Chapter 02 - Forms of business ownership

Chapter 02 - Forms of business ownership - ChapterTwo:...

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Chapter Two: Chapter Two: Forms of Business Ownership Forms of Business Ownership
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What Type of Business Is Appropriate for You? Consider the following factors before  Consider the following factors before  starting a business – starting a business – Capital Requirements– Capital Requirements– The amount of funds The amount of funds necessary to finance the operation necessary to finance the operation Risk– Risk– The amount of personal property a The amount of personal property a person is willing to lose by starting the business person is willing to lose by starting the business Control- Control- The amount of authority the owner The amount of authority the owner exercises exercises
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Managerial Abilities– Managerial Abilities– The skills needed to The skills needed to plan, organize and control the business plan, organize and control the business Time Requirements– Time Requirements– The time needed to The time needed to operate the business and provide guidance to operate the business and provide guidance to the employees the employees Tax Liability– Tax Liability– What taxes a business must pay What taxes a business must pay to various government organizations on to various government organizations on earnings of the business earnings of the business Each of these factors should be considered Each of these factors should be considered along with your own personal along with your own personal Values and philosophy Values and philosophy What Type of Business Is Appropriate for You?
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A. Sole Proprietorship A. Sole Proprietorship A business owned and managed by one  Individual. Sole proprietorships are typically small  business operations such as  drugstores,  variety shops, barbershops and repair  shops  etc. The capital (money) needed to start and  operate the business is normally provided by  the owner through personal wealth or borrowed  money.
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Sole Proprietorship Sole Proprietorship The sole proprietor usually is an  active manager Controls the operation Supervises the employees and  Makes decisions   The managerial ability  of the owner  usually accounts for the success or  failure of the business.
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Sole Proprietorship Sole Proprietorship In the eyes of the law, the owner and 
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This note was uploaded on 04/24/2011 for the course BUS 321 taught by Professor Sanaulmostafa during the Spring '09 term at BRAC University.

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Chapter 02 - Forms of business ownership - ChapterTwo:...

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