ACCOUNTANCY 3 forms of Business Organization *Sole Proprietorship *Partnership *Corporation Sole Proprietorship A sole proprietorship is the simplest form of business organization because it is run by just one person. There is little complexity in starting up a sole proprietorship because it may involve just getting a license and finding some premises. This is why most of the businesses are in the form of sole proprietorship. It is normally feasible for service providers such as physicians
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TO: Dr. Wilks FROM: Russell Gardner (Section 1 / Group 4) DATE: October 10‚ 2012 SUBJECT: Trueblood Case 2 Individual‚ Unlikely Alliance Background Florabama is an energy venture classified as a variable interest entity (VIE) of its two investors – Meyer Inc. and Saban Company. Meyer and Saban own 60 percent and 40 percent of Florabama respectively and the profit and losses are split according to ownership percentage. According to the terms of the venture arrangement‚ Saban is permitted
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THE FOX SCHOOL OF BUSINESS AND MANAGEMENT Department of Legal Studies Legal Environment of Business - Law 1101 Samuel D. Hodge‚ Jr. SYLLABUS – SPRING 2014 _________________________________________________________________________ Objectives: The legal system affects each of us on a daily basis. Educated citizens‚ no matter what career path they may choose‚ should be aware of the ways in which the law impacts their lives in a personal and business setting. This course will
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CH. 3: BUSINESS ORGANIZATIONS: PARTNERSHIPS (GPPs‚ LLPs AND LPs) Overview: Three kinds of partnerships: General partnership (“GPP”) Limited liability partnership (“LLP”) Limited partnership (“LP”) General Partnerships (“GPP”): (1) Description Two or more legal entities (individuals‚ corporations) owning and operating a business together for profit (2) Formation a) Requirements: Partnerships Act (“PAct”) says GPP arises automatically if 4 requirements met: (i) 2
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Sole Proprietorship Sole proprietorship is the most common form of business in the United States. It is a relatively simple way for an individual to start a business since legal costs and business requirements are minimal‚ and the owner has complete control over the business. Though a sole proprietor is not responsible for any corporate tax payments‚ the owner is responsible for taxes incurred on the income generated from the business as part of his or her personal income tax payments‚ and personally
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Chapter 6 1) Describe the basic features that distinguish the four basic forms of business ownership sole proprietorships‚ general partnerships‚ C corporations‚ and limited liability companies. =Sole proprietorships- owned by one person plus earnings and debts are the owner’s income and debt. =Partnerships- Two or more owners that take a voluntary agreement. =Corporations- a business entity created by filling a form. 2) Why do many entrepreneurs initially set up their businesses as sole proprietorships
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BALLARAT FACULTY OF BUSINESS‚ ENVIRONMENT & SOCIETY MASTER IN BUSINESS ADMINSTRATION ENTREPRENEURSHIP CASE 14.3 – EDGAR’S BUSINESS SUBMITTED BY : SODHI PRABJOT STUDENT ID NUMBER : 30106256 LECTURER : DR. WONG WAI NAM EDGAR’S BUSINESS What type of arrangement is Edgar using in his business dealings with the firms
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law either goes behind the corporate personality to the individual members or ignores the separate personality of each company in favour of the economic entity constituted by a group of associated
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Environment SECTION - A Answer any 12 questions. Each carries two marks. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Differentiate goal & objective. What do you mean by “Vision”? Give the vision of a company. ”A business entity should be a good corporate citizen”. Explain What is business environment? Why did Industrial policy concentrate more on privatization? Why was FERA abolished? What are the main thrust areas in which Industrial Policy 1991 concentrated on? What do you mean by the term legislature
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1. Why do their members deserve limited liability? Is it fair that LLCs do not pay income taxes? A small business deserve limited liability because it’s used like a risk protection for their business as well as the owners. “It allows owners‚ called members‚ to have limited liability just like corporations’ (Lau‚ 2012‚ p. 367). There are so many new incorporated business laws that a business have to face on a daily basic. LLCs helps small businesses with the amount of liability that they face by decreasing
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