Ethical conduct on the part of a business is essential to its long-term survival. Ethical conduct is involved in the whole level of a business from one person to the whole industry. Ethical behavior is significant for long-term operations of business entities. Therefore‚ ethical conduct is beneficial to the consolidation of the business reputation‚ the sound development of management system and attraction of honest employees. Business reputation is built on the basis of trust‚ and the trust
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Accounting for Partnerships In the business world‚ there are different types of businesses can be classified into various forms of ownership. Some of those forms are a corporation‚ sole proprietorship‚ and a partnership. The form I will be discussing in this paper is called a partnership. A partnership is when two or more people own and operate in a business which also takes part of the responsibility. Our text says that “Partnerships are a popular form of business because they are easy to form and
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INDEX |S.NO |CONTENT |PAGE NO. | |1 |Introduction |2-4 | |2 |Overview of Limited Liability Partnership|4-10 | | |Act‚ 2008 |
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control over the daily operation of the specific aspect of the franchisee’s business that is alleged to have caused the harm. These courts have adapted the traditional master/servant “control or right to control” test to the franchise context by narrowing its focus: the franchisor must control or have the right to control the daily conduct or operation of the particular “Instrumentality” or aspect of the franchisee’s business that is alleged to have caused the harm before vicarious liability may be
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Chapter 1. Legal forms of business organization A. Sole proprietorship: A business owned by a single person and which has a minimum amount of legal structure. 1. Advantages a. Easily established with few complications b. Minimal organizational costs c. Does not have to share profits or control with others 2. Disadvantages a. Unlimited liability for the owner b. Owner must absorb all losses c. Equity capital limited to the owner’s personal investment d. Business terminates immediately upon
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Partnership Q-1 Define Partnership and explain the features of Partnership? Ans. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money‚ property‚ labor or skill‚ and expects to share in the profits and losses of the business. A partnership must file an annual information return to report the income‚ deductions‚ gains‚ losses‚ etc.‚ from its operations‚ but it does not pay income tax. Instead‚ it "passes through"
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Introduction: Single Owner Entities and Growth In Pakistan 1.1 Overview Pakistan is under developed country and it is still in developing phase. Pakistan has got a traditional business style rather than a corporate business style. Recently Pakistan has seen economic and there has been a surge in increase of unlisted companies‚ most of those owned by single owner or a family. Most of Pakistan’s business sector contain small to medium business entities and those entities are run in traditional rather
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employees of the partnership. B. Partners are taxed on distributions from a partnership. C. A partnership is a taxpaying entity. D. Partners are taxed on their allocable share of income whether it is distributed or not. 5) Which of the following is an advantage of a sole proprietorship over other business forms? A. Ease of formation B. The deduction for compensation paid to the owner C. Tax-exempt treatment
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Business Form | Number of Owners? | Are Owners Liable for the firm’s debt? | Do Owners manage the firm? | Does an Ownership change dissolve the firm? | Access to Capital | Taxation | Sole Proprietorship | There is only one owner of a Sole Proprietorship. | The owner of a sole proprietorship is completely liable for paying any and all business debts. This also includes any losses‚ taxes‚ and lawsuits. If the firm cannot pay the debts incurred‚ the owner must use personal property or any other stock
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significant tax and non tax issues of concerns that may differ across entity types. Limited Partnership: Tax issues and concerns: Partners will pay taxes on profits they receive from their investments. Tax liability is determined by tax basis base on original investments. In this case Dawn is 30%‚ Linda is 30% and Mike is 40%. Partners need to pay taxes on income whether they receive this income or reinvested back into the business. General or active partners must also pay self employment taxes.
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