Sole proprietorshi - Study guides, Class notes & Summaries

FAC1601 ASSIGNMENT 1 SEMESTER 2 2024. Drawings would appear in the Statement of Pro�t or Loss and Other Comprehensive Income for a sole proprietorship. True Fals

TAMU ACCT 229 - Exam 1 Questions and Answers Graded A+3 types of businesses sole proprietorshi p, partnership, corporation unlimited liability sole proprietorship & partnership limited liability corporation Sole Proprietorship one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes Corporati...

Success Factors in Your Business Correct Answer: organized, consistent approach Factors in Business Failure Correct Answer: poor planning and inadequate management Entrepreneur Correct Answer: a person engaged in strategic activities that involve initiation and development of a new business Calculated Risk Correct Answer: something that is well thought through where all outcomes are considered Rewards of Owning Your Own Business Correct Answer: own boss, flexible time, freedom and i...

What is a closely held business organization Ans- corporations that typically have relatively few shareholders and whose shares are not generally traded in the securities market.. *Public can't Participate What is a derivative action Ans- A law suit against a corporation that is brought by the shareholders against the corporation (the corp that suffers the injury, so the corp must bring the suit against the wrong doers) Example:Here the suit would be Barth Electric Co., Inc. v. Bar...

Mylie has a clothing store as a sole proprietorship. Her shop has a net income at the end of the year of $200,000. She took a salary from this of $60,000. The remaining money is left in her bank account. correct answers At tax time, Mylie pays taxes on $200,000. Jason and Alexandra enter into a partnership to sell food products Jason has developed. The products sell rapidly however, some persons have a severe allergic to the products which can result in hospitalization. One of the customers w...

LIT 1: Task 310.1.2; Sole Proprietorship/ General Partnership/ Limited Partnership/ Corporation/ LLC .Part A and B. Study Guide. Sole Proprietorship The Sole Proprietorship form of business is the simplest form of business and has a long history of existence however can be restrictive when it comes to taxation and business growth. Sole Proprietorship can be a company consisting of just the owner, or a small number of employees. The ease of setting up a Sole Proprietorship business is one ...

NASCLA Contractors Guide to business and law Alabama 3rd Edition | Questions and Correct Answers | Latest Update 2024/2025 | 100% Pass Sole Proprietorship - Answer -a business owned and managed by a single individual If doing business not under Sole proprietorship you need to file a "doing business as" to? - Answer -Alabama Secretary of State what are the 2 types of partnerships - Answer -1.General 2.Limited Each partner is responsible for the acts of the other partners when the...

Chapter 1: Partnership Formation On January 1, 2015, Ernie and Bert both sole proprietors decided to form a partnership to expand both of their businesses. According to their agreement, they will split profits and losses 75:25 and their initial capital will also reflectthatratio. The following are Ernie and Bert’s Statement of Financial Position: Ernie Proprietor Statement of Financial Position December 31, 2014 ASSETS LIABILITIES AND EQUITY Cash 50,000 Accounts payable 65,000 Accoun...

This is the summary of Chapter 13 notes

BUS 311 Week 4 A Business Organization BUS 311 Business Law I Business Organization There are several business entity structures to choose from, such as Sole proprietorship, Partnership, Limited liability company (LLC), and Corporations. I actually do have my own small business and it is a LLC. When I was deciding to start my business the wholesaler leaves it up to the retailer to choose what entity we decided we wanted to open our business under, however they do suggest the LLC. With th...