G/L‚ Prop Non-Recog‚ Sale and called 702 Income or loss. Recognized even if no cash is distributed. Accordingly‚ generally not (a) BOTH have single taxation; ‘S’ over Prop-(b)Liability shield except for personal profession of Business & Capital assets‚ Entities not taxed on distributions. Compute: Ord Income (including Sec 1245 recap); less: Exclusions; liability;(c) profits allocated to owners are not subject to FICA/FUTA(payroll tax advantage); - Exclusions and Deferred Comp less:
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Introduction to Partnership Accounting Sole Proprietorship – owned by one person assume the profit and expenses Service – oriented business – engages in rendering services Merchandising businesses – buy and sell goods for profit Partnership – composed of two or more persons to contribute to a common fund for a profit that will be divided among themselves Money and property include: cash‚ investment in trading securities‚ trade and other receivables‚ prepaid expenses‚ PPE Industry: service‚ labor
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of a corporate form of business is that a corporation is a stand-alone entity‚ which means you are not personally liable for the assets and debts of the business. Incorporating protects your personal assets from lawsuits‚ debt collection and other business issues that can arise. The stand-alone entity also separates tax liabilities‚ which is another advantage. This means that the corporation’s taxes are separate from your personal tax liabilities. As a business owner‚ you are responsible
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effective operations‚ and highly competitive entities‚ there will be no better companion to ease the pressure but---Technology. According to Sheila Shanker‚ Information technology had a great impact on accounting. Technology transformed the accounting world from the old days of battery operated calculator to fast computers of today. These advances in accounting‚ through technology‚ helped not only big companies but also the small and medium business enterprises to have efficient calculations and
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you own and operate a business‚ you may be required to obtain a Federal Employer Identification Number (EIN) and should consider doing so even if not required. Commonly referred to as a federal tax ID number‚ an EIN is like a social security number for your business. Just as your social security number is used to identify you as a unique individual by government‚ financial and other institutions‚ an employer identification number is used to identify a business as a unique entity by government‚ financial
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more‚ not more than 20‚ except law & accounting firms) (CA 2001 Section 115‚ Pg 668) • Carrying on a business with a common view to profit Other Forms of Business (Pg 52‚ 3-140 3-160) Joint Ventures • Contractual agreement to conduct a particular venture or related ventures • Not a separate legal entity • Assets & obligations of the venture are the venturers personally • Parties not conducting a business “in common” • Venturers are not agents of each other • Liability is serval and not joint Not for
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common type of business in the United States. It is formed when a person starts a business‚ but does not register it as a corporation‚ or a limited liability company. Most contractors‚ consultants‚ and home businesses operate under this form of business. Sole proprietorships are easy to form‚ and provide the owner with total control over the business. All of the profits belong to the owner‚ because the business and the owner are one and the same. Taxes are easier with this type of business since
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BARRBIZTM Volume 1‚ Issue 4 October 2010 Establishing a Business In the United Arab Emirates The benefits of establishing a business in the country include corporate tax holidays to most sectors‚ no personal taxes‚ no currency restrictions and freedom to repatriate capital and profits. Top multinational companies and global professionals have joined hands with the UAE for business projects of 1988 is the Federal Law regulating the formation and functioning of all commercial companies
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the type of the venture you want to undertake? What has been achieved? What are the achievements of the team? What is the opinion of the members of the team in the industry? Are they capable of accurately assessing the chances of the success of the whole project? What knowledge‚ skills or special qualifications are they able to provide? How much are they willing to devote to this project? What is the motivation to act for the individual team members? BUSINESS PLAN In this part of business plan
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1. The existence of a limited liability company means the: I. company’s members are liable for only a limited amount of business debts II. company has a legal existence distinct from its owners III. company may raise large amounts of funds by issuing shares. | I only | | I and II only | | II and III only | | I‚ II and III | 2. The two main types of companies permitted to be registered under the Corporations Act are: | a private company‚ and a proprietary company
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