THEORY SUMMARY

A1a: The Sole Proprietorship is the most common business form in the U.S. It offers the advantages of no-cost, easy startup, and full owner/operator autonomy with regard to business decisions.

Sole Proprietorship: This is a type of business is where the business and the owner are one in

Sole Proprietorship: A type of business that is owned by and run by one person with no legal difference between the business and the owner. It is easy to form with no cost or time to initiate. It gives the owner the ability to self-govern the business. There are drawbacks; only one owner can be established not allowing a partner. Also, unlimited liability puts the owner’s personal assets in jeopardy with the creditors.

The finance function and its relation to other decision-making areas in the firm; the study of theory and techniques in acquisition and allocation of financial resources from an internal management perspective.

sole trader- is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and

In the middle of the night, Chris awakens and goes outside to smoke. He is very frightened when he sees Walter sprinting directly at him and Georgina looking at herself in a mirror and feeling her face before walking away. Nervously going back inside, he sees Missy in her office. She mentions the nasty habit of smoking again and invites Chris to sit down with her. He is hesitant, but goes in nonetheless. She asks him if he is comfortable before picking up the tea cup and silver spoon. Missy begins to describe the process of hypnosis to Chris while she swirls the spoon in the cup, beginning to “heighten his suggestibility” without him even knowing. She begins to ask him questions. They start off about Rose before going deeper and deeper into

A partnership is a business that has 2 or more people working in it like Starbucks is a business that is in a partnership. The advantages are you have more capita available to you and the company you have combined skills with other workers simple to set up you have tax advantages the disadvantages are unlimited liability you have to share your profit with the other owners you can have conflicts with owners or workers that do not agree partnership ends to death and possible

This means that there is more than one person own the company and have managed right. The advantage is you can trust each other and split the work duty equally between three for us. The drawback of being your own boss is when you distraction by personal matters and your business will crash.

Sole trader-it’s a business that is owned by only one person and it can have one or more employees. This type of business organization often succeeds because the owner has total control of businees, the owner keeps all profit and it’s cheap to start-up,but also it can be difficult to raise financial,it may be difficult to specialise or enjoy economies of scale and can also have problems with continuity if sole trader retires or dies.

Advantages Disadvantages (1) Additional Skills to strengthen the business (1) Share profits (2) More capital to help business (2) Loss of control (3) Debts are shared equally (3) Unlimited liability There are two types of companies,

Nauseous with anxiety and fear, Archie waits impatiently outside in the bleak, white hallway. The doctor comes out of the room his dad is in and tells Archie his dad is still alive, but is still in critical condition. As Archie braces himself to see his dad, Betty bursts into the hospital hallway and runs to Archie. As Betty and Archie embrace, Veronica and Jughead walk in and see them hug. They both sense something more in that hug then just out of comfort.

A partnership is a business organization where the partners own the business together and are

Is the most common business type, where the business is operated and owned by a single individual. In this type of business, the sole proprietor provides capital, does not share profit or loss and runs the business alone. As such, the business and the owner are indistinguishable for tax and legal purposes (Dlabay, 2011). To differentiate this business from other business types, a sole proprietorship is discussed under the following characteristics.

As with any kind of business formation, there will always be, to some extent, negative aspects associated with the creation. To this date there is no perfect form of business entity. When deciding on which entity is best suited for a business, there are many things to be considered. Prior to deciding on a business structure, some major points to be thought about are both the legal and tax ramifications associated with the entity chosen. Another criteria that should be considered are the costs connected with the entity type. These cost include the cost of formation as well as any continuing administrative cost that may be incurred. (“Choose Your Business,” 2011)

After the creation of a business plan, the next step to operating a business is the selection of an appropriate business structure. Different legal forms of business ownerships affect different managerial and financial factors from the business names to the tax obligations (Gregory, n.d.). The most common forms are sole proprietorship, partnership, cooperatives, and corporations. There are different types of corporations in the business world, but the two most general corporation types are S Corporation and Limited Liability Company (LLC) (Ferrell et al., 2013). The sole proprietorship is the easiest and most basic form of business ownership. It is owned and run by one individual, which is the proprietor. The individual is entitled to all profits and is responsible for all the business’s