Business law

Peter Nero LIT1 –Task 1 A1a: The Sole Proprietorship is the most common business form in the U.S. It offers the advantages of no-cost, easy startup, and full owner/operator autonomy with regard to business decisions. · Liability: The owner/operator of a Sole Proprietorship is subject to full and unlimited financial liability for the business. The owner and the company are legally the same entity. The company’s assets are legally the same as the owner’s personal assets. · Income Taxes:

Sole Proprietorship: Sole Proprietorship when there is no legal difference between the person who owns it and the business (Terence Lau, 2013). • Liability: The operator/proprietor of a Sole Proprietorship is subject to the full and indefinite financial liability for his/her business. Both the owner and the company is one in the same legally. The company’s assets are legally the same as the proprietor’s private assets. • Income Taxes: The proprietor of this Sole Proprietorship is responsible for

University WGU Student ID #000336183 SOLE PROPRIETORSHIP: A sole proprietorship is a business that is unincorporated and owned by a single person. A sole proprietorship is the simplest of the business organizations, allows freedom to the proprietor, they get to keep all of the profits, allows for taxing as a single unit and can enjoy a tax advantage of reducing taxable income due to business expenses. Some disadvantages of a sole proprietorship are that resources available, such as loans

receptionist implied authority to process credit documents on her behalf (Clarkson, 2015, p. 643). Therefore, Maria will be held liable regardless of whether or not she was aware of her receptionist’s actions. 12. Tiffany hires Tim to drive her car for business purposes. Tim informs Tiffany that his driver’s license if suspended, but Tiffany disregards that and still permits him to drive her car. Who will be held liable if Tim gets into an accident who will be held liable? Tiffany will be held liable because

When you start a business, you must decide whether it will be a sole proprietorship, partnership, corporation, or limited liability company (LLC). In order to open a daycare center within your home, you have multiple business entity types to choose from, ranging from a sole proprietorship to a limited liability company to a full-fledged professional corporation. A cursory glance over the list of day care centers on the web reveals that most are LLCs, which offers multiple distinct advantages over

Abstract People who do business as a sole proprietor or in a partnership are liable for the torts committed by them and for torts committed by the business and its agents. The best way to avoid tort liability is to set establish their business as a corporation or a limited liability company. A corporation or limited liability company will act as its own entity for all intent and purposes. When it becomes it own entity you will have to separate your finances from that of the business. Remember that it

Legal Forms of Business Paper Law/531 June 3rd, 2011 University of Phoenix Legal Forms of Business Paper Selecting the best form of operating a business depends on the type of business the owner wants to run. The owners have to pick the structure that best meets their needs. “The selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, tax

Private Business Form Comparison Introduction In the business world, many distinctions separate one firm from the next. Competition, products, services provided is not the only factors that differentiate businesses. Structure and type are another. This paper will discuss and compare the three major forms of businesses (sole proprietorship, Partnership, and C-Corporations) and provide a brief summary of these three forms. Sole Proprietorship. This form of private business ownership carries the

Q1.A review of the case reveals that Indri is the sole director and shareholder in his own company. The Australian law makes a clear distinction between a business and its owner. A business is therefore considered a separate entity from its owner. A company is regarded as a separate legal entity to its shareholders, directors as well as employees, all of whom have a limited liability. This principle was at one point affirmed by the House of Lords in the Salomon v Salomon case. In this case, a company

STARTING A SMALL BUSINESS | P4&M3 | UNIT 36 STARTING A SMALL BUSINESS | Contents INTRODUCTION 2 Proposed legal structure of the business 2 LEGAL ASPECTS 2 Local licenses and regulations 4 The implications for the business in legal aspect (M3) 4 FINANCIAL ASPECTS 5 The implications for the business in financial aspect (M3) 8 INTRODUCTION For this task I have been asked to describe the legal and financial aspects that will affect start-up of the business Proposed legal