Ms. Janice Contents No. | Title | Pages | 1 | Executive summary | 2 | 2 | Question 1 | Introduction | 3 | | | Sole Proprietorship | 4 | | | Partnership | 5 | | | Limited Liabilities Company | 6 | | | Accounting | 7 | | | Benefits of accounting | 7-9 | 3 | Question 2 | Differences of income statement and balance sheets | 10 | | | Tabulation of income statement and balance sheets | 11 | | |
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June 13‚ 2011 Business Entities‚ Laws‚ and Regulations Paper This paper will examine two business scenarios and determine which business entity is the best choice for each business after taking in to consideration control‚ taxation‚ and liability issues. In addition laws and regulations each business must consider in starting the business will be identified along with the risks that each business must protect itself against. Next this paper will examine a construction scenario and identify
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DOWNLOAD http://www.supportonlineexam.com 1) Which of the following is a distinguishing feature of a common law legal system? A. An appeal process B. The making of law by the judges and the following of precedent C. The sole source of law is a comprehensive civil code D. Requiring guilt be proven beyond a reasonable doubt 2) Which of the following is true about litigatingcommercial disputes? A. A few states have established specialized trial courts for commercial disputes. B. Businesses generally
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a. Unlimited liability. The proprietor is responsible for full amount of business debts no matter how incurred‚ which means that his personal property may be taken to cover debts of the business. This of course is a significant disadvantage. b. Unstable business life‚ since the sole owner’s death would terminate the business. c. Difficulty in raising capital and in obtaining long-term financing‚ because an ownership interest in the business cannot readily be sold. A partnership is a legal entity
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Business Entities‚ Laws‚ and Regulations Paper Businesses can originate or expand into several types of entities. General or limited Partnership‚ Sole Proprietorship‚ Corporation‚ Limited Liability Company (LLC)‚ Limited Liability Partnership (LLP) and franchises. Each style has its own advantages and disadvantages concerning liability‚ government laws and regulations‚ and taxation. The businesses discussed in this paper vary in operating styles and each must follow different guidelines
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Partnership Partnership is a long-term commitment to operate in business together. The people who own a partnership are called partners. They maintain one set of accounting records and share the profits and losses. Nature of Partnership 1. It is formed to make profits 2. It must obey the law as given in the Partnership Act 1890. If there is a limited partner‚ it must also comply with the Limited Partnership Act of 1907. 3. Normally there can be a minimum of two partners and a maximum of
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Form 1065 Print or type. U.S. Return of Partnership Income For calendar year 2011‚ or tax year beginning ‚ ending . OMB No. 1545-0099 Department of the Treasury Internal Revenue Service See separate instructions. Name of partnership D Employer identification number A Principal business activity Music Agency B Principal product or service ROCK the Ages‚ LLC Number‚ street‚ and room or suite no. If a P.O. box‚ see the instructions. 55-5555555 E Date business started
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company ’s tax liabilities. | Published AGM report | | Potential investors | -The past performance reports to foresee future trends on return on
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in either type‚ (sole proprietorship‚ partnership‚ and corporation) each have its ups and downs. All entrepreneurs must decide which form of legal ownership best suits their goals. Take a look at sole proprietorship. This type of business is owned and usually operated by one person. That one person is also responsible for all of its debts. It has a low start-up cost but its hard to borrow money to start up or expand. Now let us move on to partnerships. This is a business with two or more owners
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profit. B) Classification of enterprise VN law: _Based on legal forms: + Limited liability company with more than one member + Sole member limited company + Shareholding company + Partnership + Sole proprietorship + State – owned enterprise + Cooperative + Foreign invested company _ Based on liability + Unlimited liability companies ( Sole proprietorship and Partnership ) + Limited companies: limited liability‚ shareholding companies‚ state-owned enterprise‚ cooperatives‚ joint-rentures
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