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business ownership types asignment
what is the difference between sole proprietorship, partnership and corporation in terms of organization structure?
different forms of business ownership
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Recommended: business ownership types asignment
Different types of ownership of business ranging from the simple to the
complex. Here I will cover the main types, outlining the advantages and
disadvantages of each leading to a decision on which type of ownership
is most appropriate for my business.
Types of ownership
==================
There are many different types of ownership of business ranging from
the simple to the complex. Here I will cover the main types, outlining
the advantages and disadvantages of each leading to a decision on
which type of ownership is most appropriate for my business.
Sole Proprietors
================
A sole proprietor, or sole trader, is the name given to someone who
runs the business by themselves. This is usually someone who is
particularly skilled in one area or had a very good and marketable
idea. There are many advantages and disadvantages to setting up a sole
proprietorship.
Advantages
==========
Sole proprietorships often require less capital to start up than the
bigger businesses. This is because they are usually smaller and have
less staff to start with. This cost is minimal and often only a few
hundred pounds.
Sole proprietorships are easy to set up, few forms and licenses need
to be obtained and the business can start almost straight away,
resulting in less time being unemployed. The only official form you
need to fill in is a inland revenue form for use when calculating
income tax, it also entitles you to many tax advantages outlined
later. Of course you need to write a business plan, complete with
cashflow forecasts etc but this was it.
These businesses are easy to maintain and run. This is because the
owner has little or no oppositon for her ideas and plans. Also, it is
possible for the owner to act as their own accountant, saving them
lots of money.
The owner has an increased level of control, they have the rite to
change the business whenever they feel like it and have the advantage
of not having to call shareholder meetings.
One of the largest advantages is the allocation of profits. Unlike
larger companies sole proprietorships don't need to distribute profit
amongst it's shareholders. All profit goes directly to the owner, who
does with it as he or she sees fit.
Because of the owner's status as a sole trader, she does not need to
publish her accounts. Therefore she can keep her business priv...
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...large amounts of debt then the owners
would not be obliged to pay off any of that personally. This is a big
bonus to the company as it is much easier to attract potential
investors who are not willing to risk unlimited liability. These are
the main advantages of becoming a limited company, and while they
don't seem much they are actually a huge bonus.
Disadvantages
=============
A limited company has to display information to the public at the end
of every fiscal year. Some companies may not want so much information
released. It can also be fairly expensive, costing a minimum of £700 a
year to prepare a report.
Complying with the rules of the London stock exchange is also a big
disadvantage to any limited company and very costly. However companies
can list themselves in the alternative investment market (AIM). This
is quite a lot cheaper but is seen as more risky by prospective
employers. This can make it quite hard for a business to attract new
shareholders.
Suitability
===========
Overall I think this is the most suitable choice for my business. This
way I am likely to attract more investors plus I would not have to
suffer from unlimited liability.
Abraham Maslow arranged human needs into a hierarchy of five needs, starting with the most important needs which are physiological needs such as, hunger, thirst, and warmth. He then went all the way up to the least important which is self-actualization that is known as the fulfillment of unique potentials. His hierarchy of needs is depicted in a pyramidal form with the most important needs at the bottom as a base and the least important towards the top. According to Maslow, self-actualization is becoming what we believe we are capable of being he also believed that self -actualization is as important as physiological needs. Many people desire to reach self-actualization because
Wilson states that for the 65 percent of students that graduate with debt, the average amount owed is a staggering $20,000.00. On the contrary, as many as a third of all college students will graduate with no debt at all. Some may think that $20k is an outrageous amount of debt. But if you consider what the average adult spends on their first new car, it puts things into perspective. A new 2016 Nissan Rogue SUV for $20k could be paid off in an average of 4-5 years. This is where one would argue about what
American society has always been optimistic towards their future. The American nation is a capitalistic country. Many individuals are influenced to start up their own businesses with their own ideas. The government helps and regulates all business. There are three types of businesses sole proprietorships, partnerships and corporations. A sole proprietorship would be my best choice to start up my own business. This form of business is the easiest to start. In the states a federal license or permit is needed to sell products or serve a service to the public. A license is required in order to begin the business operation. Income or loss the owner is accounted for on the tax return. “Flow thru taxation” is the term used to state that the owner’s incomes flows through the tax return. I would keep contact daily with my accountant. The business would not be taxed twice as there would be in corporations. It is simply taxed once. I would not need contracts stating two people joining in and making an effort to make a business work as there would be in partnerships. I would just rely on myself. I have better confidence of trusting myself than trusting others in forming a partnership. It is a gamble and a risk to be liable for the entire business. Life is pretty short and taking a risk would either mean it was worth it or you learn from it.
When Australia’s 21st Prime Minister, Gough Whitlam, was swept into power in December 1972 there was huge anticipation for dramatic and swift change. Australia had been under the control of a conservative liberal government for 23 consecutive years, and Whitlam’s promises if social change were eagerly anticipated. Whitlam, despite his failings as a negotiator, managed to implement a huge array of reforms and changes, many of which shaped Australia into the country it is today. However is that enough to say he succeeded? Even Whitlam today admits that he regrets doing “too much too soon”, and perhaps Whitlam’s government was a government that was too socially progressive for its time, which could perchance have been a foreshadowing of things to come for the most recent labor government of Julia Gillard which has been labeled by some as the most incompetent government since Whitlam. Gough Whitlam has had the most books written and published about him than any other Australian Prime Minister to Date. This essay will argue that Whitlam was a successful leader of the Australian Labor Party (ALP), who had the ability and charisma to lead Australia in an era of prosperity; he did however succumbed to a few grave errors of judgment that ultimately led to his downfall, however his ultimate goal was to transform Australia which he achieved. Whitlam’s’ errors were seen as being due to his inability take advice from senior figures on how to turn his amateur government into a competent one and his inflexible approach to dealing with the hostile senate that the Australian public gave him, and often led to his government being labeled the worst in Australian history and as a failure.
Exploring the Types of Business Organisations There are two Business Sectors: Public Sector These are businesses owned and run by the government. Some examples of Services provided in the public sector are the postal service, schools, colleges, housing environment, some bus and train services, fire, police, ambulance and local justice and social services. Their method of raising capital is different as Private Sector businesses have to raise their own capital e.g. their own money, a bank loan etc. The Public Sector business can get the money required from the Treasury or from local rates.
The book is divided into four chapters: 1) Humanly Organized Sound, 2) Music in Society and Culture, 3) Culture and Society in Music, and 4) Soundly Organized Humanity. In chapter one, Blacking discusses the analysis of sound. He begins by describing music as humanly organized sound. His overarching theme is that “the function of tones in relation to each other cannot be explained adequately as part of a closed system” (30). In other words, music can’t be analyzed simply by one set of rules. This is because every single culture has a different system that they use to structure and compose their music. In order to adequately analyze a society’s music we have to study their “system.” We must learn what music means to them. Then, and only then, can we accurately and completely analyze what a particular type or piece of music means to a particular society and culture.
Classifying Business Organizations Business organizations can be classified in a variety of ways depending on its size, sector, legal status etc. These classifications differ from one firm from another. Legal status has an important bearing on the environment in which the business operates. It is important to have a comprehensive knowledge of the advantages and disadvantages of the several legal forms so that managers and directors can decide which legal form their firm should adopt. The sole trader is the simplest business to develop and has very little legal formalities, obligations or constraints.
...thousands of years. Generally, bilingual education can mean any use of two languages in school, by teachers, students, or both – for a variety of social and pedagogical purposes. It also refers to the different approaches in the classroom that use the native languages of English language learners (ELLs) for instruction. These approaches include teaching English, fostering academic achievement, acculturating immigrants to a new society, and preserving a minority group’s linguistic and cultural heritage. Building on, rather than just discarding the students’ native-language skills, create a stronger foundation for success in English and academics. Also, if students learn languages at a younger age, it will be easier to remember and learn them, rather than if they were older. It helps to learn another language for students, and can later be useful in the future.
In its current practice, the roles and functions of cost accounting includes additional functions. More specifically, it can be described as more than an inventory tracking system. This is because cost accounting entails defining the charges of activities and goods (Horngren & Srikant, 2000). Because of its many roles and functions, this accounting method has been of great help to growth and expansion of business planning and management. Again, the reports offer assistance in the planning and growth projections for different business functions and units within the organization. The information cost accountants offer different uses, some of which aid in the controllership function, as well as the industrial
The impact $10,000 would have on my debt is bigger than life itself. As mentioned, I am a first generation college student, so not having any guidance on college going in placed me at a disadvantage. I had never once thought about how much college would cost, the only thing I knew was I wanted to attend.
Sole tradership is when the business is fully owned and managed by one person, though others can be employed to help run the business. As the sole traders only financial income is from the business and/or bank loan, they do not have the resources to expand and cover regional or national areas. These types of businesses are located in the small business sector and usually cover local areas. Such businesses could be hairdressers, corner shops or market stalls etc. Sole traderships have unlimited liability so if the business fails to pay its debts the financial responsibility falls on the owner/s to pay the debts in full even if they have to sell their business, personal possessions and assets.
Owning Your Own Business There are many advantages and disadvantages when owning your own business. When you own your own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages. Five advantages to owning your own business are: 1) The owner receives all profits, meaning that all earnings go to the sole proprietor, or the owner, and isn’t shared with anyone else.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
For some people, being the boss, and which by boss I mean business owner, would be the greatest thing ever. Most think you get to pick your own hours, make the most money, and make everyone do the things you want done. Of course there is work involved and it takes work to make it but the rewards will be better owning a business that succeeds. The ultimate goal is becoming a millionaire and retiring at the age of forty and just drawing money from business production. However they really don’t understand the work it takes to make it a million dollar company. When these people are finally able to own a business they get a rude awakening. I am in no way trying to offend the typical business owner when I say, owning a business can be a challenging task that can cause many complications in your life and if you’re not careful they can change your life entirely.
As time goes by and as the global community develops, the world grows more and more international, making second or third language acquisition become necessary to the majority. With the growing importance of multiple language ability, more and more parents think of bilingual or multilingual education, which means acquisitions of two or more languages, for their kids. In fact, we do have many reasons showing why multilingual education is important and beneficial, such as aspects of interpersonal relationship, employment, brain health, and so on.