complete rights to make all management decisions and receive business profits. Access to funding the company is limited to personal assets. The owner is legally responsible for the business contracts. Partnership is business structure having more than one owner. Partnership increasese the diversity of the business and also brings in more capital into the business. Profit is shared among the partners. There is less flexibility and freedom to make management decisions. Partners need to reach consensus
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distinction between the business and its owner. • Liability – What a business or an owner of the business can be subject to. An owner is personally liable for the debts and or actions of the business. • Income Taxes – Because there is no distinction there is no separation of taxes between person and business. The owner is solely responsible for reporting all business income or loss on his / her personal tax return. • Longevity / Continuity – When the business owner (sole-proprietor) becomes
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the similarities and differences between the for-profit, not-for-profit, and government financial environments can be substantial because for-profit, not-for-profit, and governmental entities use different financial structure, policies, and unique management practices. According to Gapenski (2008), hospitals are classified by ownership as private not-for-profit, investor owned, and governmental. The statistical data show approximately 60 percents of all hospitals are private not-for-profit hospitals
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proprietorship is owned by one person, who is the person that will make the decisions in regards to the business and does not share any responsibilities with anyone else as the business owner. • Liability: One person is liable for the debts of this type of business, this will include their personal assets if necessary. • Income Taxes: Sole proprietorship is taxed as a single unit. There is no separate federal return needed for taxes. • Longevity or continuity of the organization: If something tragic
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Activities in Nigeria. Budget is defined as a “statement whish express future plans in financial terms.” It is also defined by Okoye (1979: 301). In his book titled Cost Accounting Management Operational Application, as “plans prepared and approved before The of use. A budget is defined in the institution of cost and management Accounting, 1966 edited of Terminology as a financial and/or quantitative statement prepared and approved prior to a defined period of the policy to be pursued during that period
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examinations of financial information by independent experts, they increase the credibility of the information contained in the statement. Decision makers both within and outside the organization can use audited financial information with confidence that it is not likely to be materially misstated. And also they reduce the overall risk of making various types of economic decisions. The nature and emphasis of auditing has changed over the years. Auditing began with the objective of detecting fraud by examination
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which enhances smooth payment procedure and reduces the incidence of tax touts, enforcement scheme (Special Purpose Tax officers), these are special tax officers in collaboration with other security agencies to ensure strict compliance in payment of taxes. The tax authority now has autonomy to assess, collect and record tax. This enabling environment which came into being on the basis of (Section 8(q) of FIRS Establishment Act 2007) has led to an improvement in tax administration in the country. The
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Research Essay Federal Lands in Idaho Should be Managed by Idaho This year the federal government spent a billion dollars fighting wild fires. The Prepare Act, currently under consideration in Congress, would give funds to local governments for wild fire mitigation. FEMA would provide oversight for any funds directed to the states as the recent fire season was considered a disaster. Prepare, Ready, Equip, and Prevent Areas at Risk of Emergency Wildfires Act of 2013 or the PREPARE Act of
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* Income taxes: how are taxes paid? * Longevity or continuity of the organization: how to or what dissolves an organization? * Profit retention: how is profit divided? * Location (expansion): how are location or expansion decisions made? * Convenience or burden (compliance): how difficult is it to comply with regulatory requirements? Sole proprietorship Sole proprietorships are easy to form, and are owned by a single owner. The owner is responsible for all decisions, contracts
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...................................................................................................... Demands of owning your own business ................................................................................. Business experience and management skills ........................................................................ Self-Analysis
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