Types of business entity

Table of Contents Introduction 3 Business Formations 3-4 Business Formations Definition 4-5 Pros and cons 5-8 Conclusion 8 References 9   Introduction This memo is to advise the Smithson family, and to provide an in-depth summary regarding the options and direction the family can go while starting their business venture. This memo will outline three options that can be taken by the family as business entities that will help them grow their business nationally, as well the option of an international

Legal Underpinnings of Business Law Mia A. Rapier BUS 670: Legal Environment Instructor Leah Westerman November 16, 2014 “Liabilities are debts: money you owe. Every business carries some liabilities—for example, ongoing payments to suppliers, rent for your office, compensation to employees, or fees for contractors” (Mancuso, 2014). Added liabilities may result if a business is ravaged by a fire or flood or if the business owner(s) become the victim of a lawsuit—for example, a patron, client

liabilities. In closing, decision making on which LLC to be associated with is based on size and the amount of interest or investments in a company. Every company is different and their classification will be based on the operations of the business and its overall needs some require different financial investments, and the more of the financial requirement, the more of the obligation for more partners and funding, but also shared liability through ownership. References Bright-Hub. (10/30/2009)

Business Organization Sheena Stackhouse BUS 311 Professor David MacKusick July 6, 2015 Besides the sole proprietorship after reading I learned about three basic types of business organizations known as limited liability (LLC), partnership, and corporation. Sole proprietorship is a “business owned and operated by a single person. The business has no separate legal existence from its owner.” (Rogers, 2012) In the textbook it said “Partnership is an association of two or more competent

nonbelievers, have expressed interest in investing and become a part of her business. She has researched franchise opportunities with various stipulations as a method for starting her business. She is also considering naming her business “The Gathering Place”. Along with the concerns and information below, Shania must employ due diligence in the pursuit of her coffeehouse. There are many considerations when starting a business and those topics must be researched and understood to mitigate any startup

The purpose of this paper is to determine how certain types of business entities will report their charitable contributions. The four types that will be discussed are sole proprietorship, 100 % corporate shareholder, partner in partnership, and 100 % S corporation. The first one to discuss is the sole proprietorship Sole Proprietorship Sole proprietorships are tough to handle on how to account for charitable contributions. If you're a sole proprietor and want a tax write-off for giving to charity

more than a sole proprietorship requires. Also, a partnership is taxed as personal income for each partner, not as a separate entity. That being said, each partner can deduct the losses of the business from their own personal taxes if it is a general partnership. This could be an option for the four brothers and their cousin, Xavier. This would make sure that the business is only run by the family and it gives everyone an equal say in the decision making of the farm. It also would help that the farm

others and to others. c) Limited Partnership Another business structure to establish is Limited Partnership, which is similar to the partnership with a slight difference where it formed with at least one general partner and one limited partner. The general partners have the same obligation as partners in a general partnership; however, limited partners have limited liability to the extent of their contribution. The advantage of this business formation is the limited personal liability for individual

existing business at the time of decision-making and implementation. Below will explain the different types and also our suggestions according our experiences as a consulting firm. A sole proprietorship is a business that has a single owner who is responsible for making decisions for the company. The costs are minimal it only requires a business name fictitious, a bank account and a commercial license. The exclusive property does not have double taxes on profits, such as in other business structures

ch1 Student: ____________________________________________________________ ___________________________ Multiple Choice Questions 1. The person generally directly responsible for overseeing the tax management, cost accounting, financial accounting, and information system functions is the: A. B. C. D. E. treasurer. director. controller. chairman of the board. chief executive officer. 2. The person generally directly responsible for overseeing the cash and credit functions, financial planning, and