Types of Business Organisations When we start to define a company it can be defined as generally a form of business organisation. In the legal field‚ a company is specifically a corporation‚ or less commonly‚ an association‚ partnership or union that carries on a commercial or industrial enterprise. Generally a company may be a corporation‚ partnership‚ association‚ joint stock company‚ trust‚ fund or organised group of persons‚ whether incorporated or not and (in an official capacity) any
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Corporation is a legal entity made of natural persons or other legal entities that holds legal identity within the society. Corporate social responsibility is the duty of a corporation to create wealth in ways that avoid harms to‚ protect‚ or enhance societal assets. The idea of Social Responsibility interrelates the obvious interrelationship between business corporations‚ government and American society‚ is based on the fundamental idea that the corporations have duties that go beyond carrying out
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1. The process of determining whether an entrepreneur’s idea is a viable foundation for creating a successful business is known as a: 2. Porter’s five forces model assess industry attractiveness by surveying these five factors: 3. The strongest of the five forces in most industries is: 4. The force from the five forces model that considers economies of scale‚ initial capital requirements‚ cost advantages relevant to company size‚ and lack of brand loyalty is the: 5. The primary purpose of the
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crime…) False 6. General partners or Limited Partners of a limited partnership remain jointly and severally liable for partnership obligations? 7. C corporations are taxed as a pass-through entity or as a separate entity? 8. Most general partnerships pay income taxes as a separate entity or as a pass-through entity? MULTIPLE-CHOICE QUESTIONS 9. The term actus reus is often used to describe a criminal act or mind? The individual must have performed actus*reus (criminal act) with mens*rea (guilty mind)
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Exam 2 Study Guide Chapter 6: Torts: a violation of a duty imposed by the civil law. When someone breaks one of those duties and injures another‚ it is tort It is up to the injured party to seek compensation – this lawyer has to convince the judge that the defendant breached legal duty and owes money Intentional torts: harm caused by deliberate action. Ex: newspaper columnist who wrongly accuses someone of being a drunk has committed intentional torts Libel: written defamation‚ newspapers
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possibilities are greater than in proprietorships. * Limited partnerships can provide limited liability to some of the owners‚ if they’re not active participants in the business. * Corporations provide the most flexible possibilities for investors. * Limited liability companies/limited liability partnerships are business entities that combine favorable tax treatment with limited legal liability for the owners. c. How do corporations go public and continue to grow? What are agency problems?
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exemption. Maximum access limited exemption principle is a fundamental principle that governs the right over the information. The aforementioned articles (14-16) explains about the limit of the information that must be given to the public by the public entities. This is contrary to the principle‚ in which the exemption of an information shall be decided by carefulness‚ by conducting consequential damage test method‚ and balancing the public interest. Whether the information is acceptable to be
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Jose Rivera should select to create a corporation for his Toy Builder business. There are many reasons why it would be advantageous for Jose to create a corporation for Toy Builder as opposed to a sole proprietorship or partnership. Jose has a long desired to get into the toy business but it would be wise to separate this desire from his already acquired wealth which he has worked for so many years to accumulate. By Incorporating Toy Builder he creates a liability shield or separation between his
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Corporation Chapter Outline 1.1 The Four Types of Firms 1.2 Ownership Versus Control of Corporations 1.3 The Stock Market Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 1-2 Learning Objectives 1. List and define the four major types of firms in the U.S.; describe major characteristics of each type‚ including the means for distributing income to owners. 2. Distinguish between limited and unlimited liability‚ and list firm types that are subject to each. 3. Describe
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includes solutions to the following task: "What is an inadvertent termination of an S election? How does an S corporation and its shareholders rectify an inadvertent termination? What could happen if a company fails to rectify the termination?" Business - Accounting ACC 455 Week 5 ACC 455 Week 5 Learning Team Assignment Week Five Problem Set Complete the problems found in Ch. 9‚ 10‚ 11 of Federal Taxation 2010: Corporations with your Learning Team. C:9-32 Problem – Partnership
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