Essays on Proprietorship

If Chick-Fill-A was a sole proprietorship it would be owned by and individual. The name would be a fictitious name registered with the government. The setup of the company would have been easy and would require little paperwork. As a sole proprietor, the business would have most likely not grown to the empire that it is currently. If it were a sole proprietorship, Chick-Fill-A would have experienced difficulty in raising capital. The initial funding would have come from the owner but raising additional capital for expansion would be difficult as the business cannot issue stocks or generate money in ...

One question always arises when it comes to accounting and the question is whether is it alright to keep paid-in capital and separate it from earned capital. Accountants today must be exceptionally watchful particularly with such a large number of accounting laws changing in the US. More than likely there will dependably be a financial specialist needing to know whether earned capital is more vital than paid in capital, or basic EPS are more imperative than the diluted EPS. The aim of this paper is to answer these inquiries and explain which one is more imperative and give a ...

In the corporate form of business, the corporation is a referred to as a different entity to the shareholders. The main advantage of the corporate form of business is the reduced liability. In this case, the shareholders of the business organization are not considered as liable to any contracts of the corporation. They could not be sued personally for the negligence and debts of the business organization although they could lose their stocks or their investment within the corporation. Corporations could also have proper long-term plans which are separate from the plans of the shareholders. Since the corporation is ...

Issue 1 - Ethics and Legal Environment 2

Issue 2 - Organizational Environment 4 Issue 3 - Critical Thinking 7 Issue 4 – Business Associations and Torts 8

Issue 1 - Ethics and Legal Environment

As an agent of her employer, Monique has legal obligations of obedience, loyalty, accounting and performance to her principal. The duty of loyalty involves a fiduciary obligation where the agent is required to serve one principal at a time and shun from conflicts of interest, inform the principal about any material information, and keeping away from actions that would adversely affect the interest of the principal (Hartigan, 2014:272). Additionally, Monique has the duty of obedience towards her principal. The obligation ...

Introduction

There are several options open to Acme Fireworks. As a sole proprietorship, the owner is able to hire employees. The biggest benefit of a sole proprietorship is the easiness of dealing with taxes and the easiness of running the business. There are some drawbacks to being a sole proprietorship, such as the fact that the owner is personally liable for any legal situation that arises through various contracts or business deals (Dishman, 2010). The owner of Acme Fireworks should strongly consider upgrading his sole proprietorship because the business contracts appear like they may be permanent; regardless, as Acme is ...

EXECUTIVE SUMMARY OF THE PROJECT

EXECUTIVE SUMMARY OF THE PROJECT The document consists of a Project proposal for a new startup company in the United States of America. The new start-up will be named Everyone Walks Inc. The company will have the objective to offer mobility solutions to its clients with a wide variety of products as mechanic and electronic wheelchairs, crutches and other devices to people with mobility limitations. The future organization will be established in the United States of America with the intention to exploit this market first and then expand to other countries in the world. The hospitals, malls, and airports ...

Business, Company and Conveyancing Law

Part B Q. 1 Salomon v Salomon & Co. Ltd. (1897) is a landmark case on the incorporation, features, and nature of companies. The case is important in the formation of businesses in some respects. Firstly, the significance of the case with regards to the formation of companies is that it introduced the principle of a company being a separate, autonomous, distinct or independent entity from the owners or even the promoters of the enterprise. This is important in that it shields the owners from any liability that may be incurred on behalf of the company about its creditors. Further, ...

Acme Fireworks

A number of factors are to be considered when it comes to taking the decision of the most favorable business structure for a specific commercial venture. Given the situation of Acme Fireworks, the pros and cons that need to be weighed before deciding on the business structure include the offering of highest protection, the highest investment return, and the most favorable rates of taxes. When there is a need for liability consideration, along with needs of employment and huge contracts, the recommendation to Acme Corporation owner would be to amend his status from the present sole proprietorship to a ...

Business Organization

Business Organization The businesses are organized in diverse ways whereby, the form chosen influences the owners’ liability and the company treatment of the tax. The most common types of the business in the global are the proprietorship, partnerships, corporations, and limited liability companies. These forms of the business have different structures, the number of members and amount of capital. According to U. S Small Business Administration (n.d), the partnership is the best form of the firm. It is the form of the business where two partners agree to participate in business. Each party is expected to contribute money, skills, ...

Business Law

Business Law The most important aspect when launching a new business is to determine the type of business structure to be able to make the business a successful venture in view of the legal and tax implications that are part of the selected business structure. The six types of business structure shared on U.S. Small Business Administration (2016) website are as follows:

The most basic form of business type and is owned by one person, form a legal standpoint the business has no separate legal identity and the owner can be sued in their own name and the owner ...

US 311: Business Law I

You are the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed you that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and ...

Introduction

Acme Fireworks is a retailer that sells fireworks, large aerial display fireworks, and ground display fireworks. The owner of the business started the producing fireworks in his garage and in two years the business has fifteen employees managed by a manager. The business is operational as a sole proprietorship from the inception. Acme Fireworks expects the business to expand due to the recent offers and inquires by large organizations to provide firework displays regularly. The owner of the business has replied to the inquirers, and the parties have agreed to a price per display. The major costs of the ...

Question B:

The basic form of business is a single owner business, also known as a sole proprietorship. The main advantage of this form of business is that it provides the control of the entire business to the owner of the business and the owner has the power to direct the business. The owner of the business is entitled to all profits of the business. However, the main disadvantage of the sole proprietorship is that it creates the unlimited liability on the owner of the business. Another form of business is a partnership which provides the opportunity for more than one ...

Describe the organizational forms a company might have as it evolves from a start-up to a major corporation. List the advantages and disadvantages of each form Business undergo through various forms that include sole proprietorship, partnership, and a corporation. A proprietorship is owned by one person and has three key advantages that include easy and inexpensive formation, subject to few regulations, and its income is taxed at the owner’s personal income tax rate instead of the corporate tax rate. However, the proprietorship suffer from certain drawbacks that include unlimited liability to the owner, the life of the business ...

Abstract

This study used Al Ahli Bank of Kuwait to complete research on the effects of the global economic crisis on the financial performance of conventional banks in Kuwait over the period from 2000-2015. The study results show that the global economic crisis does not have a statistically significant impact on the financial performance of conventional banks in Kuwait. However, the study finds out that some macroeconomic conditions such as equity and bank size are very crucial to traditional banks’ profitability. Increasing the owner's equity was found to decrease the impact of the financial crisis on the conventional banks in ...

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Introduction

A sole proprietorship is an organization that has one owner who deals with the companies needs like paying for the income tax. Also, it does not get support from the government and also the simplest to form. Moreover, the sole proprietorship has different benefits and disadvantages just to mention a few the formation of the business is not hard and one is his or her boss. However, the disadvantage is that one pays tax personally. Also, Welch cannot be held responsible for the unpaid debt because they are limited liability partners because according to the ...

Business

2016-04-22

Executive Summary 3

I. Business description 4 II. Definition of the market 5 III. Description of proposed products or services 6 IV. Organization and management descriptions 7 V. Marketing strategy 10 VI. Financial management 12

References 14

Appendix A. 15 Executive Summary This paper presents the business plan of the online-store. It specializes in the sales of different kinds of tea with home delivery throughout the country. The name of a start-up of the retail online store is “Black & Green”. The main objectives, which the store faces today, are the following: the launching web site http://blackgreen.us; The motto of the startup is: “You ...

Introduction

Sole proprietorship, partnership, and corporation are the three of the four main forms of business organizations. One is required to understand first all the features of these business organizations before establishing one. Regarding the ease of formation, the sole proprietorship and partnership business organizations are easier to form than a corporation. The management of these two forms of business is also easier than the management of a corporation. Consequently, the present paper delves into the characteristics, benefits, and drawbacks of each of these business organizations.

Sole Proprietorship

A sole proprietorship is essentially a form of business organization, which is typically owned, ...

Agency is a legal relationship presupposing that a person represents another person and has a right to act for him/her. The person acting on behalf of the other is the agent. Principal is a person who the agent acts for.

The agency can be created:

Duties of an agent to the principal: Duties of e principal are stated in the contract and include: A principal is bound by the contract if the agent has the actual authority or the apparent authority. Actual authority can be express (based on the written or oral words) or implied (interpreted from words or conduct of the principal) Apparent ...

Business Law

The case is a promissory estoppel situation where Dhafir acted upon Hansen’s legal action if any damages occur from the falling tree. Hansen can place a claim stating the cutting of the diseased limb and not the whole tree as a premise. The courts will still proceed with the promissory that Hansen made as it is the ignitor of Dhafir’s decision to cut the tree.

Legal Capacity to Contract and Requirement of Legality

The issue is the involvement of a minor in a contract before they attain the legal age of participating in one. The car sellers will hold John responsible for the debts as ...

Business Perspective 1

Business Perspective 1

Advantages There is ease of forming a proprietorship and the expenses are low. In some states, it is allowed that proprietorships be exempted from double taxation as is the case in many corporations. In any case, the proprietorship could be named under a fictitious name for marketing enhancement. The additional costs incurred during tax filing and accounting are cut down since the owner of the proprietorship is not required to file separate tax reports. All that is required is the listing of business figures and information within an individual tax file return (Moeller, 2011). Proprietorship allows ...