Lit 1 Task 1 Essay - 713 Words

Sole Proprietorship Liability- Owner is liable for 100% of debts, taxes and liabilities. Income Taxes- Taxed like regular income tax; owner claims it at year end and pays income tax on all earnings. Longevity/Continuity- Company will likely die off if owner does. The company, being one and the same as the owner, cannot continue without measures being taken to pass on Control- Owner has complete control over all decisions made; complete autonomy Profit Retention- All profit belongs to owner Location- The only reason location is an issue is filing for local and state permits based on the business type; may pick up and move when and wherever owner desires. Would need to file a DBA form if owner is operating under a†¦show more content†¦Because there are more people that are able to enter into a contract, being help accountable for someone elses actions may prove to be frustrating. Limited Partnership Liability- The general partner would be liable for all unlimited responsibility on all tasks and debt, while the limited partner will not loss more than their investment. Income Taxes- Taxes are paid as income tax, unless the limited partnership is classified as a corporation by the IRS for tax purposes. In order to keep from being taxed this way, you would have to stick solely to the contract as written, and keep away from operating outside of the agreement. Longevity/Continuity- The partnership would keep operating outside of the limited partners death, as per usual, however, if a general partner dies, and the agreement hasnt covered the possibility of their death and also agreed that the business will keep running past the death of a general partner, the partnership will immediately dissolve. Control- A limited partner has no say in the running and management in the business. The general partners will have the ability to run the business as they see fit. Profit Retention- Profit is split between partners, usually between a set on agreed percentage. Location- Similar to the General Partnership, the Limited Partnership may be moved to another state easily. A new DBA filing must be made in theShow MoreRelatedLit 1 Task 11459 Words   |  6 PagesTask 1 Part A (the report) LIT 1 SOLE PROPRIETORSHIP: Has only one owner. Easy to start up. Some of the advantages are: owners may do whatever they want to with the business and if they want to go on vacation they can. One of the disadvantages they cannot bring in another person to help run the business. This business form is particularly common. †¢ Liability: The owner has unlimited liability. When the business fails it is up to the owner to pay all the creditors off. †¢ Income Taxes:Read MoreLit 1 Task 1 Part a1426 Words   |  6 PagesSOLE PROPRIETORSHIP: Sole proprietorships are the most common form of business in the United States. You and your business are one in the same. While being your own boss as its advantages, like working your own hours and collecting all profits made by the business, there are some disadvantages. For starters is coming up with starting working capital. Most Sole Proprietors have to seek funds from other sources. †¢ LIABILITY – All liability rests in the sole proprietors shoulders. There is no hidingRead MoreLit 1 Task 1 and 22484 Words   |  10 PagesPart A Sole Proprietorship: A type of business that is owned by and run by one person with no legal difference between the business and the owner. It is easy to form with no cost or time to initiate. It gives the owner the ability to self-govern the business. There are drawbacks; only one owner can be established not allowing a partner. Also, unlimited liability puts the owner’s personal assets in jeopardy with the creditors.  · LIABILITY – The owner is held responsible for all debts and expensesRead MoreEssay about Lit 1 Task 11763 Words   |  8 PagesLIT 1 Task 1 PART A Sole Proprietorship Sole Proprietorship is a business owned by one person, as distinguished from a partnership or Corporation. Sole proprietorship is a company, which is not registered with the state as a limited liability company or corporation. Some advantages of a sole proprietorship are that they have flexibility in operations. The sole proprietorship business is undertaken on a small scale. If any change is required in the operations, it is easy and quick to bring theRead MoreChildrens Lit Task 12371 Words   |  10 PagesPart A. In the past five years, children’s literature has had many common themes. Bullying has been a popular subject of interest at all levels of reading. This trend reflects a rising concern about cyberbullying and the sometimes dramatic effects it can have on a child’s life. Writers and parents are making an effort to show children that what they do to their peers has real consequences and to be mindful with their words and actions. Another popular subject is dystopian futures. This interestRead MoreLit Task 1 aB Essay2055 Words   |  9 PagesLIT1 – Task 1 (Part A) Sole Proprietorship: * Single Ownership - The single individual always owns sole proprietorship form of the business. The individual owns all assets and properties of the business and bears the risk of losing or gaining from the business. * No Sharing of Profit – The business is owned by an individual, therefore, all of the gains are directly available for the owner to access immediately. There is no friction between owners * One Man’s Control - The controllingRead MoreCustomer Relationship Management ( Crm )1301 Words   |  6 Pagesincrease profits, but our relationship with our customers will grow stronger. CRM systems are designed to store information on customers across a vast majority of channels or points of contact between the customer and the business. In order for Tru Lit to utilize a CRM system, there should be an interactive website, telephone number, online chat, e-mail, and multiple social media platforms that our customers can easily access in order for us to gain their loyalty to our products. CRM systems are ableRead MoreYolo1583 Words   |  7 Pages____________________________________________ Course Title Course Code Pre- requisite Credits : : : : World Literature Lit 02 Lit 01 3 Units Vision-Mission Statement : Instructor : Email : Office : Consultation Hours: MWF Venue : Consultation Rm. I. Course Description: Socorro D. De Jesus, Ph.D. Associate Professor 1 socorro_dejesus@hotmail.com General Education Faculty Rm, 2 nd floor, St. Anselms Building 1 The course will introduce students to the writings of persons from selected countries across the differentRead MoreEssay about Chief Justice Taney and Slavery1745 Words   |  7 Pagespresent decision is equivalent to a repeal of law and the making of law. This is not adjudication, it is mere usurpation. It is the substitution of mere arbitrary will in the place of the solemn and responsible functions of an impartial judicature.†[1] The 1857 Dred Scott decision proved that Chief Justice Roger Taney’s sadistic racism could be eclipsed only by his unbounded arrogance. Using outright lies regarding the intentions of the Framers, he temporarily sacrificed the entireRead MoreA Short Story : The End Of The Room?1729 Words   |  7 PagesThe screen turned on a and lit up the room making it seem as if the sun was in the room with them. â€Å"Welcome,† the computer said, â€Å"In order to access you must first enter your password or a complete a set of analytical tasks.†   Ã‚  Ã‚   â€Å"What should we do?† Chris questioned.   Ã‚  Ã‚   â€Å"Well, we don’t know the password and you are a genius, let’s do the analytical tasks,† his uncle replied. Chris pushed the tasks button and got his brain ready to do some work.   Ã‚  Ã‚   â€Å"You have selected tasks, you will begin in three