Understanding Business with Connect Access Card
12th Edition
ISBN: 9781260277142
Author: William Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Question
Chapter 5.1, Problem 5.1BQ
Summary Introduction
To determine: The steps needed to take by a sole proprietor for a week’s vacation.
Introduction:
When the business is managed and owned by a person single handedly, it is known as sole proprietorship.
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Students have asked these similar questions
Juan wants to be involved in business. He has plenty of capital to invest, but he does not want to be involved in management. He also does not want to worry about fluctuations in the market prices of debt and equity instruments. Which form of business would be best for Juan?
LLC
Corporation
Sole proprietorship
General partnership
Assume that you are the owner of a successful small-to-medium-sized business. You want to grow your business and separate it from your personal finances. What should you do? How will you do it?
In regard to dividends and earnings, when and how should you and other owners be rewarded? What are examples of each type of dividend? Why do some large corporations forgo dividends?
Why would someone put up a sole proprietorship?
A)All options are correct
B)To take control of all the aspects of the business
C)To enjoy all profits that can be made from the business
D)To make all decisions regarding the business
Chapter 5 Solutions
Understanding Business with Connect Access Card
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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- Compare and contrast the various types of business ownership and the advantages/disadvantages of each. TWO paragraphs.arrow_forwardThe needs of the businessperson starting a new business are a major consideration when deciding the best form of business ownership. The kind of business being started is also important to consider when deciding to make your new business a sole proprietorship, partnership, or corporation. Look at the list of new businesses below. , indicate the form of ownership you think would be best for each business and give the reasoning for your selection.arrow_forwardEvery organization is formed into an entity of some sort, and is usually done to protect individuals from liabilities connected with business operations. If you were starting your own business, which entity formation would you use--sole proprietorship, partnership, LLC, or corporation? Why? Which entity formation would you never use? Why?arrow_forward
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- Why would someone put up a sole proprietorship? All options are correct To take control of all the aspects of the business To enjoy all profits that can be made from the business To make all decisions regarding the businessarrow_forwardWhich of the following types of business entities involves the least amount of time and money to establish? a) Corporation b) Conglomerate c) Partnership d) Sole Proprietorshiparrow_forwardWhich form of business is generally most costly to set up but offers the most personal protection? a) Sole proprietorship b) Partnership c) Corporation d) Franchisearrow_forward
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