shareholders or members‚ as they are sometimes known. It can be sued‚ make a profit or loss‚ be held responsible for its employees’ actions and go into liquidation – the term used for companies that go bankrupt. Private Limited Companies Most small businesses are private limited companies with the shares only available privately‚ for example‚ to family members. The
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Paperwork is minimal and therefore it is easy to start trading as a sole trader. There are also a number of disadvantages of becoming a sole trader. Firstly‚ the sole trader is personally liable for all debts that it occurs. This is called unlimited liability. Raising capital could be difficult for one person and there is less capital available for expansion. A possible explanation for this is that a sole trader is taxed at a higher rate than a private company. A partnership can have between 2 and 20
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Credit Control Contents Why should you have an effective credit control policy? What should your credit policy contain? How can you assess what a customer is worth? Why should your customer’s identity be important? Limited liability partnerships. Confusion over trading names Business Names Act 1985 How do you assess your customer’s credit risk? Why should data protection be important? Who is protected by the Data Protection Act? How does the Act apply? How should you get consent? Grey areas How
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cases it depends on the limited liability company and if it allows it. What your competitor does has no affect on your lease. It would be nice to help recover some money that they have invested in the lease and to recover some of the loss‚ if it is aloud‚ hopefully the commercial property limited liability company allows it‚ because that would be really nice to recover some cost and not be completely in the whole. You would have to hope that a commercial property limited liability company would work
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Small-Business Idea Small-Business Idea Starting a new small business can be tedious and time consuming. When starting one’s own small business it is important to know what type of business organization one wants to open and what type of business it will be. Here one can find information regarding the four types of business organization‚ financing statements with each type‚ consequences associated with each type‚ and the type of business that Penny Garriott and Jim Lucas want to open in the
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the Agreement. 1.1 The production company will employ the Director for making the film “The Stranger” (hereinafter the “Film A”) in accordance with the terms and conditions agreed in this Employment Agreement (hereinafter the “Agreement”). 2. Liabilities and Obligations of the Director and the Production Company. 2.1 The Production Company will be obliged to pay the Director 15% of the Films A revenue. 2.2 The Production Company will be obliged not to employ any other director other than Mr. Luka
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UniFuture 1 – Define the term ”tertiary sector”: o Business activity firms that provide services to consumers and other businesses‚ such as retailing‚ transport‚ insurance‚ banking‚ hotels‚ tourism and telecommunications. 2 – Define the term “partnership”: o A business formed by two or more people to carry on a business together‚ with shared capital investment and‚ usually‚ shared responsibilities. 3 – Examine two arguments in favor of setting up the proposed UniFuture business: o Suyin has
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advise Dan and Nicole with what future pathway their business should take after setting up their winery tour business. It compares the differences between a partnership and a private company. This report will compare initial capital‚ registration‚ liability‚ legal entities‚ management and control‚ taxation‚ profit and the life span of the business. All of these factors should be considered before making a recommendation at the end of the report. “Dan and Nicole are married with two teenage children
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Separate Business Entity – Conventional And Islamic. Nazrin KB Bismillah Ar-Rahman Ar-Rahim The manner of this short essay is that it will discuss my findings regarding the generally accepted accounting concepts and principles a.k.a. the GAAPs that most accountants and professional accountancy bodies worldwide have‚ in unison‚ established to be the essence of the most ordinary way of businesses treating their everyday activities within the scope of accounting. All businesses do have in their
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Assignment 8 (24 points) Assignment 8: The Business World Instructions Save this file in your course folder‚ and name it with Assignment‚ the section number‚ and your first initial and last name. For example‚ Jessie Robinson’s assignment for Section 1 would be named Assignment1JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day‚ be sure to save
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