Organization - Week 2 Describe a business scenario‚ or multiple business scenarios‚ either real or fictional‚ that depict(s) each of the following forms of business organization: Joint –stock company Limited liability company Partnership Sole proprietorship A joint-stock company sells off stock certificates of ownership to investors in order to raise capital. Triad Financial‚ now known as Santander‚ was an example of a joint-stock company. Jim Landy‚ CEO owned 49% of the company and his investors
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three main structures a person can start: Sole Proprietorship‚ Partnership or a Corporation. Each business structure has its advantages and disadvantages that I will address. A sole Proprietorship is the lease expensive and easiest way to start a business. This type of business gives the owner total authority over all decisions made within the business. The business can either be in your personal name or a trade name you make up. The disadvantages of a Sole Proprietor are the owner is liable for
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Name: Legal Underpinnings In case of breach of contract liability shall be limited or unlimited depending on the type of activity. There are five types of business organizations in the United States. These forms are sole proprietorship‚ a partnership‚ limited liability company‚ partnership‚ and limited liability company. Each of these formations business has advantages and disadvantages for the employer. There are different levels attributed to the owners and partners in each
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Legal Underpinnings of Business Law Valarie Murphy-Taylor BUS 670 Marla Muse June 09‚ 2014 Abstract The aim of this paper is to discuss business structure and organization and how liability differs between each organizational form. Society has set standards that govern our interactions with others. In addition‚ though not often obvious to the naked eye‚ most businesses have standards that similar to one another in governing their activities and abilities to function continually
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INTRODUCTION The global spread of coffee growing and drinking all started with a curious goat and that’s what legends say. 9th century Ethiopian goat herder Kaldi drank a concoction made from the beans after seeing his energetic goats eat them. The Sufi monks of Yemen in the 15th century were said to drink it as well. During the 17th century when coffee was introduced to Europe‚ the popularity of cafes followed the same pattern as most coffee houses around the world. It quickly became
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Basic Accounting Concepts and Business Structures Shannon Goshert ACC 537 July 25‚ 2010 Angela Rose Abstract Basic accounting concepts and business structures go hand-in-hand. Usually the business structure will determine the type of accounting concepts it will use. Generally accepted accounting principles (GAAP) are needed for effective accounting information. Basic Accounting Concepts and Business Structures Basic accounting concepts and business structures are important to a business’s
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that businesses are operated in. From sole proprietorship to different partnerships to corporations‚ each form has many similarities‚ but they are very different types of businesses. Each business entity will vary on three primary factors: liability‚ taxation and record-keeping (Entrepreneur‚ n.d.). Let’s review each format and some sample businesses operating under each type of format. Sole Proprietorship According to the SBA (n.d.)‚ a sole proprietorship is the simplest and most common structure
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form as well as how each characteristic applies to each form. A1a. Sole proprietorship A sole proprietorship is a business form in which one person is the owner of the business. Within this form the owner has no legal ties to the business. Since the individual is the only owner of the business he or she is fully responsibly for all loses and debts‚ but received all profits after taxes. Some of the advantages of a Sole proprietorship ship include; It is the least expensive form of organization to run
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that may be owned by one or more individuals or entities is called a:Answer | | | | | Correct Answer: | corporation. | | | | | * Question 2 2 out of 2 points | | | Paul is the owner of Paul’s Cabinets‚ which is a sole proprietorship. The firm cannot pay its bills because a large customer defaulted on payment. Which one of the following statements is correct given this situation?Answer | | | | | Correct Answer: | Paul is personally liable for the entire debt of
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decisions are shared‚ disagreements can occur. Some employee benefits are not deductible from business income on tax returns. The partnership may end upon the withdrawal or death of a partner. Corporations A corporation is different from a sole proprietorship or a partnership in that a corporation is separate statutorily created legal entity from the people who manage‚ own‚ control‚ and operate it. A corporation can be taxed; it can be sued; it can enter into contractual agreements. Being incorporated
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