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Candace is considering incorporating her photography business and knows that there are many drawbacks, except ________.
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- 15. A budding entrepreneur wants to start a business but is unsure of the legal form suited for her. Short of cash, she has to take the form that is least expensive and most flexible in terms of decision making and implementation. Which would you recommend? (1 Point) Sole proprietorship Joint venture Partnership O CorporationA plastic surgeon wants to start a new private clinic. Because of the possible malpractice involved, this doctor is concerned about losing his personal wealth as a result of a lawsuit against his business. If he will be the major owner of the business, how should he set up the organization? Multiple Choice O A sole proprietorship A limited liability corporation A limited liability partnershipMarty Byrd is debating setting up his new business venture as a corporation. He comes to you for advice. What would you tell him? Include at least 3 advangates and 1 disadvantage to incorporating
- Three ladies decide to go into business publishing cookbooks. They form a corporation, having been told that the corporate form of ownership carries limited liability. They decide not to purchase any form of liability insurance for the corporation because their loss in the event of an uninsured liability loss will be limited to the amount of their initial investment. Is there a fallacy in their logic?Valeri is opening a hair salon, but she does not know whatbusiness form it should take. What can you tell her aboutthe advantages and disadvantages of operating as a soleproprietorship versus a corporation?Wizardry Corporation's purpose clause in its charter states, "To operate a home-cleaning service business." After a few years of successful operation, Wizardry is offered the challenge of landscaping a neighboring business. If Wizardry accepts the offer, it would be violating its charter under: O a. the estoppel theory. O b. the de facto doctrine. O c. the de jure doctrine. O d. the ultra vires doctrine.
- You and your father have decided to start a business dealing with mining supplies and have prepared a detailed business plan and finalised company incorporation documents. Following this, you carried out a feasibility study to ascertain whether the venture would be viable. You and your father jointly decided to cease the project due to a lack of funds and viability, but not before you incurred a $10,000 feasibility cost. Required: Would any income or deductions be permitted for tax purposes? Briefly discuss.Alyssa and Becky are suddenly successful candy makers and have been advised to organize their business to continue their success. They both want to avoid liability and be taxed as little as possible. Alyssa and Becky have heard about the limited liability company and corporations and have sought your advice regarding which form would better achieve their goals and how to organize their business. (a) To create and organize the business.?(b) How can Alyssa and Becky avoid being labeled as another business form? (c) What challenges might exist for creating their desired form?Which of the following is true of limited liability companies ? a) They protect the members personal assets in case of lawsuits b) They are very complex and difficult to run c) They are established for a specific project or for a limited time d) They require members to regularly hold meetings
- Leon’s restaurant business suffers from a lack of capital. He is currently the sole owner of the business and is thinking about taking on two partners. He has approached several investors who have told him that they will only invest if they have limited liability. 1) Why would it be advisable for Leon to draft up a Partnership Deed prior to entering into the business arrangement with any new investors? 2) What would be the outcome if there is no Partnership Deed? 3)In a situation in which a Partnership Deed exists and a dispute arises, which would take precedence, the Partnership Deed or the Partnership Act? 4)Who are considered silent or sleeping partners?ABC Corporation will be converted into a publicly listed corporation. The original shareholders would like to protect its intangibles from probable acquirers. It would also like to get the best valuation of the shares to be issued. Based on those information, which will be the LEAST LIKELY strategy to be taken by the original shareholders?a. Transfer of crown jewelb. Asking for assistance of killer beesc. Coordinating with several white squiresd. Application of a scorched earthBailey's dream is to open a chain of salons. She hopes to attract investors to help finance growth. Having once considered forming a C corporation, Bailey wants to have more flexibility about how the new business will be taxed. She also wants to offer investors/owners limited liability. Bailey can satisfy her objectives by setting up a(n) Multiple Choice general partnership. alien corporation. S corporation. limited liability company.