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help me please...!!!

 
 
Reply Wed 14 Apr, 2004 01:45 pm
i have to do one assignment but i can't because i didn't find good information about my assignment... !! My assignment is "compare the formats of profit and loss account and balance sheet for sole traders,partnerships and limited companies. Explain the differences among them." If somebody knows something about these subject or good websites about this subject please send me to my icq or write it here... My icq number is 200-004.
Note: really i don't know which part of this forum is about my subject and i just opened it here if it is wrong place, i am very sorry for that..!!!
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Type: Discussion • Score: 1 • Views: 1,695 • Replies: 9
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husker
 
  1  
Reply Wed 14 Apr, 2004 02:15 pm
Here's a broad scoped site:
http://www.financiallearning.com/ge/home.jsp
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husker
 
  1  
Reply Wed 14 Apr, 2004 02:19 pm
http://www.toolkit.cch.com/advice/askalice.asp
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husker
 
  1  
Reply Wed 14 Apr, 2004 02:20 pm
http://www.fool.com/School/BalanceSheet/BalanceSheet05.htm
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Linkat
 
  1  
Reply Wed 14 Apr, 2004 02:21 pm
I have prepared financial statements for limited partnerships. It would be difficult to get a view of these financial statements, as there are private companies. Tough one. Here is one website that gives information on these types of businesses: http://www.findoutinfo.com/direct/CD001?stylesheet=USE313.xsl

I would assume that all these businesses follow GAAP accounting, you could try looking there or simply do a google or other search with "financial statements sole traders, partnerships, limited companies.
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husker
 
  1  
Reply Wed 14 Apr, 2004 02:23 pm
http://www.fool.com/school/Glossary/glossary.htm
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husker
 
  1  
Reply Wed 14 Apr, 2004 02:26 pm
Partnership
The most simple type of partnership is a Sole Partnership. A Sole Partnership is a business entity connected with the sole owner. In this case the owner runs the business on his own behalf.

A General Partnership is a form of business organized by two or more individuals who do not want to set up a Corporation or other type of company. In this case the members are responsible for any debts and liabilities in proportion to their stake in share capital of the Partnership. In the same way they participate in the distribution of profits.

In the case of a General Partnership, only the income of the members is subject to taxes.

In a Limited Partnership the assets and liabilities are divided between general and limited partners. Thus, limited partners in contrast to general members are liable for the debts and liabilities of the Partnership only to the amount of their stakes in the partnership's capital.

In a Limited Liability Partnership the assets of each partner are more secured. This is due to the fact that the members of a Limited Liability Partnership do not bear responsibility for any debts or liabilities that have been caused by improper or invalid acts of the other members, officers or agents of the Partnership. In all other cases the members of the Partnership are liable for all debts and liabilities of the Partnership as well as for all debts and liabilities that have been caused by acts committed by any officer subordinated directly or managed by the partners.

Limited Liability Company
This type of business organization combines the corporate advantages of limited liability with the partnership advantage of pass-through taxation.

In other words, the members of an LLC can be managers of the company not exposing to risks their personal assets.

Limited Liability Companies are taxed on the level of its members like Partnerships.

The main difference between an LLC and an S-Corporation is that all profits, liabilities, losses and deductions of S-corporation are divided between the owners in proportion to the number of shares held by them. An LLC is more flexible as to the division of these items between the owners.

Corporation
The most popular types of corporations used in the USA are the "C"- Corporation, "S" - Corporation and Non-profit Corporation.

C-Corporation is the most commonly used type of corporations suitable for businesses of any size. C-Corporations can have any number of shareholders. Shareholder's assets protected from the creditors of the corporation since the liability of the shareholders is limited to the amount contributed by them to the capital of the Corporation.

The only disadvantage of C-Corporations is double taxation as profits are taxed first as income to the corporation, then as income to the shareholder when distributed as dividends. In some cases small corporations having not more than 75 shareholders can obtain S-Corporation status. If a corporation has S-Corporation status, it is treated as a Partnership or a Limited Liability Company for tax purposes. S-corporations are not separately taxable entities, so the income is "passed-through" to the shareholders.

In cases where intended activity of the Corporation is connected with education, charity, or scientific activity there is an opportunity to establish a Non-Profit Corporation. Net profit of such corporation is not subject to taxes if it is destined for corporate purposes and is not allocated between the shareholders, directors or other officers.
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Linkat
 
  1  
Reply Wed 14 Apr, 2004 02:55 pm
Husker - don't give him the answers!!! Give him some guidance on where to find such information. He needs to learn for himself.
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VigiLancE
 
  1  
Reply Wed 14 Apr, 2004 03:18 pm
thank all of you guys... i think now i can do my assignment... thanks again..!!!
0 Replies
 
VigiLancE
 
  1  
Reply Sat 24 Apr, 2004 10:19 am
VigiLancE wrote:
thank all of you guys... i think now i can do my assignment... thanks again..!!!
i did whatever you said but teacher didn't like it so i have to change ... please help me again Sad now he said something to me to find... these are;
For Sole Trader;
explaination of sole trader and this explaination will include profit and loss account and balance sheet. i mean why are we using profit and loss account for sole trader and why are we using balance sheet for sole trader....
For Partnership
Explaination how it is done?
For Limited Company
what sort of Financial Reporting must be done by limited company? ( and a little bit explaination of them)
who are the stateholders
who is interested in balance dheet and profit and loss account
Some thing about interim report

I need to know something about this please tell me something about these or give me really good web site about these..!!!
Thank you..!!
0 Replies
 
 

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