still maintaining my current business structure would be to expand my family. 6. As of now‚ I wouldn’t seek to sell shares of stock because I like to keep it a privately owned company. As I said before‚ I like to keep the business in the family‚ which includes ownership. 7. The greatest challenge in starting my company was getting the attention it needed to have a successful kickstart. I managed to do this very well by requesting assistance from my previous business partners who are experts on
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was that I’m able to save money in resources‚ taxes relief’s‚ and cheaper labor while exposing my product to an international market. Harley recognized that “German motorcyclist rode at high speeds-often more than 100 mph.” Pc-10. As a result the company began studying ways to cater to the German needs and provide more protection. The disadvantage would be the locally the community would loose certain jobs and the country more tax revenue. B.) The advantage for Joint Ventures that by
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Chris Fowlks Student ID: 000433225 Legal Issues for Business Organizations Task 1 SOLE PROPRIETORSHIP: A sole proprietorship is the easiest and most simple business form to operate under. The sole proprietorship itself is not a legal entity. In a sole proprietorship‚ the person who owns the business is personally responsible for the business debts. • Liability: The business owner is personally liable for any claims/lawsuits against the business. If a sole proprietorship is defeated in a lawsuit
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• LIABILITIES – If the business incurs debt that can not be covered by the profit of the business the owner will be personally liable. You can be sued to satisfy the debt of the company and your personal property can be seized to satisfy company debts. • INCOME TAXES – Forming a Sole Proprietorship allows the owner to avoid the high tax rate that corporations pay due to it not being separate from the individual. • LONGEVITY/CONTINUITY – The business is the same as the owner so the business will
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of gifts‚ favors‚ or excess services are considered a COI if the additional item is from a business that has dealings with tour business. c. Preforming any task of service that would differ from making a judgment against the interest of a given company. d. A COI may exist when one employee is directly supervising over another member of their family. e. No transactions or investments can be made if the employee has additional information that is not available to the common public. 2. Differences
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important in researching the different types of businesses and creating a plan for success. Starting a business can be tough but also can be very rewarding. In setting up a business there are three main structures a person can start: Sole Proprietorship‚ Partnership or a Corporation. Each business structure has its advantages and disadvantages that I will address. A sole Proprietorship is the lease expensive and easiest way to start a business. This type of business gives the owner total authority
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AGUDELO‚ Christian Jorge P. BSAc-I‚ Mgt 101-A November 24‚ 2014 Sole Proprietorship A Sole Proprietorship is a business with one owner who operates the business on his or her own or employ employees. It is the simplest and the most numerous form of business organization in the United States‚ however it is dangerous as the sole proprietor has total and unlimited liability. Self contractor is one example of a sole proprietorship. The advantage of organizing your business as a sole proprietorship is
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Case : “week 8 federal taxation discussion” Employee Business Expenses" Please respond to the following: As part of his contract at his new job‚ Jim is provided a company car and gas card to go back and forth to work. He sometimes uses the car for out-of-town travel approximately once a month. Jim also uses the car and the gas card for his family vacations‚ dinner‚ etc. Question: Explain the applicable tax law regarding employee compensation and the criteria for deducting expenses Make at least
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and/or operating decisions” and Related Party transaction means “a transfer of resources or obligations between related parties‚ regardless of whether or not a price is charged.” Under AS-18‚ following entities are treated as Related Party: • Holding Companies‚ subsidiaries and fellow subsidiaries • Associates and joint ventures • Individuals (incl. their relatives) – having
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Ownership and structural forms of business organization‚ applicable laws‚ requirements for their formations‚ and advantages and disadvantages Type of Ownership * Single or Sole Proprietorship. It is a form of business organization which is owned by one person. The owner personally manages his business. Most of businesses in the Philippines (including those which are not registered) belong to single proprietorship. Examples are retailers‚ market vendors‚ barbers‚ tailors‚ and so forth. a)
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