Small Business Idea: Beautiful Beginnings Name ACC 561 Business Law Date Facilitator Small Business Idea To begin a new business‚ there must be an initial idea for a specific business plan. The business plan will provide the essential guidelines that explain what services or products that business would want to provide‚ the action behind the selection of that business for specific
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opportunities to people‚ which can become reasonable career paths and choices. And it could give people experiences‚ education‚ and training to make their own businesses. There are many type of small business‚ these include: Sole Trader A sole trader‚ also known as a sole proprietor only has one owner. The owner makes all the decisions and is fully responsible for the firm and they are also liable for all debts. The business has the same legal identity as its owner and if the firm cannot meet its
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Bernard Petris University of Phoenix Accounting ACC/561 November 11‚ 2011 Small-Business Idea Paper There are five different forms of business organizations that I can consider when planning to start a business. They are 1. Sole proprietorship 2. Partnership 3. C corporation 4. S corporation 5. LLC – Limited Liability Company It is important to understand each organization’s structural make up‚ to make an informed decision about which
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FINANCIAL MANAGEMENT GOVAN’S CATERING SUPPLIES 1. Financial performance When looking at financial performance‚ the following observations can be made. Sales: sales volume is based on successful price competition by control of operating expenses (no sales staff employed) and quantity purchases of materials at substantial discounts. One might expect that this would be correlated to a strategy of quick sales with a focus on quantity rather than quality. However
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Joseph LeBlanc‚ a student looking for summer employment‚ opened a bait shop in a small shed on a local fishing dock. For this case‚ I think the type of business here is Sole Proprietorship. Joseph LeBlanc a student looking for a summer employment and decides to open his own bait shop is a very big responsibility. If his business is Sole Proprietorship‚ it will benefit him in a lot of ways. He will be the boss of himself‚ which makes him getting all the profit and only very simple accounting will be needed
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Be Your Own Boss Virtually everyone at some point in time dreams of being their own boss‚ for many that means owning a business. That however is much easier said than done. There are many steps to starting and owning a business‚ a mistake on any of them can derail‚ postpone or kill that dream. The most important step to starting a business is to develop a viable business plan. A business plan will layout the remaining steps and help ensure fewer mistakes are made. In addition to developing
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Give at least three advantages and three disadvantages of your chosen form of business ownership. The form of business ownership I would choose for my company would be Sole Proprietorship. A business owned and operated by a single individual -- and the most common form of business structure in the U.S. The advantages with a sole proprietorship: 1. Ease and cost of formation: simply announcing you are in business and requesting any licenses and permits you
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rice business. COMPANY HISTORICAL BACKGROUND SM’s Rice Trading is a newly business LEGAL STRUCTURE AND OWNERSHIP SOLE PROPRIETORSHIP The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name‚ such as Nancy’s
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Sole proprietorship- A business owned by one person Unlimited liability- the owner is responsible for the company’s debt Partnership- a business owned by two or more people Corporation- a company that is registered by state and operates apart from its owners Limited liability - holds a firm’s owner responsible for no more than the capital that they have invested in it. Cooperative- an organization that is owned and operated by its members Nonprofit organization-an organization that focuses
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BUSINESS ORGANIZATION Tutor Marked Assignment (TMA) Course Code : ECO-01 Assignment Code :ECO-01/TMA/2012-13 Total Marks: 100 Attempt all the questions 1. What are the essential requisites of an ideal form of business organization? Explain the criteria for the selection of the form of organization. (20) Solution:
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