create partnerships. Nevertheless, it’s not just those brains that should work well together. It is imperative that business partners get along as well- there must be synergy between the partners. It’s vital to find someone who complements your skills, but do not remiss the importance of the personalities clashing. Throughout my experience with entrepreneurs and successful business owners, I found one common denominator; they are not oblivious to the importance of forming a partnership. In the early
Business Law Case 1: Kate is the owner of a successful business, selling women’s shoes. Her business is expanding fast and she wants to upgrade her business structure to a more appropriate one. What would be your recommendation to Kate and why? What are the factors that influence you with this advice? Solution/Advice 1 Choosing a Corporation/Company Structure - the business structure of a company/ corporation is highly recommended, it has the flexibility to gain more capital, or credit capability
assets to only their own acts and omissions and to the acts and omissions of people under their supervision” (Nickels, McHugh, & McHugh, 2013, p. 119). This business form also “allows a partnership to continue as a pass-through entity for tax purposes” (Miller, 2014, p. 554). However, limited liability partnership is not recognized as a legal business structure in every state, unlike the general partnership, In addition, taxing authorities in some states recognize the
Accounting 11 Partnership vs Sole Proprietorship March 11, 2014 Thinking about starting your own business? Do you prefer to work alone? Or do you prefer to work with a partner? If you choose to work with a partner then the best business structure for you would be the partnership structure. First you must ask yourself; do we have the same vision or objectives on how to run the business? Are we able to communicate well with each other? Most important question of all, do you trust this individual
by common law or the Uniform Commercial Code, Analyze whether the verbal agreement discussed between the owner and retailer meets the five essential elements of an enforceable contract. I will also explain the potential personal liability to Acme Fireworks if a spectator is injured by a stray firework from a fireworks display, as well as the different employment types and
Abstract Shania 's business idea is viable, but it requires some adjustments to fit into the modern market requirements. It is important to realize that different business forms have their benefits and drawbacks; thus, their selection is not only important for registration processes but also their long-term survival. Each business form has regulatory, market, and customer complexities that it must handle to navigate in the currently volatile and dynamic working environment. Therefore, the choice
Our five group members are starting up a business called, “Not Your Average Ice Cream Shop.” This is a place where you get in line to experience mouth watering, tasty ice cream alcoholic drinks. There will be a variety of products to choose from such as: various UV brand options to mix with vanilla ice cream, Best Damn Root Beer mixed with vanilla ice cream, and Bacardi Limon with strawberry ice cream. With these options you can get a variety of tastes with our multiple UV options, enjoy an alcoholic
Financial statements are very important in potential investors, management of operator and other stakeholders to make decisions in the business of a company. Different users of financial statements may have different needs of financial information. So finding a proper format of financial statement is significant. This paper will particularly discuss two business models— sole traders and limited companies and their format of financial statements. First, it will give a brief introduction about sole
describe the legal categories of a business organization contrasting tax-related advantages and disadvantages. There are three main forms of business organizations that are commonly known globally; they include; Sole Proprietorship, Partnership as well as Corporation. Looking at the Sole proprietorship, it is conventionally known as a business run by one person who is also the owner. This means that the owner has 100% control over the business. This form of business organization is easy to establish
Date) (Name) (Address) (City, State, Zip) RE: Suspension Without Pay Due to Mandatory EAP Referral Dear (Name of Employee): This letter is to inform you that you are being suspended without pay due to violation of the company’s Substance Abuse Policy by testing positive on a (insert reason for test) drug test administered on (insert date). You are being suspended for this violation, rather than being terminated, because you have agreed to participate in a formal referral to our Employee