Question 1 Advantages of sole trading You’re the boss You keep all the profits by yourself Start-up costs are low You have maximum privacy. Establishing and operating your business is simple and easy. It’s easy to change your legal structure later if circumstances change You can easily wind up your business. Disadvantages of sole trading You have unlimited liability for debts as there’s no legal distinction between private and business assets. Your capacity to raise capital is limited
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To establish whether or not effective study skills are indeed the core foundation of a sound education‚ there firstly needs to be an understanding of what study skills are and what is meant by a sound education. Other factors that impact on education also need to be explored. The term study skills is defined in Wikipedia (2012) as “techniques to assist the individual to be an effective learner.” Although some students may naturally possess good study skills‚ most people do not. However Cottrell
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Effective study skills are the sole foundation of a sound education The definition of a sound education can vary between individuals. Some would say a sound education consisted of soley completing compulsory education and others would see it as achieving a higher education. How people succeed in education will vary through individuals. People have different ways of learning and will achieve the best results in their own way of studying. Study skills are approaches applied to learning. (wikipedia
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Many attribute diplomatic alliances between countries as the sole cause of the first world war but fail to realize that the main reasons for this conflict were right under their noses. Recurring disputes were credited to the constant fight of countries and their imperialistic goals. Germany’s constant desire to own more colonies‚ specifically France’s‚ aggravated what already was an irate nation. France’s persistent nationalism sparked what would become the most durable conflict during the war due
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Question - Differences between a limited company form of business and a sole trader form of business ____________________________________________________________ __________________ Sole Trader A structure in which a business is owned by one person‚ acting under their own name or using a ’trading name’. This person is fully liable for the company’s debts and contracts and there is no distinction in law between the business and their own personal wealth i.e. unlimited liability. This means
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Nike has a link on their website that allows its customers to customize their own shoes on the internet. If you’re in the middle of your shoe design and have questions about what to do next you can go to the bottom of the Nike homepage where there is a customer service link and through that link you can click NIKEiD and click the link titled Help Building your NIKEiD order. The only problem with this is that this like is not on the NIKEiD page where you actually build your shoe. If you have any
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Answer: • Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business. • Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are
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3 different forms: sole proprietorship‚ partnership or corporation. Sole Proprietorship Sole proprietorships are businesses that are owned by a single person. A sole proprietorship is the easiest to form and the most common form of business. One advantage of this type of business structure is that it is quite simple and easy to start and launch. Another advantage is that the owner has complete control over the business and fairly easy tax preparation. Sole proprietorships have no hard regulation
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Unit 5.5: The Separate Entity Doctrine “It is a basic doctrine of company law: that for certain purposes a company is a legal entity separate from the legal persons who became associated for its formation or who are now its members and directors. For certain purposes‚ there is a corporate screen around the members and directors. This is often referred as to the ‘Veil of Incorporation.’ The authority for that proposition is the leading case of Salomon v Salomon & Co Ltd [1897] AC 22. The
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ACCOUNTANCY 3 forms of Business Organization *Sole Proprietorship *Partnership *Corporation Sole Proprietorship A sole proprietorship is the simplest form of business organization because it is run by just one person. There is little complexity in starting up a sole proprietorship because it may involve just getting a license and finding some premises. This is why most of the businesses are in the form of sole proprietorship. It is normally feasible for service providers such as physicians
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