Sole proprietorshi - Study guides, Class notes & Summaries
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FAC1601 ASSIGNMENT 1 SEMESTER 2 2024. Drawings would appear in the Statement of Pro�t or Loss and Other Comprehensive Income for a sole proprietorship. True Fals
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FAC1601 ASSIGNMENT 1 SEMESTER 2 2024. 
 
 Drawings would appear in the Statement of Pro�t or Loss and Other Comprehensive Income for a sole proprietorship. 
 True 
 Fals
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TAMU ACCT 229 - Exam 1 Questions and Answers Graded A+
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TAMU ACCT 229 - Exam 1 Questions 
and Answers Graded A+3 types of businesses sole proprietorshi 
p, partnership, corporation 
unlimited liability sole proprietorship & partnership 
limited liability corporation 
Sole Proprietorship one owner 
advantage: easy to form 
separate entity for accounting purposes 
not a separate entity for legal purposes or tax purposes 
Partnership two or more owners 
separate entity for accounting purposes 
not a separate entity for legal or tax purposes 
Corporati...
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TN Business and Law Exam | Questions & 100% Correct Answers (Verified) | Latest Update | GradeA+
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Success Factors in Your Business 
Correct Answer: organized, consistent approach 
Factors in Business Failure 
Correct Answer: poor planning and inadequate management 
Entrepreneur 
Correct Answer: a person engaged in strategic activities that involve initiation and 
development of a new business 
Calculated Risk 
Correct Answer: something that is well thought through where all outcomes are 
considered 
Rewards of Owning Your Own Business 
Correct Answer: own boss, flexible time, freedom and i...
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Closely Held Business Questions and Answers
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What is a closely held business organization 
Ans- corporations that typically have relatively few shareholders and whose 
shares are not generally traded in the securities market.. 
*Public can't Participate 
What is a derivative action 
Ans- A law suit against a corporation that is brought by the shareholders 
against the corporation 
(the corp that suffers the injury, so the corp must bring the suit against the 
wrong doers) 
Example:Here the suit would be Barth Electric Co., Inc. v. Bar...
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BUL 3130 Final Exam || Already Graded A+.
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Mylie has a clothing store as a sole proprietorship. Her shop has a net income at the end of the year of $200,000. She took a salary from this of $60,000. The remaining money is left in her bank account. correct answers At tax time, Mylie pays taxes on $200,000. 
 
Jason and Alexandra enter into a partnership to sell food products Jason has developed. The products sell rapidly however, some persons have a severe allergic to the products which can result in hospitalization. One of the customers w...
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LIT 1: Task 310.1.2; Sole Proprietorship/ General Partnership/ Limited Partnership/ Corporation/ LLC .Part A and B. Study Guide.
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LIT 1: Task 310.1.2; Sole Proprietorship/ General Partnership/ Limited Partnership/ Corporation/ LLC .Part A and B. Study Guide. 
 
Sole Proprietorship 
The Sole Proprietorship form of business is the simplest form of business and has a long 
history of existence however can be restrictive when it comes to taxation and business growth. 
Sole Proprietorship can be a company consisting of just the owner, or a small number of 
employees. The ease of setting up a Sole Proprietorship business is one ...
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NASCLA Contractors Guide to business and law Alabama 3rd Edition | Questions and Correct Answers | Latest Update 2024/2025 | 100% Pass
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NASCLA Contractors Guide to 
business and law Alabama 3rd 
Edition | Questions and 
Correct Answers | Latest 
Update 2024/2025 | 100% Pass 
Sole Proprietorship - Answer -a business owned and managed by a 
single individual 
If doing business not under Sole proprietorship you need to file a "doing 
business as" to? - Answer -Alabama Secretary of State 
what are the 2 types of partnerships - Answer -1.General 
2.Limited 
Each partner is responsible for the acts of the other partners when the...
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Chapter 1: Partnership Formation On January 1, 2015, Ernie and Bert both sole proprietors decided to form a partnership to expand both of their businesses. According to their agreement, they will split profits and losses 75:25 and their initial capital wi
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Chapter 1: Partnership Formation 
On January 1, 2015, Ernie and Bert both sole proprietors decided to form a partnership to expand both 
of their businesses. According to their agreement, they will split profits and losses 75:25 and their initial 
capital will also reflectthatratio. 
The following are Ernie and Bert’s Statement of Financial Position: 
Ernie Proprietor 
Statement of Financial Position 
December 31, 2014 
ASSETS LIABILITIES AND EQUITY 
Cash 50,000 Accounts payable 65,000 
Accoun...
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Chapter 13: Choice of business entity, sole proprietorships and partnerships
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This is the summary of Chapter 13 notes
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BUS 311 Week 4 Assignment.docx Business Organization BUS 311 Business Law I Business Organization There are several business entity structures to choose from, such as Sole proprietorship, Partnership, Limited liability company (LLC), and Corporati
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BUS 311 Week 4 A Business Organization BUS 311 Business Law I Business Organization There are several business entity structures to choose from, such as Sole proprietorship, Partnership, Limited liability company (LLC), and Corporations. I actually do have my own small business and it is a LLC. When I was deciding to start my business the wholesaler leaves it up to the retailer to choose what entity we decided we wanted to open our business under, however they do suggest the LLC. With th...
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