organisation giving examples Sole trader A sole trader is someone some who starts up their own business‚ as a sole trader‚ your business is owned entirely by you‚ its grown by you ultimately succeed or fails by you. Furthermore this means that you are entitled to all the profit the company makes. If you have a llook through the Yellow Pages or a local free business listing posted through your letterbox and you will see lots of examples of people operating as a sole trader in your area. Many traders
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the most important legal questions a person will have to answer for themselves is which business structure they will adopt. A business structure is the legal form of a business organisation. • The most common types of business structure are: – the sole trader‚ – the partnership ‚ and – the company. • Note that these business structures are not mutually exclusive. Two or more companies‚ for example‚ can form a partnership. Business structures continued • The person’s choice of business structure
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of business ownership‚ below is information about four types of businesses that I have researched. Sole trader An example of a sole trader would be Amro‚ a hair salon. It offers beauty services such as haircuts‚ manicures‚ pedicures etc. A “sole trader” business is owned by one single person‚ although it may have a number of employees. There are no legal requirements for setting up as a sole trader and the owner does not even need to register with a government body. The majority of small businesses
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Business Opportunity Analysis [Gucci Group N.V.(HBS 701037)] Seoeui Hong 1316692 1) Map the competitive positions of the different players in the luxury good business along the “cost leadership” (Y-axis) and “product differentiation” (X-axis) strategy map. Where is Gucci’s position on this map in 1990‚ 1994‚ and 2000 respectively? a. The luxury goods arena is a highly competitive industry in which companies must position themselves with both objective and subjective differentiating
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1.2-01-06 Part A Sole Proprietorship: A sole proprietorship is owned by only one person. All profits and losses are the responsibility of the owner only. Liability – There is unlimited liability in a sole proprietorship. The owner is solely responsible for any debts that may occur. Income Taxes – The business files taxes as one single unit. Because profits are not shared‚ they are considered personal income to the sole proprietor. Longevity/Continuity – In a sole proprietorship if the
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to carefully choose the business he wants to manage and operate according to his needs. The first form of business ownership in the US is sole proprietorship. A sole proprietorship business is owned by one individual. The owner may operate the business on his own or hire others. There are some disadvantages of a sole proprietorship. The disadvantage of a sole proprietorship is that the financial resources are limited by the resources of the owner. Profits are treated as personal income so you have
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your business from different types of business structures such as sole proprietorship‚ partnership and corporation. This week you will see a brief explanation of each as well as advantages and disadvantage of each of the business structures. Personal Business Structure Sole proprietorships are the simplest of all legal structures but they also lack many of the legal and financial protections of other business. The advantages of a sole proprietor are that owners not pay any taxes that are separate
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SCM 022587 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
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and a sole plate. · The design should allow the iron to be set down‚ usually standing on its end‚ without the hot soleplate touching anything that could be damaged. · Thermostat : When we switch on the electric iron current flows throught the heating coil. The heat in the heating coil causes expansion in the thermostat which gradually disconnects the supply. · Heating Coil : a coil made of metal so when electricity flows through it‚ it gets hot and it transferes this heat to the sole plate.
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you must know which your business structure options are‚ these include: sole proprietorship‚ partnership and corporation. A partnership could be general or limited and a corporation could be a general or a subchapter S-corporation. Each of these options has their advantages‚ disadvantages and differences regarding tax consequences. I strongly suggest you choose the one that best fits your products’ or services’ needs. A sole proprietorship is the best business structure for those starting out with
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