questions. Here is a list of useful tips for starting a business: First‚ you need to be clear about why you want to start a business. Determine the type of business and business structure you want to start (sole proprietorship‚ partnership‚ corporation‚ or (LLC) Limited Liability Company). Create a business plan that covers what you offer (type of product or service)‚ the target audience‚ and how much you will charge. Your target audience is the core of your business. Before you start a business
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customers‚ products that people need. They also provide employment opportunities to people‚ which can become reasonable career paths and choices. And it could give people experiences‚ education‚ and training to make their own businesses. There are many type of small business‚ these include: Sole Trader A sole trader‚ also known as a sole proprietor only has one owner. The owner makes all the decisions and is fully responsible for the firm and they are also liable for all debts. The business has the
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essay will outline about my company ’Zia Inc.’. The main objective of the business is to recycle the plastic bottles. The legal structure of the company will be described along the given outlines‚ we will be looking at the organizational structure of the company‚ centralized and decentralized operations. This essay will describe that Zia Inc. is as private limited company‚ has centralized operations and has a flat hierarchal structure. Zia Inc. is a private limited company and is run by a sole proprietor
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Small Business Analysis Lindsey Brito ACC 561 Small Business Analysis There are four different types of business organizations that are popular among small business owners; sole proprietorship‚ partnership‚ C-corporation and S-corporations. Tax‚ legal and financial reporting may vary from organization to organization‚ so finding the right fit for your services and or products is crucial. Sole proprietorship is the most common form of business. It is the simplest and most inexpensive business
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be your own boss; you get to retain all company profit and to have full control of your business. There are also disadvantages on a sole proprietorships business‚ such as unlimited liability-the risk of personal losses‚ limited financial resources‚ management difficulties‚ and overwhelming time commitment. The second kind of ownership is partnerships‚ a legal form of business with two or more owners. There are four majors advantages in this type of business‚ such as more financial resources
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LLC stands for a limited liability company. LLC’s operate much the same way as a corporation‚ in that it is a legal entity that can conduct business under its own name. More and more business owners’ are electing to form LLC’s every year but why exactly are so many business owners now doing this? As the name limited liability suggests the reason why so many business owners are deciding to form an LLC is to reduce their personal liability. For example if you continue to operate your business as a
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Part A: Company formation 1.1 Explain the concept of corporate personality and lifting the veil According to the scenario‚ Emily‚ the sole shareholder and director of OMG Ltd was a private company. Private company defined in s.4 (1) as any company that was not a public company and prohibited from making any offer to the public to subscribe for any securities of the company (s.755) and that there was no minimum share capital requirement for private companies. Also‚ a private company can only have
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Apollo Villapando Villapando 1 Business 166 Leah Peer 04/04/18 Test #2 1. A) Sole Proprietorship- A business organization in which one person owns and‚ often‚ operates business. General Partnership- A business organization in which two or more owners agree to share the profits of the business but are also jointly and severally liable for its debts. Limited Partnership- A business organization
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partnerships‚ and are usually set up by companies that invest money in other businesses or real estate. The C Corporation is the standard corporation‚ while the S corporation has elected a special tax status with the IRS. It gets its name because it is defined in Subchapter S of the Internal Revenue Code. To elect S corporation status when forming a corporation‚ Form 2553 must be filed with the IRS and all S corporation guidelines met. A limited liability company (LLC) is a flexible form of enterprise
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Williams ACC/561 March 4‚ 2013 George Bray Small Business Idea There are numerous of people in today’s society were planning an event such as birthdays‚ anniversaries‚ and weddings is high stress and complicated. Starting an event planning company will be a great idea for small business. This will be a great opportunity for the fast pace society of today’s flow. Being able to solve an issue such as planning an event large or of the smaller scale is a high benefit and brides‚ family reunion
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