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Legal Aspects Of Fraud Essay

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Below is an essay on "Legal Aspects Of Fraud" from Anti Essays, your source for research papers, essays, and term paper examples.

Seneca College of Applied Arts and Technology

ASSIGNMENT # 3

subject: legal aspects of fraud
Subject code: FAC 744 AA
Semester – 1
Submitted to: Bill Thoms (Instructor)
Submitted by: Navjot Jaswal

Question 1:   What are the main advantages and disadvantages associated with operating a sole proprietorship?
Answer:   A sole proprietorship is a firm owned and operated by a single individual without creating another form of business organization. Some of the characteristics of sole proprietorship are listed below:
  * It is the most common form of business.
  * Its inception is informal and it is the most simplest of the legal forms of the organization.
  * It is difficult to differentiate the business enterprise from the personal activities of the proprietor.
  * The proprietor has complete control of the business activities.
  * The capital of the business belongs to the proprietor so do the profits.
  * The proprietor is personally liable for all the debts of the business.
Advantages:
  * No legal formalities are required to establish or wind up.
  * The proprietor do not need to consult anyone and can act promptly in emergencies.
  * The proprietor secures the entire profits or losses so that nothing obscures his or her sole personal responsibility for the activities of the enterprise.
Disadvantages:
  * The difficulty of raising capital may force the proprietor to operate on too small a scale for efficient operations.
  * The proprietor acting alone does not have the assistance of counsel or business associates in meeting his or her business problems.
  * The proprietor must bear business’s losses. If the business assets do not cover losses, he /she must use personal assets to make them good or face bankruptcy.
  * The proprietor pays personal income taxes as graduated rates on the full amount of the earnings of the business, regardless to whether he /she   withdraws the full amount of leaves some of the earnings in the...

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