University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability company (including the single member LLC)‚ S Corporation‚ Franchise‚ and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file
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income tax on all earnings. Longevity/Continuity- Company will likely die off if owner does. The company‚ being one and the same as the owner‚ cannot continue without measures being taken to pass on Control- Owner has complete control over all decisions made; complete autonomy Profit Retention- All profit belongs to owner Location- The only reason location is an issue is filing for local and state permits based on the business type; may pick up and move when and wherever owner desires
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require the owner to file business taxes separately. Business revenue or loss is filed on owners yearly tax filings. * Longevity / Continuity: A sole proprietorship does not provide a business longevity or continuity. If the owner becomes ill the company can be brought to a standstill‚ and the business will cease to exist at the death of the owner. * Control: The owner of a sole proprietorship business has unlimited control over all aspects of the business. * Profit Retention: The owner
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1 Legal‚ Social‚ and Economic Environments of Business Andrew Desjardins American Intercontinental University LEGAL‚ SOCIAL‚ AND ECONOMIC ENVIRONMENTS OF BUSINESS 2 Abstract There are three types of businesses: Sole Proprietorship‚ Partnership‚ and Corporation. Bases on the scenario represented in this paper‚ a sole proprietorship is the smartest decision when starting this business. The inventor has a product that he thinks will succeed‚ but
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The term CSR could lead to an understanding that only companies or enterprises could actually apply the CSR principles in their business. For example‚ the definition of the corporation itself could vary in different English speaking countries as according to the dictionary of American English‚ the word corporation is most often used to describe large business corporations. In British English and in the Commonwealth countries‚ the term company is more widely used to describe the same sort of entity
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wants. ✓ Pride of ownership: The business man achieves all credit for taking risks and challenges that’s why he/she has the right to proud. ✓ Leaving a legacy: Owners can leave an ongoing business for future generations> ✓ Retention of company profit: Owners not only keeps the profits earned but also benefits from the increasing value as the business grows. ✓ No special taxes: Govt. don’t give any taxes over this business.
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proprietorship is a business that is owned and operated by one person. A partnership is a legal form of business with two or more owners. A corporation is a legal entity with authority to act and have liability apart from its owners. A franchisor is a company that develops a product concept and sells others the rights to make and sell the products. (Nickels) A man named Troy Smith began the sonic drive-in restaurant in 1954‚ as a sole proprietorship. Two years later‚ he took on a partner‚ and watched
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1.0 DIRECTOR 1.1 WHO IS DIRECTOR? A company is a business entity whereby it is associated or collected of individual real persons and/or other companies‚ who each provided some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection‚ group or association of persons can be made to exist in law and then a company is itself considered a "legal person". The name company arose because‚ at least originally‚ it represented or was owned by more than
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issued under‚ any act whether of a general or special nature. 1. LIFTING OF THECORPORATE VEIL BY: Amandeep Kaur BBA Sem. 4 2. CONCEPT• In the eyes of law‚ a company is a legal person with a separate entity distinct from its members of shareholders. In essence it means that there is a veil or curtain separating the legal entity of the company from its members or shareholders.• When any fraudulent and dishonest use is made of the legal entity‚ the individuals concerned will not be allowed to take shelter
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One of the most uncertain areas in company law today is the situation in which a court is willing to set aside the separate legal personality of a company. Separate legal personality i.e. where a company is regarded by the courts as a legal person with its own rights and responsibilities and that it is capable of owning property amongst other things. Laffoy J stated in Fyffes Plc v Dcc Plc & Ors ‚ "It has been a fundamental principle of Irish company law since the decision of the House of Lords
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