Introduction to Business (Question for 1st semester midterm exam.) # What is business? Ans : An organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. Businesses can be privately owned‚ not-for-profit or state-owned. An example of a corporate business is Grameen Phone‚ while an Azad Products is a private
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Partnership Advantages and Disadvantages There are distinct partnership advantages and disadvantages. Before going into partnership advantages and disadvantages and especially before starting a partnership‚ let’s first define "partnerships" and make sure we know how they operate. The particular rules about partnerships lead to the partnership advantages and disadvantages. Partnerships Defined and Explained A partnership is an agreement between two or more people to finance and operate a business
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important to know what type of business organization one wants to open and what type of business it will be. Here one can find information regarding the four types of business organization‚ financing statements with each type‚ consequences associated with each type‚ and the type of business that Penny Garriott and Jim Lucas want to open in the near future. Along with an explanation of the business Penny and Jim want to open there will be an inclusion of information pertaining to what type of business organization
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Unit 1 Business Environment; Task P1 In this assignment I will describe the type of business‚ purpose and ownership of two contrasting organisations. My two chosen contrasting businesses are ASDA and Oxfam. ASDA is a British supermarket chain which retails food‚ clothing by George‚ toys ‚ car wash and general merchandise such as electrical products and cooking appliances. ASDA also have branched out into telecommunications with a mobile network called ASDA mobile. ASDA is Wal-Mart’s largest
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on the entity level; rather‚ these entities are taxed on the owner’s level. These types of entities conduct a regular business; however‚ the income earned and deductions allowed are passed to the owners of these flow-through entities‚ and the owners are taxed on the amount allocated to them. Thus‚ flow-through entities provide a way for income and deductions to be taxed only once instead of twice. 2. What types of business entities are taxed as flow-through entities? The two main business entities
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business can sometimes be nerve wracking. Regardless of if the end goal is a small business or a large corporation‚ knowing which type of business will be most profitable and beneficial is an essential
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True/False 1.The financial manager should examine available risk-return trade-offs and make his decision based upon the greatest expected return. False 2.Only a few financial decisions involve some sort of risk-return tradeoff. False 3.The sole proprietorship can be described as the absence of any legal business structure. True 4.In a general partnership‚ all partners have unlimited liability for the actions of any one partner when that partner is conducting business for the
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following is an explanation of six types of business models. I will explain the advantages and disadvantages‚ liability‚ incomes taxes‚ longevity‚ control‚ profit retention. Location and or convenience and burdens. In conclusion‚ the reader should have a clear understanding and overview of the six types of business forms. SOLE PROPRIETORSHIP The overall benefits of a sole proprietorship are the flexibility and inexpensive way you can organize and control the company. The owner can create their own
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Formation of Companies Introduction Associations of persons can take numerous forms. When discussing associations set up for the purpose of conducting trade‚ one considers three principle forms of partnership; partnership en nom collectiff; partnership en commandite and limited liability companies‚ with the latter being the most popular choice. A company is formed by the registration of certain documents with the Register of Companies as per article 76 (1). In instances of public or private companies‚ the
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first thing to be decided by the entrepreneur is the line and type of business to be undertaken. 2. Scale or size of business :- After deciding the line of business the businessman must decide whether he wants to set up large scale or small scale business. 3. Choice of form of Business organisation :- The next decision must be taken is to finalise the form of business i.e.‚ to set up sole proprietorship.‚ partnership or joint stock company. 4. Location of Business Enterprise :- The entrepreneur
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