Introduction to Business Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves‚ businesses improve the quality of life for people and create a higher standard of living. It is a way for individuals to provide goods and services to consumers‚ and at the same time‚ produce a profit for themselves. Businesses are not only important
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QUESTIONS WEEK 2 –Questions based on Lecture 1‚ Introduction and Basic Concepts 1. Which of these could explain why someone would choose to operate as a sole proprietorship rather than as a corporation? a. Sole proprietorships have limited liability b. There are relatively few rules relating to the establishment and running of a sole proprietorship c. The firm can last forever d. It is easy to raise large sum of money e. All of these answers 2. The primary goal of a publicly-owned firm interested in
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IV. History/ Background of the Business I am a single person and was just barely making ends meet working in a fast food restaurant part- time at night. There was a time that I was thinking what if I will stand my own shop‚ a Shaenah’s cupcake. Even though cupcakes are not one of life’s necessities‚ they have become popular because they symbolize one of life’s little luxuries for those of us who are on budget. People can’t afford to go on a big trip to China anymore but they can afford
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liability on the business owners and operators. Important to understand in order to select the best legal structure for a particular business. Types of business organisations • The most frequently used business organisation structures are: - Sole proprietorships - Trusts - Partnerships - Companies • Joint ventures are also quite common (e.g. in the resources sector) but they won’t be covered here. Choosing a Business Structure Things to consider can include: – size of the business – risk – purpose
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liability. A sole proprietor has unlimited liability‚ which can include the potential loss of all personal assets. 2) Taxes. Forming an LLC may mean that more expenses can be considered business expenses and be deducted from the company’s income. 3) Improved credibility. The business may have increased credibility in the business world compared to a sole proprietorship. 4) Ability to attract investment. Corporations‚ even LLCs‚ can raise capital through the sale of equity. 5) Continuous life. Sole proprietorships
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Instructions for filling up Form No. 49B (a) (b) Form is to be filled legibly in ENGLISH in BLOCK LETTERS. While filling the form‚ each box‚ wherever provided‚ should contain onl one character (alphabet/number/punctuation mark) leaving a blank box after each word. (c) Left hand thumb impression‚ if used‚ should be attested by a Magistrate or a Notary Public or a Gazetted Officer‚ under official seal and stamp. (d) Deductors/ Collectors are required to provide details of Assessing Officer
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Why do you think colonel Darling chose sole trader as a form of business organization and when and why might his company have become a partnership. Joshua Darling was a retired army colonel‚ who returned after the army to Liverpool‚ where he was born‚ opened a chocolate factory and set up his own business as a sole trader in July 1933. Why colonel Darling chose a sole proprietorship as a form of business organization? First of all‚ a sole proprietorship was suitable for his nature as he could
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gov/content/employee-handbooks Small Business Administration (2014) Limited Liability Company Retrieved on August 24‚ 2014 from http://www.sba.gov/content/limited-liability-company-llc Small Business Administration (2014) Sole Proprietorship Retrieved on August 24‚ 2014 http://www.sba.gov/content/sole-proprietorship-0 Xinsurane 2009‚ Event Home Fireworks Liability Insurance‚ retrieved on August 11‚ 2014 from http://www.xinsurance.com/blog/event-home-fireworks-liability-insurance/
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style and trends. Advertise through newspapers‚ banners‚ brochures‚ etc. 5. Les Miz may acquire loans to support its operations. 6. Utilize the foreclosed properties that were redeemed. V. ALTERNATIVES 1. Change the form of ownership from sole proprietorship into partnership or corporation. 2. Sell the machinery and use the proceeds for financing manpower. 3. Sell a portion of Les Miz Shoes’ net
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tax year? 40. In each of the following independent cases determine the amount of charitable contributions allowed the individual before consideration of any percentage limitations. a. Charlie Chubbs contributed an item of inventory from his sole proprietorship to a public charity for its use. The fair market value of the asset was $800 and his basis was $600. b. Durwood Dodson contributed some shares of common stock that he had held long-term to a private charity. The basis of the stock was $8‚000
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