The proprietor can maintain their own schedule. Growth or expansion is the sole decision of the owner. All profits from
If they operate under a factious business name or sell goods or services requiring a license then the business files for licensing according to the nature of the business. This can be a sellers permit or a professional license. Advantages: Sole Proprietorships essentially have no formalities. Taxation is fairly simple, meaning that many of these businesses do not file separate business tax returns because they are not required to. The sole proprietor has the advantage of maintaining complete control over his or her business.
Consequently, shareholders have no flexibility to alter their legal treatment with respect to one another, with respect to the corporation, and with respect to outsiders” (15-3). However, states provide default provisions for LLC’s and allow members the flexibility to alter arrangements based on their management style and desired outcomes. Corporations also require onerous fees and organizational requirements that must be met. LLC’s have fewer formalities, do not require board meetings and do not impose strict organizational reporting requirements. Tax considerations are also an important part of forming a business and play a significant part when choosing an entity.
Corporations can choose either calendar year or fiscal year. It is not dependent on the tax years of the shareholders. Sole proprietorship and Partnership generally use the tax year of the owner. S-Corp typically has to use the calendar year, unless it can show the IRS why
In relation to other companies, her company is a small one and therefore does not have specific contract administrators. The people in the company’s ‘home office’ all do multiple jobs and hold multiple job responsibilities and their primary focus is not the contracts that are basically kept similar for everything. In the case of Othello’s company developing a contract administration plan has taken his company to the next level. The last course he took was human capital management and ironically this was the major issue his company was dealing with. Many of the employees at the company are independent contractors who have their own companies.
Legal Forms of Business Law/531 November 7, 2011 Sole proprietorship This is the simplest form of business organization. A Sole proprietorship is a one person business, and the owner is the sole proprietor of the business. A Sole proprietorship is easy to establish and takes low cost to start, depending on the type of business. In this kind of business the sole proprietor owns and does all the management of the business and business
The advantages to a sole proprietorship are, there is no startup cost, and you just simply start collecting money for exchange of services or goods. You set your own hours. You decide how much or how little you work. You also decide what contracts to enter. Disadvantages of a sole proprietorships are, you can’t transfer or sell the business.
Jorge Felix MBA, Management and Strategy Student ID: 000309831 Mentor: Rose Sklar C 915-497-5423 El Paso, Texas MST Decision Analysis JGT2 Task 1 A. Layout Strategies In order for Shuzworld to be successful in an expanding market, the company needs to be inventive and address all the issues utilizing the management tools and techniques available as well as the decision analysis tools in order to improve the current workflow. The workflow improvements have been noted as an area of possible improvements, after the meeting with the production manager the production and assembly line to be reviewed for efficiency was the Rugged Wear boot assembly I decided to use the line balancing technique in order to calculate the best line arrangement and increase the efficiency of the process. Efficiency = 46 (Total Task time) / 8 (total number of work stations) * 10 (longest task time) = 57.5% To define what the minimum of workstations needed are we can calculate using the following formula: Minimum of Workstations = Total task time/ Cycle time. In order to calculate the cycle time we need the following: Production time per day / output per day in our conversation with Wu, there is a budget to produce 6 workbooks an hour, with a 40-hour workweek.
Generally, the authoritarian leadership style is considered to be the more traditional type. In the past most businesses operated under the assumption that there were not effective reasons to discuss decisions with staff before making significant changes. This rather militant style of operating businesses can be visualized as a top-down approach; decisions come from above and trickle to those below. This is mostly effective, but leaves the people on the bottom, oftentimes the ones actually doing the labor, with no voice about how to perform their daily work activities. Over time management concepts have evolved into modern techniques that rely more on listening to and understanding the needs of employees as more businesses realize how much more productive employees can be when they have some control in their team or work environment.
National business is a business which is located in the whole country. These types of business normally franchise this is means the governments allows the owner to sells their product or service. International business is a business which is located in more the one country. An example of this would be Tesco or McDonald’s because they’re both located in different countries such as America and England. Size and Scope of Business Small size and scope businesses are normally privately owned or sole traders this is because they have a small amount of employees which means they can’t afford to have more in a small shop.