The _____ section of the business plan tells the reader what the organization is committed to doing.

Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company

Charra [1.4K]

Answer:

Owners have limited liability.

Explanation:

A corporation is an entity , established by shareholders or individuals with the aim of making profit. It is a legal entity hence can enter into a contract, can also sue and be sued.

The legal process involved in the establishment of corporation is called incorporation. It contains the main reason why the corporation is in business, name and office address, types and number of shares to be issued.

Because the business is incorporated and also a legal entity, it means that the owners are protected personally should their be any litigation against the corporation. Moreover, the liability of the owners are limited to the investment in the corporation.

6 0

3 years ago

Ian Burns is the new payroll accountant for ECG Marketing. Certain employees have been requesting changes in classification from

Nookie1986 [14]

Solution and explanation:

The Fair Labor Standards Act defines three tests that an employee must be eligible to be considered under the 'Exempt' category.

These include the following :

1.Salary Level Test : Employee must be paid minimum of $23,600 per year ($455 per week) to be considered Exempt.

2.Salary Basis Test : The representative must be paid on a Salary Basis, a fixed ensured least installment must be made for any workweek for the playing out any work. This would be dependent upon admissible and impermissible derivations that decide the premise of installment. Special cases to this standard are School educators, Lawyers, Doctors, and some others.

3.Duties Test : The actual jobs performed by the employee must be within the qualified exempt category of high level work. These are broadly classified as Executive, Professional; and Administrative job duties.

Thus, following out of the above will be considered for the purpose of classification to Exempt employees category:

- Reimbursement of board, lodging, facilities availed

Whether these form part of the compensation structure and the gross payments fall within the ambit of Levels test.

- Compensation such as discretionary bonus

These to be considered as part of Salary and to check whether the payments fall within the above stated levels and also the Basis of these payments whether on continuing salary or otherwise.

-Duties

The actual duties performed to be checked whether these fall within the exempt category.

Thus, the above stated three tests must be cumulatively passed in order to be eligible to classified as 'Exempt' Employee.

8 0

3 years ago

Andrea, an enterprising individual, wants to open a store in her town. She wants her store to be of the same type as a popular c

uysha [10]

Answer:

D. Franchisee

Explanation:

A franchisee can be defined as an individual who is a small business owner who operates a franchise. A franchisee is given license by the franchisor to run a business under the franchisor's trade mark, trade name and method of operations. A franchise is a business in which the owners sell the rights to their business trade mark, trade name, logo and method of operations to a third party outlet or individuals owned separately by who we refer to as the franchisee. In this case, Andrea wants to become a franchisee by opening the same type of popular coffee chain in her town that is found in a nearby town.

6 0

3 years ago

When there is less money in

Drupady [299]

Answer:

the correct answer is

D all of the above

8 0

3 years ago

The most powerful of the five competitive forces is usually: Select one: a. The competitive pressures that stem from ready avail

Bezzdna [24]

Answer:

b. The competitive pressures associated with rivalry among competing sellers in the industry for buyer patronage.

Explanation:

The Porter’s five forces of competition is a framework developed by Michael E. Porter in 1979, it is used to measure and analyze an organization's competitiveness in a business environment.

The Porter's five forces of competition framework are:

1. The bargaining power of suppliers.

2. The bargaining power of customers.

3. Threat posed by substitute products.

4. Threats posed by new entrants.

5. Threats posed by existing rivals in the industry.

The most powerful of the five competitive forces is usually the competitive pressures associated with rivalry among competing sellers in the industry for buyer patronage. When the amount of competitors (sellers), as well as the quantity of goods and services they provide are large, the lesser their competitive strengths or advantage in the market because the customers have a large pool of finished goods and services to choose from and vice-versa.

3 0

3 years ago