The cost to start sole proprietorship, partnership , corporations and franchise; hours of work of these businesses and specific benefits attached with it. Introduction: When the right to use the name of a specific business is given somebody to sell the goods and services under the name in a particular territory, it is known as franchise. Chartered legal entity that has separate liabilities from the owner and authority to act is known as corporations. When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative. When the business is managed and owned by a person single handedly, it is known as sole proprietorship.

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 5, Problem 1DWS

Summary Introduction

To discuss: The cost to start sole proprietorship, partnership, corporations and franchise; hours of work of these businesses and specific benefits attached with it.

Introduction:

When the right to use the name of a specific business is given somebody to sell the goods and services under the name in a particular territory, it is known as franchise. Chartered legal entity that has separate liabilities from the owner and authority to act is known as corporations.

When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative.

When the business is managed and owned by a person single handedly, it is known as sole proprietorship.

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Pick a business that you know of (can be a small business in your neighborhood or a large corporation that makes a product you bought in the past), do a little research about it, and answer the following: Describe the goods or services the business sells and where it does business. What kind of model is this company using? (remember, a company could use more than one model; use the models described in the introduction above). What type of business is this (sole proprietorship, partnership, or corporation)? How did you find out? Describe how you researched information about this company.

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Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 5, Problem 1DWS

Summary Introduction

To discuss: The cost to start sole proprietorship, partnership, corporations and franchise; hours of work of these businesses and specific benefits attached with it.

Introduction:

When the right to use the name of a specific business is given somebody to sell the goods and services under the name in a particular territory, it is known as franchise. Chartered legal entity that has separate liabilities from the owner and authority to act is known as corporations.

When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative.

When the business is managed and owned by a person single handedly, it is known as sole proprietorship.

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 5, Problem 1DWS

Summary Introduction

To discuss: The cost to start sole proprietorship, partnership, corporations and franchise; hours of work of these businesses and specific benefits attached with it.

Introduction:

When the right to use the name of a specific business is given somebody to sell the goods and services under the name in a particular territory, it is known as franchise. Chartered legal entity that has separate liabilities from the owner and authority to act is known as corporations.

When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative.

When the business is managed and owned by a person single handedly, it is known as sole proprietorship.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 5, Problem 1DWS

Summary Introduction