Businesses and Proprietorship

University WGU Student ID #000336183 SOLE PROPRIETORSHIP: A sole proprietorship is a business that is unincorporated and owned by a single person. A sole proprietorship is the simplest of the business organizations, allows freedom to the proprietor, they get to keep all of the profits, allows for taxing as a single unit and can enjoy a tax advantage of reducing taxable income due to business expenses. Some disadvantages of a sole proprietorship are that resources available, such as loans or…

CHAPTER FOUR SOLE PROPRIETORSHIP I. INTRODUCTION The sole proprietorship is the simplest form of “business association” we will examine. It is perhaps a bit odd to describe it as a form of “association” given that the “sole” proprietor will be the only “equity” investor and thus doesn’t “associate” with anyone else as a co-equity investor. However, there will almost invariably be “associations” that the sole proprietor will have in order to carry on the business. These can include associations…

world including sole proprietorship, general partnership, limited partnership and business corporations (Business Law Notes, p. 34.). Advantages and Disadvantages of Sole Proprietorship: Sole proprietorship is the most common type of business organization because it's an unincorporated business that is owned by a single individual (Beatty & Samuelson, p. 755). As the most common type of business organization, there are several advantages associated with sole proprietorship including low government…

Sole Proprietorship and Limited Liability Company For the past two years, Acme has been working out of the owner’s garage as a sole proprietorship. Which means there is one entity and there is no separation of the company and the owner. The sole proprietorship and the owner are one and the same meaning the business is not taxed but rather it is the owner’s income. The sole proprietorship is the least expensive to form. This type of entity has disadvantages of the owner being liable for all the…

BB003 Chapter 05 Choosing a Form of Business Ownership True / False Questions 1. The corporation is the most common form of business ownership. True False 2. The three major forms of business ownership in the U.S. are sole proprietorships, partnerships, and corporations. True False 3. Few people today start their own business. True False 4. Once a business is established, it's almost impossible to change from one form of business ownership to another. True False 5. When…

Forms of Businesses Edgar Llamas Business 101-30D September, 21 2014 Opening a business might seem like a difficult task to achieve. With many different forms, how is one to decide which is the best? People cannot start any type of businesses without know the five basic forms of businesses in the world. Whether it is to be your own boss, or to partner up with another person. It is an essential to know all the facts about each type before opening up a business. It is critical knowing…

Paula Moraru’s Submission for LIT1 TASK1 PART A SOLE PROPRIETORSHIP: It is an unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual self contractors or business owners. The benefit of the sole proprietorship is the tax advantage. The disadvantage of a sole proprietorship is obtaining capital funding. Liability: Owner is liable…

BUSINESS PROSPECTS OF “THE THUNKER” Elizabeth Alfred Bus105 October 2010 BUSINESS PROSPECTS OF “THE THUNKER” 2 Business owners can form sole proprietorships, partnerships, or corporations. Each type of business entity has its pros and cons that can have a significant impact on the business and its owners. When considering a new product for a saturated market such as the clicker or the three-pronged…

Sole Proprietorship Description A Sole Proprietorship is a business solely possessed by one person. The individual owner makes all the decisions and is held accountable for any matters pertaining to the business. An example of this is a lawsuit, due to the fact that legally the identity of the owner and the business is one and same. As a result of this lack of separation often times the owner is not required to register as a business unless a fake name is in use or certain services requiring…

Sole Proprietorship is the simplest and most common type of business structure that is owned and operated by one person solely. For this type of structure, legally there is no distinction between this person and the business. Liability – The owner is solely responsible for the debts that the sole proprietary business incurs and all actions or decisions made by self or employees. Income Taxes – All income and losses for the sole proprietorship business are reported to the IRS via the owner’s personal…