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Who is responsible for coordinating business functions in a small business?
Depending on the size of the small business, you will either have the owner, or a hired manager.
When the owner of a business is financially responsible for all problems related to the business?
i Believe thE anSWer CoulD be LImited Liability
The owner of a sole proprietorship has what kind of liability?
The owner of a sole proprietorship has unlimited personal liability. This means that they are personally responsible for all debts and obligations of the business. If the business incurs debt or is sued, the owner's personal assets, such as savings or property, can be at risk to satisfy those liabilities. This contrasts with other business structures, like corporations, where liability is limited to the business assets.
Why is owner of a business is interested in the activity of a business?
The activity of the business is what generates money for the business and the owner will want to maximize income.
What is another name for a small business owner?
Another name for a small business owner is "proprietor." In the US, if the owner is doing business as an LLC, he is a "member."
Can you be responsible for your deceased father's business debt?
Not unless you were a part owner or in some way connected with the deceased person's business or personal debts.
Is a business owner responsible for the previous owners debts?
If it is a new business, then they are not responsible. If the new business owner had obligations with the previous one, they may be responsible for debts. The terms of the contract will dictate this issue.
If you business fails and your equipment is reposed and you still owe the bank money does it come from your personal property?
The business' structure determines whether the owner will be personally responsible for the debt. When the owner incorporates, they are no longer responsible for the debt of their business.
Who is responsible for coordinating business functions in a small business?
Depending on the size of the small business, you will either have the owner, or a hired manager.
When the owner of a business is financially responsible for all problems related to the business?
i Believe thE anSWer CoulD be LImited Liability
What is a major advantage of a sole proprietorship?
the owner is completely responsible for the business decisions
Is a new business owner responsible for the original owner owner's debt?
Not normally, unless the new owner has also 'bought' the previous owner's debts. However, if we are dealing with share ownership, the shareholder become the 'owner'. Shareholders are not responsible for the debts of the companies they have bought share in.
Who is responsible for making sure that food businesses comply with food legislation?
Business owner
If you owe money to a business and then the business is sold then who do you still owe that money to the original owner or the new owner?
If a business is sold, generally, any debts owed to the original owner transfer to the new owner as part of the sale agreement. You would still be responsible for repaying the debt, but now to the new owner. However, the specific terms can vary based on the sale agreement, so it’s advisable to review any documentation or consult with legal counsel for clarity.
In a sole proprietorship which individual must assume all liability?
The person who registered himself as a proprietor usually the owner of the firm/business is responsible for all liabilities legally.
Who is responsible for income tax in a business?
The owner or owners of the business operations would be responsible for all of the necessary taxes of the Business operation. Go to the IRS.gov website and at the top of the page choose BUSINESSES irs.gov/businesses/index.html
Is part-owner hyphenated?
Yes, "part-owner" is hyphenated when used as a compound noun to describe someone who owns part of something. The hyphen helps clarify that "part" modifies "owner." However, if used as a descriptive phrase (e.g., "She is a part owner of the business"), it can be written without the hyphen.
