Doing business in the United States can be a complicated matter. An entity wishing to conduct business must first chose a form upon which to do business. Some forms of doing business are a sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability company‚ S corporation‚ franchise‚ and corporation (Cheeseman‚ 2010). Sole Proprietorship A sole proprietorship is the “simplest form a business organization” because there are no formalities or the need for federal or state approval
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separate from its owners; it is an artificial being under the law. 2. What does the phrase limited liability mean in a corporate context? Limited liability refers to the amount of liability an owner has. The owner is only liable for the amount they invested in the corporation. 3. Which organizational forms give their owners limited liability? LLC and limited partners in a partnership have a limited liability. 4. What are the main advantages and disadvantages of organizing a firm as a
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your company and are curious about what business organization would best fit your needs. I have attached a brief description of the most popular forms of business organization and hope that they will help you understand the perks and drawbacks associated with each. Below I have written my suggestion as to what route you should take based on the concerns you provided with your email. I believe that a company of your size‚ profitability‚ and future direction would be well suited to a Limited Liability
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There are five main types of businesses in America. These five types of businesses are Sole Proprietorship‚ Limited Liability Company‚ Cooperative‚ Corporation‚ and Partnership. Each type of business effects the government and economy in several different ways; either working to better the economy and government or working against it. The way each business works is quite similar‚ they all work together to accomplish the same goal; to make a successful‚ plentiful business worth a lot of money. The
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The company was established in 1937 by the Deutsche Arbeitsfront‚ the Nazi Trades union organization (Bowler‚ 2015). The company was named Volkswagenwerk‚ or “The People’s Car Company.” because Adolf Hitler has a vision to produce cars for people of the Reich. Hitler proposed that the car should carry 5 people‚ able to run at 62mph (100km/h)‚ and cost only 1000 Reich Marks (around $160) which supposedly affordable for every Reich family (Knorr‚ 1998). His vision made reality by an Australian automotive
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and offer the products of the greatest quality. This business will also allow us to offer a valuable part of Kentucky’s history into our customer’s homes. I have chosen a Limited Liability Company (LLC) as the entity of my business. I chose this type of business entity for all of its advantages. Limited Liability Companies get the best of a partnership and a corporation. Like a partnership‚ members can enjoy the benefits of receiving profits in excess of their individual ownership percentage. This
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Ford Motor Company: A Domestic and Global Company External factors have effects on many companies operations inside the United States and in other countries. These factors are usually out of the company’s control which are managed as well as the company’s ability can handle. The environmental factors influencing Ford Motor Company’s marketing strategies and decisions are discussed in this paper. Domestic and global environmental issues in culture‚ demographics‚ technology‚ and the physical
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Business Forms Worksheet There are seven forms of business: sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability Company (including the single member LLC)‚ S Corporation‚ Franchise‚ and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business
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Business Law I March 4‚ 2013 Outside of a sole proprietorship‚ where a single owner owns and operates the business there are three basic types of business organizations: partnership‚ corporation and LLC‚ also known as limited liability company. (Rodgers‚ S. 2010. Chapter 13) The general requirements for each entity are the following; a partnership is defined as an association of two or more competent persons to carry on a business as co-owners for profit. (Rodgers‚ S. 2010. Section
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business entity is a Limited Liability Company. The following papertwo different types of LLC and how they are formed. It will also touch base on several forms of business entities and the advantage and disadvantages of them. There are several types of Limited Liability Companies (LLC) but to understand the differences between them an LLC needs to be defined. “An LLC is an unincorporated business entity that combines the most favorable attributes of general partnerships‚ limited partnerships‚ and
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