Business Ethics1.What kind of business is BEST described by these statements?I am the only owner of my business.I take all the risks of doing business.I keep all the profits.a.Sole Proprietorshipc. Corporationb.Partnershipd. Cooperative Show
2.In a corporation, owners share profit, but liability is limited to – Get answer to your question and much more 3.A form of business organization that is authorized to act as a legal entity and separate from itsowners. Get answer to your question and much more 4.In the Philippines setting, where should the corporation file its application of incorporation? Get answer to your question and much more 5.Ethicsare the standards of conduct by which one’s actions are judged as ___________.a.Right or wrongc. fair or unfairb.Hones or dishonestd. all of these Sole ProprietorshipThis is a business run by one individual for his or her own benefit. It is the simplest form of business organization. Proprietorships have no existence apart from the owners. The liabilities associated with the business are the personal liabilities of the owner, and the business terminates upon the proprietor's death. The proprietor undertakes the risks of the business to the extent of his/her assets, whether used in the business or personally owned. Single proprietors include professional people, service providers, and retailers who are "in business for themselves." Although a sole proprietorship is not a separate legal entity from its owner, it is a separate entity for accounting purposes. Financial activities of the business (e.g., receipt of fees) are maintained separately from the person's personal financial activities (e.g., house payment). Partnerships-General and LimitedA general partnership is an agreement, expressed or implied, between two or more persons who join together to carry on a business venture for profit. Each partner contributes money, property, labor, or skill; each shares in the profits and losses of the business; and each has unlimited personal liability for the debts of the business. Limited partnerships limit the personal liability of individual partners for the debts of the business according to the amount they have invested. Partners must file a certificate of limited partnership with state authorities. Limited Liability Company (LLC)An LLC is a hybrid between a partnership and a corporation. Members of an LLC have operational flexibility and income benefits similar to a partnership but also have limited liability exposure. While this seems very similar to a limited partnership, there are significant legal and statutory differences. Consultation with an attorney to determine the best entity is recommended. CorporationA corporation is a legal entity, operating under state law, whose scope of activity and name are restricted by its charter. Articles of incorporation must be filed with the state to establish a corporation. Stockholders' are protected from liability and those stockholders who are also employees may be able to take advantage of some tax-free benefits, such as health insurance. There is double taxation with a C corporation, first through taxes on profits and second on taxes on stockholder dividends (as capital gains). Small Business Corporation (S-Corporation)Subchapter S-corporations are special closed corporations (limits exist on the number of members) created to provide small corporations with a tax advantage, if IRS Code requirements are met. Corporate taxes are waived and reported by the owners on their individual federal income tax returns, avoiding the "double taxation" of regular corporations. Advantages/DisadvantagesSole Proprietorship
Partnership
Limited Liability Company
Corporation/S-Corporation
What kind of business ownership is best described by these statements I am the only owner of my business I take all the risks of doing business I keep all the profits?Sole Proprietorship
Ease of discontinuance-the business can be terminated at the will of the owner. The owner is truly the boss, making all decisions, keeping all profits, and assuming responsibility for all losses and debts.
What kind of business is best described by these statements I am the only owner of my business I take all the?Explanation: A sole proprietorship (also known as individual entrepreneurship, single trader, or simply proprietorship) is an unincorporated business held by only one person.
What type of business is it called when there is one owner?1. Sole proprietorship. A sole proprietorship occurs when someone does business activities but doesn't register as another kind of business. There is no separate business entity, meaning there is no distinction between the business owner's personal and professional assets and liabilities.
In which type of business organization does one person take all the risks?Sole Proprietorship
The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole proprietorships own all the assets of the business and the profits generated by it.
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