P1 – Explain how knowledge or personal strengths and weaknesses can be applied to prepared for and contributing to a business What is an entrepreneur? An entrepreneur is a person who sets up a business or businesses, taking on financial risks to make profit. Qualities The qualities that are useful to a successful entrepreneur are you need to be confident and willing to take risks. Skills – Ability to carry out certain tasks after training Knowledge- Information that has been learned
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Conversion of a Public Company into a Private company: Under the Companies Act (Section31), all public companies, whether originally incorporated as a public limited company or at any time converted into a public limited company (under section 44 of the Act), may be converted into a private limited company, if the members so desire. The essential conditions for such a conversion are:- * The company must not be listed on any recognised stock exchange. In case of a listed company,it will have to
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Explaining Basic Accounting Concepts and Business Structures The Hierarchy of Generally Accepted Accounting Principles identifies the sources for the accounting standards and principles. These sources include “FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins” (Kieso, Weygandt, & Warfield, 2007, p. 12). When companies prepare financial statements in accordance with GAAP, they sometimes run into situations in which some standards do not
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businesses. An entrepreneur that starts a business must decide the legal form under which the new company will operate. The major forms of business organizations are: sole proprietorship, partnership, general partnership, limited partnership, limited liability partnerships, limited liability company, and corporation or under other available legal business forms (Cheeseman, 2010). The choice could become a critical factor of the success of the enterprise, since it will affect the cost structure, the
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----------------------- CH. 13 Workout Problems PARTNERSHIP FORMATION – GENERAL GAIN/LOSS RECOGNITION Example: Two medical doctors, Dr. Do Little and Dr. Do Lot Decide to form a partnership whereby partner Little will have 1/3 interest and partner Lot will have a 2/3 interest in the LittleLot partnership. Partner Little contributes $50,000 while Partner Lot contributes $100,000 of assets described as follows: Dr. Do Little (33 1/3%) Little Lot Cash $50K $50K FMV Partnership int. $50K
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Law 494 Part 1 Shlensky v. Wrigley Facts: William Shlensky (plaintiff/appellant), minority stock holder for the Chicago Cubs baseball team sued the team directors who deferred the case to Phillip Wrigley (defendant/appellee) stating mismanagement and negligence because of the refusal of the directors in installing lights at Wrigley Field, home field for the Chicago Cubs. Procedural History: Plaintiff original case was lost at trial and plaintiff appealed. Issue: The issue
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Industry Analysis: 1. Industry trends: Indian and Global perspectives, recent happenings Mahindra & Mahindra Ltd. is the flagship company of the Mahindra group presence in the Aerospace, Agribusiness, Automobile, Components, Defense, Energy, Farm Equipment and Logistics industries. Let take a look at the industry trends in its main line of business Automotive and Farm Equipment. Automotive Industry: The Society of Indian Automobile Manufacturers (SIAM) plans to propel the Indian
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Business Entities As obstetricians going into business together, Akiva and Tara would likely want to file as a Limited Liability Partnership. Most states permit certain professionals such as accountants, lawyers, and doctors to operate as LLPs. LLPs and LLCs combine the most favorable attributes of general partnerships, limited partnerships, and corporations. LLPs are taxed as partnerships unless they choose to be taxed as a corporation. Akiva and Tara would benefit
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Industry Background The cleaning industry like other professions is extensive and diverse. The industry is segmented into commercial and residential cleaning services. The sectors are dramatically different, but demand for each has been equally affected by the recession. Price-based competition is now more prevalent after this point in time, which reduced the willingness of clients to pay full rates for contracted janitorial services. “The majority of revenue is derived from the commercial and
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Business Organization • Kenya L Allen Course# BUS/210 2/3/2012 Dana LA Fleur My entertainment company, Kytepromotions, pays fines for every little violation for every little incident. Since I
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