Unlimited liability Study guides, Class notes & Summaries

CHAPTER 1 ACCOUNTING IN ACTION CHAPTER LEARNING OBJECTIVES 1. Identify the activities and users associated with accounting. Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. The major users and uses of accounting are as follows: (a) Management uses accounting information to plan, organize, and run the business. (b) Investors (owners) decide whether to buy, hold, or sell their financial interests on th...

MIE 201 Exam 2: Chapters 4, 5, 8 Makanui NCSU Latest Update Graded A+ 3 types of business ownership - sole propreitorship - partnership - corporation sole proprietorships - businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages - simplicity - single layer of taxation - taxed at individual rates - pri...

mie 201 exam 2 questions and answers 100% pass Advantages of operating a Sole Proprietorship? - Correct Answer ️️ -simplicity (easy to establish and less paperwork-only requirement is business licenses and permit) single layer of taxation!!! privacy (not required to report anything to anyone) flexibility and control fewer limitations on personal income Personal satisfaction (take your own risks and enjoy the reward) Disadvantages of sole proprietorship - Correct Answer ️️ -financ...

BA 101 Midterm 3 University of Oregon Latest Update Graded A+ sole properietorship Easy, quick, simple and affordable, Full control with minimal administration, Adaptable The Challenges: Risk and personal exposure, Credibility - only as good as yours, Raising additional capital partnership Voluntary association Unlimited liability Mutual agency - (one bad apple) Limited life Limited access to $ Partners keep control Relatively unregulated Single taxation coporation Separate...

Sole Proprietorship Correct Answer-Single Owner and Manager Sole Proprietorship Advantages Correct Answer-• Inexpensive and simple to set up • Little to no regulation or reporting requirements • Single taxation-Business income treated like regular income Sole Proprietorship Disadvantages Correct Answer-• Unlimited Personal Liability • Difficult to transfer ownership • Limited access to capital Partnership Correct Answer-Owned and managed by two or more people -Partners...

Sole Proprietorship Correct Answer-• Easy, quick, simple and affordable • Full control with minimal administration • Adaptable • The Challenges: • Risk and personal exposure (personal liability) • Credibility - only as good as yours • Raising additional capital Mutual Agency Correct Answer-the right of all partners in a partnership to act as agents for the normal business operations of the partnership, with the authority to bind it to business agreements. Types of Partnership...

3 types of business ownership - Answer-- sole propreitorship - partnership - corporation sole proprietorships - Answer-- businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages - Answer-- simplicity - single layer of taxation - taxed at individual rates - privacy - flexibility and control - personal satisfa...

Advantages of operating a Sole Proprietorship? - Answer-simplicity (easy to establish and less paperwork-only requirement is business licenses and permit) single layer of taxation!!! privacy (not required to report anything to anyone) flexibility and control fewer limitations on personal income Personal satisfaction (take your own risks and enjoy the reward) Disadvantages of sole proprietorship - Answer-financial liability (unlimited liability) demands of the owner (alot more than pickin...

Business, Law, & Project Management Questions and Answers Already Passed What are the 7 elements of a business plan 1. Cover Page 2. Executive Summary 3. Company Summary 4. Products and Services 5. Market Analysis 6. Marketing Strategy 7. Financial Plan What is the cover page element of the business plan? Includes contact information and a confidentiality statement What is the executive summary element of the business plan? Includes highlights of the plan and gains the interest ...

CMIT Exam (200 multiple choice) Questions with Verified Answers A CM's role and responsibilities are governed solely by the Owner/CM Agreement. True False - CORRECT ANSWER True There are two basic forms of CM, agency and at-risk. Each form provides for the basic services of construction management practice. However, there are some key differences. Which of the following do not apply to both CM forms? A) Both forms provide advice to the owner on constructibility, budget and the schedule....