DECENTRALIZATION is in vogue. Both in the industrialized and in the developing world, nations are turning to devolution to improve the performance of their public sectors. In the United States, the central government has turned back significant portions of federal authority to the states for a wide range of major programs, including welfare, Medicaid, legal services, housing, and job training. The hope is that state and local governments, being closer to the
Words: 19499 - Pages: 78
The primary key to being a sole proprietor is the owner maintains independence in the decision making of the business and how he or she implements their business plan. LIABILITY: Individual and the business are treated in the same manner. The sole proprietor holds responsibility is for all losses and profits and has the additional responsibility of being personal liable for all actions of the business. INCOME TAXES: The sole proprietor profits are taxed as their personal income with only minimal tax
Words: 4222 - Pages: 17
1. Financial management involves decisions about which of the following: A. Which projects to fund. B. How to minimize taxation. C. What type of capital should be raised. D. All of these. E. Only A and C above. 2. When determining a form of business organization, all of the following are considered EXCEPT: A. Who owns the firm. B. What are the owners' risks. C. What are the tax ramifications. D. The physical location of the business. E. None of the above. 3. The practice generally
Words: 1242 - Pages: 5
If so, what agreements need to be made, for the business to run effectively and efficiently? I have spent over a decade in the nightclub industry in various positions. I started as a waitress, became a bartender, moved up to management, and now I am a club owner. The decision to become an owner was not made overnight, but by having the dreams of becoming a successful entrepreneur by watching those who owned the clubs that I had previously worked. I did not have all of the funds necessary to go into
Words: 2632 - Pages: 11
to pay these finances. All of the personal assets of the owner are reachable by creditors (Terence Lau and Lisa Johnson, 2015). | Income taxes | There is no legal distinction between the owner and the business, hence all of the income that is generated by the business is treated as the personal income of the owner weather state, federal or local income taxes. It is very difficult for the sole proprietor to take
Words: 3296 - Pages: 14
state or federal government. The not-for-profit entities are also under close scrutiny and observation and the general public wants to know how a not-for-profit organization manages its resources, mainly because the public needs to know if a donation to such an entity would be used to accomplish the written goals and missions of such entities or organizations. When it comes to governmental organizations, the tax payers need to know what is being done with the money that they are paying in taxes, and
Words: 855 - Pages: 4
1.1 The Concept of Business and Profit (slide 2) Introduction: Alberta tar sands: Oil. lack of water, lack of energy. Major companies: Suncor Energy Inc., Canadian Natural Ressources Ltd., Petro-Canada and Syncrude Canada Ltd. Producing thousands of jobs and millions of barrels. Voisey’s bay: Nickel mining project. Labrador, Newfoundland. building a new smelter, innu population asks 3% royalty. Provided job for around 1000 people, will drop to 400 after. Profit or problem? * Business:
Words: 3494 - Pages: 14
Proprietorship Advantages 1. Ths sole proprietor (owner) has complete control and decision making power of the business. 2. Sale or transfer can be completed at the discretion of the sole proprietor. 3. No corporate tax payments. Disadvantages 1. The sole proprietor can be held personally liable for debts and obligations of the business. 2. All responsibilities and business decisions fall on the shoulders of the sole proprieter. 3. Investors don’t usually invest in
Words: 1436 - Pages: 6
Business Entities: Choices as Defined within the State of Texas Francesca Garcia Electing a single entity may be the most important decision for an entrepreneur in relation to the creation of their business. Today there are several entity options available for entrepreneurs. If he or she has had no previous knowledge of business entities then they may not fully recognize the crucial role the selection of an entity plays in the business’ taxation procedure. The tax liability one is responsible
Words: 3745 - Pages: 15
Case Study on Crown Corporation PREPARED FOR Dr. Shaikh A. Hamid FIN 680.1 PREPARED BY Abdullah Resalat Rahman 0930477060 Md. Towhidul Hoq 0930393060 Md. Sabbir Alam 0930391060 Md. Nafiz Enam 0930404060 Debabrata Bhowmik 1020071090 Company Background Crown Corporation started as mining company, but a series of acquisitions and divestitures during the 1960s had totally transformed Crown Corporation from mining company to a manufacturer of superalloy
Words: 5313 - Pages: 22
