PART A (THE REPORT) SOLE PROPRIETORSHIP: A sole proprietorship is the simplest and most common form of business. It is a business run by an individual with no distinction between it and the owner. The owner is not only entitled to the profits, but is also responsible for its debts, losses and liabilities. * Liability: There is no legal separation between the owner and the business. The owner is held personally liable for any debts or obligations of the business and liabilities of any of its employees.
The loan terms establishes that Pacific Bank’s collateral will be the assets of Real Estate and the personal assets of Mr. Bigbux. The only asset owned by Real Estate is the building leased to FastCar. The lease meets the classification for an operating lease in accordance with FASB Statement No. 13, Accounting for Leases, and contains no explicit guarantees of the residual value of the building or any fixed-price purchase options. At inception, the terms of the lease were consistent with fair market rentals.
| LIT 1 Task 310.1.2-01-06| By: Bryan Luttman| | 12/01/2012| LIT 1 Task 1 Part A Sole Proprietorship - It is a business that identifies itself with the owners name or a fictitious name. It also names the owner responsible for its debts. A sole proprietorship is not a legal entity and is the simplest form of under which a business can operate. The sole proprietorship is the easiest and most popular form of business for small business owners. The owner does not need to register his or her name and get a local license in order to do business, unless it is under a fictitious name.
Running head: Business Law Rachel Lavender Western Governors University 2/21/11 PART A Sole Proprietorship A sole proprietorship is how most business entities begin. This type of business is owned and operated by one person. The main advantage of this type of business is that the owner does not need to get the approval of a partner or board in order to make decisions. A significant disadvantage is that, in a sole proprietorship, there is no separation from the business and personal assets, therefore, there is unlimited personal liability to the owner’s personal assets. · Liability-There is no difference between personal and business assets.
A guarantor cannot be used in place of poor credit. A guarantor’s yearly income must be 70 times the monthly rent. 4) Occupancy Standards**: a. Studio (Max 2 Persons) b. One Bedroom (Max 2 Persons and 1 Child Under 5 Years Old) c. Junior 2 Bedroom (Max 3 Persons and 1 Child Under 5 Years Old) d. Two Bedroom (Max 4 Persons) e. Three Bedroom (Max 6 Persons) *Exceptions to these income guidelines are made when there is proof of sufficient investment assets to meet the Landlord's requirements, unusual circumstances or otherwise at the Landlord's discretion.
How much notice you must receive, how much notice is an employer entitled to, are you entitled to be paid in your notice period, pay in lieu of notice, Sunday working, Christmas Day working, Enforcing rights at work. Statuatory Rights: rights based on laws passed by parliament. The right to a written statement of terms of employment within two months of starting work. The right to an itemised pay slip The right to be paid at least the national minimum wage. The right not to have illegal deductions made from pay.
The limited liability of limited partners of a limited partnership only up to their capital contributions to the limited partnership; limited partners are not personally liable for the debts and obligations of the limited partnership (Cheeseman 2010). The LLP is filed with the appropriate secretary state of office. The partners handle the daily operations and do not have to consult with limited partners for most decisions. LLP have the same tax benefits of a general partnership. Akiva and Tara are liable to maintain a one million dollar of liability insurance which covers any negligent torts or wrongful acts by the partners or employees of the
2. What is an advantage of a sole proprietorship? (0.5 points) An advantage is it’s easy to set up. A sole proprietorship is the simplest and least expensive type of business to set up or dissolve. 3.
I will look at the Purpose, Ownership, Size and Scale. Lastly I will compare and contrast two different types of ownership and their Aims and Objectives. The two types of Businesses I will choose are a Sole Trader and Public Limited Company (PLC). A Sole trader is a business which is owned by one person. Out of all the businesses a Sole Trader also known as a Sole Proprietor is considered as the smallest type of business.
Short-range plans involve managing each of the numerous construction projects that the company is involved in. Such plans include site location, design, and construction. Case Question 2: How do managers at different levels in the organization contribute to planning at Toll? Bob Toll sets the vision for the company. His vision is to make the company capable of building any luxury home, in any style, in any place where there is an opportunity.