0
The owner has personal liability for anything that happens. That is whi it is good to have an LLC (limited liability corporation). Mine cost $60 to set up on the state's web site. If a customer is killed in my shop all I can lose is the business, not my home.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is internal liability of business?
The total amount of debts payable by a business to its owners are called internal liabilities e.g., capital.Example-For a company Internal liability mean that company will pay salary, so salary is internal liability, and the company will pay interest to bank it is external liability.
What does it mean when a business operates under an LLC?
LLC stands for a Limited Liability Company which means that within the business, its members have only a limited liability for the debts and liabilities. LLC are popular and are obtained by filing tax documents within the state's tax office. LLC can provide tax advantages and more flexibility in management and ownership.
What if a balance sheet doesn't balance?
This can mean that either you got the maths wrong, or that the business has not accounted for one or more transactions. Ex: Company purchased $2,000 in equipment in cash. You Debit the equipment, but forget to Credit the cash balance. That incorrect transaction would cause the accounting equation to be incorrect. The accounting equation is... Assets = Liability + Owner Equity
What does businessman mean?
The title business man is a noun. It is a title given to an owner or worker in a business. Someone who does business dealings or other administrative things.
What does it mean when owner will carry papers?
When the owner carries the paper that means that the owner will finance the deal. The owner becomes the mortgage company.
As a small business owner what do you need to know about liability?
A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something that someone is responsible for, or something that increases the chance of something occurring (i.e. it is a cause).
What does drawing mean in accounting?
it means that the with drawing of cash from the business by the owner of the business. or it may stated that the expenses of the owner paid by the business.
Mean of liability and ten examples?
a liability is what the business owes e.g. loans, bank overdraft, owing a supplier for inventory
What does proprieter mean?
Proprieter is the real owner of business
What does owner's funds mean?
its not like this is for business studies..
What is internal liability of business?
The total amount of debts payable by a business to its owners are called internal liabilities e.g., capital.Example-For a company Internal liability mean that company will pay salary, so salary is internal liability, and the company will pay interest to bank it is external liability.
What does proprietors mean?
A proprietor is the owner of something, oftentimes a business.
Business entity concept?
According to this concept, business is treated as a unit separate and distinct from its owner.
A business entity owns the land on which it operates a marina. Should the property be considered 'owner occupied'?
That all depends on the context. Generally, owner occupied means the owner lives on the premises. It can also mean having the owner or the owner's business represented at the site.
What does RCG mean?
(R.C.G.)means: ROMMEL CUIZON GALAGATE(business owner)
What does profit?
Profit means the difference between revenues and expenses. This left over amount is the business owner's reward for the risk they took in undertaking the business.
What does a turnkey business mean?
A turnkey business is a reference to a type of business, wherein the owner can simply enter the building, unlock the door, and begin selling a product or service.
