to exist. • Control is the most appealing factor for Sole Proprietorships as the owner needs only answer to themselves. The owner makes all decisions for the day to day operations of the company including entering into contracts‚ handling finances‚ hiring employees and even at will dissolution of the company. • Profit retention is a key factor that distinguishes Sole Proprietorship over all other business forms. The owner retains all profits for their own. They have no legal obligation to share
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at every aspect before making a decision on what would be the best business type‚ short term and long term. CHOOSING A LEGAL FORM OF BUSINESS Discussion Starting a new business in either type‚ (sole proprietorship‚ partnership‚ and corporation) each have its ups and downs. All entrepreneurs must decide which form of legal ownership best suits their goals. Take a look at sole proprietorship. This type of business is owned and usually operated by one person. That one person is also
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The businessman control the world. They are their own boss‚ free to do whatever they want‚ and are the most richest . They understand and know how the world work. We heard about a lot of great businessman stories such as Mark Zuckerberg‚ the creator of Facebook that start with a little website page for his college to allow them to chat‚ list their classes and homeworks. And now it’s know as one of biggest social media right now‚ making over forty billions dollars the years. We can also think about
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questions. The three forms of ownership described in this video are the sole proprietor‚ Partnership‚ and cooperative. Partnership‚ and joint venture. S-corporation‚ and limited partnership. X Partnership‚ and corporation. Unlimited-liability company‚ and
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Undertaking: 1. It is purely government; it is also called as Government Company. 2. It does not possess commercial qualities. 3. It is not an autonomous body. It is purely under the control of the Government and Minister concerned. 4. Examples: Railways‚ Postal & Telegraphs etc. 5. These two concepts are not seen in Government Departmental undertakings. 6. The articles of association of Government Company can be amended by the Government without any reference to Parliament.
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disadvantage of a sole proprietorship is obtaining capital funding‚ specifically through established channels‚ such as equity (selling shares) and obtaining bank loans or lines of credit. As a business grows it often transitions to a limited liability company (LLC) or S Corporation. Ease of Formation Prospective business owners need not file any special forms with state‚ local or federal agencies to start a sole proprietorship. When registering the new business‚ as is necessary for all new businesses
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1 Forms of Business Organizations and Their Attributes 2 Forms of Business Organizations And Their Attributes Sole Proprietorship A sole proprietorship is the easiest business organization to form because ownership consist of a single individual. The sole proprietor has ultimate control over the focus and direction of the entire business. This feature sets the sole proprietorship apart from all other business organizations. The advantages of a sole proprietorship are that the only paperwork
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has undergone renovations in the past couple of years‚ adding establishments such as Barnet Park‚ the Chapman Cultural Center‚ the George Dean Johnson School of Business (USCUpstate)‚ the Spartanburg Marriott Hotel‚ and Wild Wings Restaurant. What type of establishment will work for the Spartanburg area? A restaurant and entertainment venue called Wowzerz! will best work for the area and cater to the aforementioned populations. Wowzerz! consists of four main areas: an entertainment game room area
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Accountants are in a position to provide advice to business owners to determine which organization structure is best for their particular business venture. Imagine that you were approached by a friend or relative interested in starting a specialty business to design men and women clothing. Discuss the advantages and disadvantages of at least two (2) forms of business structures. Make a recommendation regarding the structure your friend or relative should use based on this particular venture. Explain
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There some advantages and disadvantages to each type of business. Depending on how much say the owner wants to have in the decision making of the business. If it was I starting a business the best would be corporation or ever better a Limited Liability Corporation (LLC). The reason for that being is that if anything happens to the business the liability does not fall back on you. There will be hard getting help with the start up cost‚ because with this type of business in the beginning‚ creditors will
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