as a sole proprietorship or a partnership? (Points : 6) | A. Corporations generally face fewer regulations. B. Corporations generally face lower taxes. C. Corporations generally find it easier to raise capital. D. Corporations enjoy unlimited liability. E. Statements C and D are correct. | 3. Which of the following statements is true? (Points : 6) | One of the benefits of incorporating your business is that you become entitiled to receive unlimited liability. Sole proprietorships are
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respective roles? c. Professional Advisors Who will be your key advisors? How will they help you manage and grow your business? d. Business & Legal Structure Describe your legal entity (e.g.‚ Sole Proprietorship‚ C Corporation‚ S Corporation‚ LLC or Partnership). What plans are you going to be a provider for? e. Business Insurance What insurance coverage are you planning to have (general liability‚ life‚ overhead protection
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Name: Tanasha Duncan Territory: Anguilla School: Albena Lake Hodge Comprehensive School Centre #: 020001 Registration #: 0200010174 Subject: Accounting Acknowledgements………………………………………………………. 3 Introduction………………………………………………………………. 4 Methodology……………………………………………………………… 5 Module One……………………………………………………………………… 7 Aim and Objectives………………….…………………… 8 Related Literature……………….……..………………… 9 Presentation‚ Analysis and Interpretation of Data...…. 10 Conclusion………………………………………………
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labor for the orders to be fulfilled. If the orders don’t fall through‚ the owner is now not only in fulfilling the orders but not being able to pay the added skilled labor if the orders don’t get done. The owner has started his company in a sole proprietorship and I am now encouraging the owner to turn his company into a partnership. Acme Fireworks has grown tremendously throughout the years and is now requiring the company to
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Purpose of Financial Statements The objective of financial statements is to provide information about the financial position‚ performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions (IASB Framework). Financial Statements provide useful information to a wide range of users: Managers require Financial Statements to manage the affairs of the company by assessing its financial performance and position and taking important business
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annually. There are three competitors serving the area. Cofield’s competitive advantage is that it can attract customers with a more personalized‚ professional cleaning that is “Satisfaction Guaranteed.” Organization Plan This business is a sole proprietorship with no employees. The owner will manage the finances and perform the work. BUSINESS DESCRIPTION Nature of the Business Cofield Cleaning Service is an insured‚ residential cleaning service. It offers cleaning service tailored to its customers’
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purchase of equipment‚ and‚ timber‚ and oil and gas interests — as a sole proprietorship. In 1980‚ he incorporated Worldwide Machinery Sales‚ Inc.‚ a Mississippi corporation‚ and began conducting the business through that entity. In 1981‚ he formed a second Mississippi corporation‚ Worldwide Purchasing‚ Inc.‚ and funded that corporation with the 100 percent interest he held in Worldwide Machinery. Petitioner was and is the sole shareholder of Worldwide Purchasing‚ Inc. (Braswell v. United States
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OF BUSINESS ORGANISATIONS:- * SOLE PROPRIETORSHIP In India to establish a sole proprietorship there is no need of filing any legal documents with the Indian state government. There are four simple steps that should be taken: 1. Choose a business name. 2. File an assumed business name with the county recorder. 3. Obtain licenses‚ permits‚ and zoning clearance. 4. Obtain an Employer Identification Number. To establish a sole proprietorship in any other state:- 1. Choose a
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• INCOME TAXES – Forming a Sole Proprietorship allows the owner to avoid the high tax rate that corporations pay due to it not being separate from the individual. • LONGEVITY/CONTINUITY – The business is the same as the owner so the business will exist as long as the owner is alive. • CONTROL – Since the business is the same as the individual he/she has complete control and management responsibilities without having to consult a partner or share holders. Since the sole proprietor has complete control
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recognition of a gain or loss on the transfer of assets to the corporation. The transfer of property may be made when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351‚ a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of appreciated property would constitute a taxable transaction in a recognized gain. The deferral of gain
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