ manager‚ partner AICPA – most influential group on CPA’s. PCAOB is kinda
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expert advice on any specific issue. Refer to our full terms and conditions of use. No liability for damage arising from use of these notes will be accepted by the ExP Group. theexpgroup.com Contents About ExPress Notes 3 1. Different Legal Systems 7 2. International Organisations 11 3. International Commercial Arbitration 16 4. Contracts for International Sale of Goods 18 5. Agency 24 6. Partnerships 27 7. Company Formation and Financing 30 8. Company Administration 39 9. Company Liquidation
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General Partnership Dracca is able to seek recover from Silva Gray individually on the judgment for BB partnership because the partnership has not been incorporated. In a general partnership each individual can be sued for the full amount of the business debt. The partners cannot have personal interest within the partnership (Bagley & Savage‚ 2009 p. 729). If one partner incurs all of the debt‚ they can then sue the other partners for their parts of the debt. Within a Limited Liability Partnership
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DISSOLUTION AND WINDING UP DISSOLUTION - change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the business; partnership is not terminated but continues until the winding up of partnership affairs is completed WINDING UP - process of settling the business or partnership affairs after dissolution CAUSES OF DISSOLUTION: 1. Without violation of the agreement between the partners a. By termination of the definite term/ particular undertaking
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Organisational Characteristics ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Business structure and control Organisational characteristics include the way that a business is structured‚ how a business is controlled and also the liability they hold for if they were to go into debt. There are; sole traders‚ partnerships‚ limited companies‚ board of directors‚ charities and co-operatives to take into consideration when looking at organisational characteristics. The structure and control of sole traders is the most simplistic
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future. Perfect Pets could be one of several types of business structures recognised in the law for example. Partnership‚ Sole Trader‚ Limited Company PLC‚ Public limited company Explain each one of these briefly and say which one perfect Pets is. Conclude by saying that Perfect Pets is Currently a partnership (although there is no evidence to suggest that there is a formal partnership agreement) because the business is fully owned by Paul and Peter Go on here…to say how they are entitled to
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& Gamble. (2004-2005; 2007). P&G Annual Report. www.pg.com/investors/. Retrieved June 7‚ 2008. Rizvi‚ Yasmeen (2008) Picking the flowers; Acquisition strategy as a tool for survival and growth. Washington Post.com‚ (nd) The Pros and Cons of Partnerships retrieved electronically on June 11‚ 2008.
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