Chapter 7 - Establishing Your Storytelling Business “Now here’s a story I heard tell...” In this chapter… • Building a Support Network • Establishing Your Identity • Your Trade Name • Trademarking Your Name • Types of Businesses • Small Business Assistance • Setting Up a Checking Account • Business License • Business Plan • General Liability Insurance • Insuring Your Equipment and Merchandise • Keeping Track of Your Income
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Tutorial 8 (topic 7) Preparing A Proper Ethical And Legal Foundation Q1. In general‚ do entrepreneurs tend to overestimate or underestimate their knowledge of the laws that pertain to starting a new firm? What does answer to this question suggest that entrepreneurs do before they start a firm? In general‚ entrepreneurs tend to overestimate their knowledge of the laws that pertain to starting a new firm. Before entrepreneurs start a firm‚ they should seek for lawyer to get some legal advice‚ get
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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 and percent foreign invested companies _ Based on legal person status: + Sole proprietorship does not have its
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the legal and regulatory forces of a sole proprietorship and social external trends to consider. The internal forces and trends that will be analysis are strategy‚ structures‚ goals‚ culture‚ and leadership. Legal and regulatoryThis business is going to have a sole proprietorship which means that the candy shop will be owned by one individual. This will leave the owner responsible for all the legal and financial liabilities of the business. Sole Proprietorships are probably the simplest and cheapest
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the risks and rewards for each. There are numerous forms of business‚ including sole Proprietorship‚ Partnership‚ Limited Liability Partnership‚ Limited Liability Company‚ Franchise‚ Corporation‚ and S-Corporation. Sole Proprietorship A sole proprietorship can be any person who owns a business. This form of business is not a legal entity and is one of the simplest to setup. The cost to set up a sole proprietorship is reasonable and the business owner is required only to register the individual’s
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company: sole proprietorship‚ partnership and corporation. Each will be described shortly and afterwards the form of the student company will be given. Sole proprietorship The sole proprietorship is the oldest‚ most common‚ and simplest form of business organization. A sole proprietorship is a business owned and managed by one person. The prevalent characteristic of a sole proprietorship is that the owner is inseparable from the business. Because they are the same entity‚ the owner of a sole proprietorship
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taxation. Starting a business requires some research on licensing‚ state laws‚ and regulations. Opening a business requires choosing an entity‚ taking control‚ taxation methods‚ and liability issues. The most common types of business forms are sole proprietorship‚ partnership‚ corporation‚ and S corporation. Each type of business has its advantages and disadvantages when related to obtaining a start to a business‚ tax information‚ and liability. Lou and Jose are planning to open a sports bar and restaurants
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Legal Forms of Business Mike Martin LAW/531 January 9‚ 2012 Carmina Perez-Fowler Legal Forms of Business Legal forms of business include sole proprietorship‚ partnership‚ limited liability limited partnership‚ limited liability company‚ S corporation‚ franchise‚ and corporation. Each of these legal forms offers distinct benefits to business owners and investors. The decision to incorporate one legal form as opposed to another is often determined by circumstance and underlying factors. Cheeseman
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have any knowledge of the credit extended to Rubya. 17-4. The relationship between sole proprietor and sole proprietorship is that the sole proprietor assumes complete ownership of the sole proprietorship. The owner is the business. The proprietor reports income as personal income‚ is personally liable for all debts‚ and has unlimited liable for all obligations of the proprietorship. Property of the proprietorship is essential an extension of the proprietor. With that said the courts may find that
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What should be the goal of the financial manager of a corporation? Why? What advantages does the corporate form of organization have over sole proprietorships or partnerships? If the corporate form of business organization has so many advantages over the sole proprietorship‚ why is it so common for small businesses to initially be formed as sole proprietorships? The three areas are: 1. Capital budgeting: The financial manager tries to identify investment opportunities that are worth more to the
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