• LIABILITIES – If the business incurs debt that can not be covered by the profit of the business the owner will be personally liable. You can be sued to satisfy the debt of the company and your personal property can be seized to satisfy company debts. • 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
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Sole Trader Advantages The advantages of being a sole trader are immense not lease because the owner has full control over the business for daily operations as well as how large they wish to grow it. It’s easy to set yourself up as you only need to declare to yourself you are going to be a business but also have to inform the Inland Revenue you are self employed within 3 months of starting the business. A sole trader does not need to complete many of the forms and accounting information that
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Vanessa Lefler Bus 210 Week 2 Checkpoint A friend of mine and I are going to try and open a business doing accounting and bookkeeping but are having a hard time choosing if the form of business organization we will operate as will be joint stock‚ limited liability‚ partnership‚ or a sole proprietorship. A joint-stock company is where business owners raise capital by issuing stock certificates of its ownership. This means selling stock to investors that guarantee them a certain percentage
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LEGAL ISSUES INVOLVED IN VARIOUS FORMS 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
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Kite flying is one of the most popular sports and festival in India. According to the Greek literature‚ kite-flying dates back to as old as 14th century and later came to India and other Asian countries. Kite Festival in India is popular the worldwide and celebrated with great fun and fervor. Watching the colorful sky during the kite festival is indeed a feast to the eyes. Men’s inherent wish to fly high and reach the sky would have surely made him invent the kite and fly it high‚ somewhere giving
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Video Case 2 Are Chinese Business Partnerships A Good Deal For U.S. Companies? Case Assignment Questions: 1. Compare and contrast joint ventures and wholly owned subsidiaries. What are the advantages and disadvantages of each form of market entry? Why might a company choose one over the other? A joint venture is a partnership between two or more people or businesses/companies who will share all expense‚ profit‚ loss expertise and control in a specific project. A wholly owned subsidiary
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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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British Institute of International and Comparative Law Is the Doctrine of Ultra Vires Dead? Author(s): R. Baxt Source: The International and Comparative Law Quarterly‚ Vol. 20‚ No. 2 (Apr.‚ 1971)‚ pp. 301315 Published by: Cambridge University Press on behalf of the British Institute of International and Comparative Law Stable URL: http://www.jstor.org/stable/758032 . Accessed: 26/04/2013 02:48 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use‚ available
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Business Law Essay Why you should pick Sole Proprietorship There are many aspects to running your own company. You are going to have to decide if you want a partner or you want to run the company alone. There are different forms of legal businesses‚ like Sole Proprietorship‚ Partnership‚ Corporation and Limited Partnership. They all have the aspect of running a business and choosing which one is right for someone starting a new company. When creating something new there are legal
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1. My grandfather‚ because he owned multiple successful businesses. 2. Automobile sales and vendor sales 3. Most employees are part of my family. We have multiple divisions of the business‚ including advertising‚ vendor spacing‚ auction management‚ and ticket sales. It is a sole proprietorship founded and currently owned by myself‚ but I plan to pass it down to my children. 4. An advantage to my method of business organization is the trust and knowledge of my employees considering most of them
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