have six options and they are: sole proprietorship‚ general partnership‚ limited partnership‚ general corporation‚ subchapter S corporation‚ and a limited liability corporation. Sole Proprietorship A sole proprietorship is a business structure that is owned and run by one individual. There is no legal distinction between the owner and business. All of the profits of the business belong to the owner as well as all of the debts. The personal taxes of the sole proprietor are directly affected
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than one member + Sole member limited company + Shareholding company + Partnership + Sole proprietorship + State – owned enterprise + Cooperative + Foreign invested company _ Based on liability + Unlimited liability companies ( Sole proprietorship and Partnership ) + Limited companies: limited liability‚ shareholding companies‚ state-owned enterprise‚ cooperatives‚ joint-rentures and percent foreign invested companies _ Based on legal person status: + Sole proprietorship does not have its
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Sole Proprietorship A Sole Proprietorship is a type of business where there is no legal difference or distinction between the business and its owner. Legally‚ the name of a sole proprietorship is the name of the owner‚ unless a DBA is filed. Advantages include the ease and simplicity of creating a sole proprietorship‚ autonomy‚ and the benefits of financial freedom. Disadvantages are unlimited liability‚ continuity‚ limited resources‚ and raising working capital. * Liability – The liability
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the legal and regulatory forces of a sole proprietorship and social external trends to consider. The internal forces and trends that will be analysis are strategy‚ structures‚ goals‚ culture‚ and leadership. Legal and regulatoryThis business is going to have a sole proprietorship which means that the candy shop will be owned by one individual. This will leave the owner responsible for all the legal and financial liabilities of the business. Sole Proprietorships are probably the simplest and cheapest
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the risks and rewards for each. There are numerous forms of business‚ including sole Proprietorship‚ Partnership‚ Limited Liability Partnership‚ Limited Liability Company‚ Franchise‚ Corporation‚ and S-Corporation. Sole Proprietorship A sole proprietorship can be any person who owns a business. This form of business is not a legal entity and is one of the simplest to setup. The cost to set up a sole proprietorship is reasonable and the business owner is required only to register the individual’s
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LIT1 – Task 1 Part A SOLE PROPRIETORSHIP: A “for profit business” owned and operated by an individual. Owning a sole proprietorship allows an individual to run a business any way they see fit with few state/federal regulations and limited legal formalities. The owner of a sole proprietorship assumes considerable risks by without liability protection and therefore is held personally liable for any judgments against the company and is susceptible to loss of business assets‚ personal property and
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company: sole proprietorship‚ partnership and corporation. Each will be described shortly and afterwards the form of the student company will be given. Sole proprietorship The sole proprietorship is the oldest‚ most common‚ and simplest form of business organization. A sole proprietorship is a business owned and managed by one person. The prevalent characteristic of a sole proprietorship is that the owner is inseparable from the business. Because they are the same entity‚ the owner of a sole proprietorship
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The 4 forms of organization are Sole Proprietorship‚ Partnerships‚ Corporations and Limited Liability Company. Each of these organizations operate differently with advantages and disadvantages to it. Sole Proprietorship: A sole proprietorship is a small business that is own by one individual who is responsible for running the business. The owner owned all profits and assets but is also responsible for all liabilities and debts. The advantage of a sole proprietorship is you are at complete control
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taxation. Starting a business requires some research on licensing‚ state laws‚ and regulations. Opening a business requires choosing an entity‚ taking control‚ taxation methods‚ and liability issues. The most common types of business forms are sole proprietorship‚ partnership‚ corporation‚ and S corporation. Each type of business has its advantages and disadvantages when related to obtaining a start to a business‚ tax information‚ and liability. Lou and Jose are planning to open a sports bar and restaurants
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Suruhanjaya Syarikat Malaysia (SSM) About SSM The Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia or SSM) is a statutory body which regulates companies and businesses. SSM‚ which came into operation on 16 April 2002‚ is a statutory body formed as a result of a merger between the Registrar of Companies (ROC) and the Registrar of Businesses (ROB) in Malaysia. The main activity of SSM is to serve as an agency to incorporate companies and register businesses as well as to provide company
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