BUSINESS ENTERPRISED

BUSINESS ENTERPRISED - BUSINESS ENTERPRISED Non-Corporate entities I Comparing Business Entities Factors a Difficulty of forming the organization b

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BUSINESS ENTERPRISED Non-Corporate entities I. Comparing Business Entities – Factors a. Difficulty of forming the organization b. Liability c. Tax Considerations d. e. Management f. Financing g. Licenses h. Location II. Sole Proprietorship – Single owner, easy to form, unlimited liability for business debts, owner has management and control, owner is the taxable entity. Difficult to transfer ownership and raise financing. III. General Proprietorship – Governed by the Uniform Partnership Act. It is an association of two or more persons who carry on a business as co-owners for a profit. a. No formality to create b. Funded by capital contributions c. Not a taxable entity d. All partners have equal rights of management and control e. All partners have unlimited liability for partnership debts
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f. Unless provided otherwise profits and losses are shared equally g. All partners are agents of each other and of the partnership h. Termination- by act of parties or by operation of law. Three steps:
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This note was uploaded on 05/20/2008 for the course MGMT 246 taught by Professor Apke during the Spring '08 term at CSU Fullerton.

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BUSINESS ENTERPRISED - BUSINESS ENTERPRISED Non-Corporate entities I Comparing Business Entities Factors a Difficulty of forming the organization b

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