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Divisions are distinct parts of a business. If these divisions are all part of the same company, then that company is legally responsible for all of the obligations and debts of the divisions. [1] [2] [3] In the banking industry, an example would be East West Bancorp and its primary subsidiary, East West Bank. [4]
Every asset of the business is owned by the proprietor, and all debts of the business are that of the proprietor; the business is not a separate legal entity. The arrangement is a "sole" proprietorship in contrast with a partnership , which has at least two owners.
As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [5] Although LLCs and corporations both possess some analogous features, the basic terminology commonly associated with each type of legal entity, at least within the United States, is sometimes different.
Every business owner needs to pay themselves, but how much should your salary be and when should you be paid? Use these calculations to determine your pay.
A business owner might start a business because they have a business idea and may have observed a gap in the market. They may also want to go into business for themselves because they have ...
“LGBT business owners are 1.4 million strong and growing. There's no CFO in America that would tell you you should shoot 1.4 [million] potential customers and partners in the foot.”