Sole Proprietorships The first and most simple form of a business is a sole proprietorship. Within this form of business structure, the owner usually owns and manages all aspects of the business. Additionally, taxes are not paid on a sole proprietorship as a company; instead the owner pays taxes off of the income that is received from the business. As in all business structures, there are both advantages and disadvantages to operating as a sole proprietor. The advantages of sole proprietorships
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office is located in New York City, New York. During 2009, Alex and his wife, Aubrey, used their personal jet to travel to their lumber farm in Oregon 15 times a year. The lumber farm is operated in a business like fashion and is reported as a sole proprietorship on their Federal Form 1040. Using their personal jet, they traveled to seven computer symposia, to their Bora Bora property twice and stayed there for several weeks each time. They also traveled to Aspen, Colorado 8 times during the winter months
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are: (sole) proprietorships, partnerships, and corporations. Sole proprietorships are owned by an individual who makes all the decisions about the business and therefore, pockets the revenue that is made. Sole proprietorships are the most common form of business that represents one individual owner with few legal responsibilities or requirements. Other advantages of forming a proprietorship is that they are easy to form, operate, and more affordable to form. Simply put, a sole proprietorship is
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Chapter 28 Employee vs. Independent Contractor Employee – If the employer exercises a considerable amount over the details of the work, you have an employee status. If the work is usually done under the employer’s direction, you have an employee status. The employer supplies the tools. If the person is employed for a long period of time, you have a employee status. If the method is by time period, you have an employee status. An employee may not require as much skill as an independent contractor
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the legal aspects of a sole proprietorship, partnership and a corporation. Know these will help the person to determine which would be better for them. Sole proprietorship is easily and inexpensive to establish. The owner can do business in their own name. It carries little ongoing formalities. The sole proprietor does not need to pay unemployment tax on themselves. Owners can freely mix business or personal assets. These are some of the advantages of a sole proprietorship, now for the disadvantages
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Danisha Williams ACC 537 Paper 1 October 29, 2011 Accounting is very important part of business aspect. This paper will discuss four different topics of accounting: generally accepted accounting practices, effective accounting information, the difference between accrual based accounting and cash basis accounting, and finally the different types of business structure and defining each structure. The topics above will provide accountants with the knowledge that is need in order to be successful
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Explaining Basic Accounting Concepts and Business University of Phoenix Introduction Accounting has become an indispensible part of today’s economy. It is being used to keep a track of company’s profit or loss, assets, liabilities and owner’s equity. Financial accounting, on the other hand, is to prepare financial reports to external parties such as: investors, creditors, and governmental agencies. However, prior to reporting any information to external users, financial accounting must
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WAFFLES AND PANCAKES A Feasibility Study Presented to The Faculty of College of Industrial Technology University of Rizal System Morong, Rizal In Partial Fulfilment of The Requirement for the Degree Bachelor of Technology Major in Hotel and Restaurant Management MA. ANGELIKA L. SEVERINO October 2015 CHAPTER 1 PROJECT BACKGROUND AND HISTORY Introduction The phenomenal success of Waffle Time and Pancake Houses has opened the door for many entrepreneurs in the Philippines to start their own businesses
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A business undertaking is an organisation which is engaged in some industrial or commercial activity. It represents an institutional arrangement for carrying on any kind of business activity. It may be owned and controlled by a single individual or by a group of individuals who have entered into a formal or informal agreement to jointly conduct the business. Every business undertaking is a separate and distinct business unit. It has its own identity and separate ownership. It can be distinguished
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Business Plan Part 4: Organizational Plan and Financial Plan Let us begin by first identifying what the three of these forms are and what they mean to the process..The sole proprietorship is the one that catches the eye of our company Elite Productions presents. In this form of legal business the business itself has only one owner. This is listed as the most common of the four types of organizations compared to. In this form the owner and the business are considered as being un-breakable unless
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