Types of business entity

When corporate governance becomes necessary as an organization begins to mature, the matter of trust is an important part of the process of its composition. Shareholders and owners, all entities of seniority, together, are always asking themselves, “How do I get a return on my investment without someone stealing all of the profits?” What businesses have learned is that someone’s word is not as valuable as their signature and laws have been put in place to uncover and prevent lies. Therefore,…

Pros. • You don’t have any worry about having to pay the business overheads like rent, taxes, or utility bills. You don’t have ultimate responsibility for the business, and that can be liberating • You gain incredible experience. You learn from your mistakes • You are immersed in an established business. You will get to see first-hand how that business runs - whether you work in a salon or as a mobile groomer for somebody else • You will meet lots of dogs. You will develop your dog handling…

TASK 7 Explain how a business can be vicariously liable Vicarious liability As a general rule vicarious liability only arises out of the employer/employee relationship, although it can be found in the principal/agent relationship and as an exceptional case in the employer/independent contractor relationship. It is dependent upon this type of special relationship being established. Vicarious liability is not a tort, it is a concept, which is used to impose strict liability on a person who…

friend Henry Trouvé who will be mentioned later. So this company, named TM which stands for Todos os Mercados, which is a multinational company meaning that they operate in several companies all over the world. It is also a private limited company. A type of special trading company: which has limitation of the liability of the partners to the amount of their contributions and features of a partnership. It is mostly own by shareholders but mainly allows general public to buy and sell shares in…

1. a) Three types of firms are: • Oligopoly- small groups/firms/businesses that manage a particular market. In this type of firm, usually 2 firms or more controls the market e.g. Banks and WASA. Characteristics of oligopoly are 1) run by smaller firms that is usually small but not smaller than the market. 2) Not easy to enter in that there are certain things to be done before you can enter 3) These firms have a tendency to sell the same or different products/services 4) Use a…

individual would decide to begin their business up utilizing a sole proprietorship structure. Beginning a sole proprietorship is substantially less muddled than beginning a formal corporation, furthermore much cheaper. A few states permit sole proprietorships to be shaped without the twofold taxation benchmarks appropriate to generally corporations. The owner of a sole proprietorship is not needed to record a separate business tax report. Rather, they will list business data and figures inside…

of profit necessary for a firm survival in that line of business. This level of profit enables the firm to incur all its running cost of business. However Accountant calculation is rather different because calculation of profit is based on numerical of past monetary costs and revenues and makes no reference to the concept of opportunity cost. Normal profit arise where Average revenue = Average total cost. Normal profit occurs in all types of market in the short run but in it is only in the…

a judgment of whether the enterprise is a family business, not to see whether the enterprise with the family name, or whether there are several relatives in the top leadership of the enterprise, but to see whether there is a family owned, general who owns stocks and have many. This definition emphasizes the ownership of enterprises. Scholars Sun Zhiben will have the right to operate the enterprise as the essential characteristics of family business. He believes that the family enterprise rights…

A S-Corporation is a closely held corporation that makes an election to be taxed under Subchapter S. Generally, S-Corporation is pass-through entity, which means the corporation’s income and losses passes through to you and you must report those on your individual income tax returns. S-Corporation shareholder who is actively engaged in the business is owner/employee. As an employee, you receive compensations for your services and are only personally responsible for 7.65% social security and…

But in order to determine the legality of business proceedings, the legal fiction treating a corporation as an artificial person was created by the 14th amendment. Corporations have legal rights a normal person would have and more such as the right to spend money in elections. I think the idea of…