Sole proprietorship

owner’s ability to acquire capital. In his current election as a sole proprietorship, Mr. Jones is personally liable for all debts incurred while in operation. If Mr. Jones is unable to repay business debts; his personal assets can be seized to pay back everything owed. Partnerships are like sole proprietorships when it comes to business liability except the burden falls on the shoulders of two or more individuals instead of just the sole business owner. Each individual who contributes cash…

The owner’s business ventures could fall through at a later time frame. Especially if he were to maintain a sole proprietorship, that would have him liable for anything negative that happens within the business. As a manager of Acme Fireworks I am technically a compensated agent operating under the principle owner of Acme Fireworks. That being said, I suggested to the…

like-minded can meet. Her desired name for the coffee shop is The Gathering Place. Betty has multiple decisions she must make during the process of establishing the business. She has to decide what type of business to establish, such as a sole proprietorship, corporation or Limited Liability Corporation (LLC). She also has to decide what level of involvement she will allow others to have in her business. Additionally, she has to decide if a franchise might be a better option. Lastly, she…

Daniel Thomas is currently operating a sole proprietorship of garden design and maintenance business under the name Tuscan Gardens. Daniel 's business has no permanent base for its operations, since all the garden design and maintenance processes are made on the client headquarters. In this situation, according to the ABR website the business’ office or/and the home address can be considered as a business location (Australian Business Register, 2014).Therefore, it can be considered that Tuscan…

Penalties for Rules Violations The commissioner may impose penalties for violation of the insurance laws (these include the unfair claims settlement practices rules). Penalties may be imposed against both insurers and agents. Insurer (Insurance Company) Penalties In addition to license revocation, suspension, or refusal to renew a license, the state insurance commissioner/director/administrator may fine an insurer violation of insurance rules and regulations. Producer Penalties The…

introduce into the market has actual potential for customers to buy. Choosing a legal structure determines whether it is necessary to bring investors or partners in through signing contracts. Owners need to determine whether their business has sole proprietorship, a partnership, or is considered to be a cooperation. By doing this, this will determine the taxes that will potentially need to be filed in the future. Quotes: “Think of the process as a way to better understand the opportunity…

interested in researching the optimal business form for the start-up of this venture with a clear future plan to grow the business to a national level. There are pros and cons that must be examined for each business type and they are as follows: Sole Proprietorship The positive qualities include simplicity of set up, no double taxation, all business income is reported on the personal income tax return of the owner, and its taxes are paid on the business income rather than the business as an…

would enjoy. I wanted a place where my friends could stop by and gather for a while. If I wanted to take three weeks of leave during the summer no one could tell me no. For these reasons I have decided to solely open this business. It will be a sole…

Business Concepts: Restaurant Style Since I was about nine years-old, I have always wanted to own my own restaurant. I am currently taking the steps needed to achieve my goals. While in college, I have learned so much about business and all the different types. I realize that I cannot just open my restaurant overnight, so learning and observing everything that I can will benefit me in the long run. So far the major business concepts of owning a restaurant are: forms of business ownership,…

TASK 1 1-There are four different ways that a child care center can be organized. First, there is a sole Proprietorship is the individuals who create the centers and maintain the ownership. Also, they bear all the responsibility. Partnership structure, on the other hand, is for people who will own a business with one or more partners. They are sharing responsibility and finances and profit. A Corporation is a business that owned by one or more shareholders. The shareholders elect directors and…