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The owner of a sole proprietorship is personally liable for the debts of the business
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更多“The owner of a sole proprietorship is personally liable for the debts of the business”相关的问题
第1题
A．employers
B．employees
C．customers
D．managers
第2题
A.It is not a separate legal entity from the owner
B.It is a small business that is exempted from taxation
C.It is a not-for-profit organization
D.It is generally an institution with no business dealings
第3题
In order to make sure his new company is successful ______.
A．he remains the sole owner
B．he is keeping it small
C．he does not take risks
第4题
Some companies enable stockholders to share in the profits of the company. These payments of corporate profits to stockholders are called dividends. In addition to having a claim on company profits, stockholders are entitled to share in the sale of the company if it is dissolved. They may also vote in person or by proxy on a variety of corporate matters, including the most important matter of who should run the corporation. When the company issues new stock, stockholders have priority to buy a certain number of shares before they are offered for public sale. Stockholders also receive periodic reports, usually quarterly, that provide information regarding the corporation's business performance. Stocks generally are negotiable, which means stockholders have the right to assign or transfer their shares to another individual.
A stockholder is considered a business owner and has the protection of limited liability under United States laws. Limited liability means that a stockholder is not personally liable for the debts of the corporation. The most a stockholder can lose if the company fails is the amount of his or her investment -- what he or she originally paid for the stock. This arrangement differs from that of other forms of business organization, which are known as sole proprietorships and partnerships. These business owners are personally liable for the debts of their businesses.
Corporations have good reasons to issue stocks. They issue stock in order to finance their business activities. This method of raising funds is only available to business firms organized as corporations; it is not available to sole proprietorships and partnerships. The corporation can use the proceeds of a stock offering in a variety of ways. Depending on the type of company, this might involve increasing research and development operations, purchasing new equipment, opening new facilities or improving old ones, or hiring new employees.
An alternative to stock financing is debt financing or the sale of bonds, an interest-bearing loan. This alternative is also available to sole proprietorships and partnerships. With the issuance of a bond a company typically promises to make periodic interest payments to the lender or bondholder as well as pay back the amount of the bond when the term of the bond comes to an end. Thus bonds are evidence of loans while stocks are evidence of ownership. Stocks and bonds are collectively known as securities.
When a corporation first makes stock available for public purchase, it works with an investment banking firm to arrange an initial public offering (IPO). The investment bank acquires the first issue of stocks from the corporation at a negotiated price, and then makes the shares available for sale to its clients and other investors.
A corporation can only have one IPO -- the first time it makes stock available to the public. After its IPO, a company is said to be public. Public corporations that need additional financing for further business development may choose to issue more stock at a later time. This is called a subsequent, or follow-on, offering.
Some corporations may choose not to go public. In this case it is said to be a privately held corporation. A corporation may elect to remain private because it docs not want to share its profits, or it may not want to give up control to shareholders.
Most of the information reported in the daily news media about the buying and selling of stock refers to transactions involving previously issued stock. The daily buying and selling of stock rarely involv
A．Y
B．N
C．NG
第5题
听力原文： Helen was a very successful businesswoman. She had always liked nice clothes. (33)And when she had left school she worked in a shop which sold them, not far from her home. After a few experiments she showed that she was very successful at designing the sorts of things that women want to buy, so after a few years the owner of the shop, who was an old lady, offered to make her a partner. "It's something I should have done long ago," she told Helen with a smile. Helen was very pleased, of course, (34)and when the old lady retired, Helen bought her share and became the sole owner of the shop. Now she had her independence. Ever since she had started in the shop she had have to travel around to see what attractive things her rivals in the clothes trade were producing, to attend fashion shows and so oil. She had always stayed at small cheap hotels, because she dared not to spend too much money when she was saving up to buy a shop of her own. But when she at last became the owner of the shop, and it was making good profits, she found that she had plenty of money, and she felt she should now stay in the best hotels whenever she traveled. (35)"Then the people who buy good clothes can see that your business is successful," she said to herself, "and therefore more of them think they should buy the clothes you make."
(34)
A．She worked in a clothing shop not far from home.
B．She did experiments not far from her home.
C．She stayed at home and designed clothes.
D．She became a partner of an old lady.
第6题
第（26）题__________ 查看材料
第7题
？Read the article about the limited company and its liability.
？For each Question 31-40, write one word in CAPITAL LETTERS on your Answer Sheet.
The Limited Company and Its Liability
When a limited company has started trading, you do not invest in shares by giving more capital to the company. You buy them from one of the shareholders. If it is a private limited company, a shareholder can only sell shares (31) all the other shareholders agree. If it is a public limited company, shares can be bought and (32) freely, usually at a Stock Exchange. If the company is doing well and paying high dividends, then you might pay more than the face value of the shares. If it is doing badly, you might (33) less than the face value of the shares. The price you pay at the Stock Exchange (or to a shareholder) for your shares is their market value.
If the company fails, it will stop trading and go (34) liquidation. This means that all the company's property and equipment (its assets) must be sold. The money from the sale will be used (35) pay all its debts. The shareholders may lose the money they paid for the shares. If the company still does not have enough money to pay all its (36) , the shareholders do not have to pay any more money. In other words, the shareholders' liability for debts is limited (37) the value of their shares. On the other hand, if you are an owner (38) a business, which is not limited, for example a sole proprietorship (owned by one person) or a partnership (owned by between 2 and 20 people) and your business fails, you will go bankrupt. In this case you might have to sell your own private possessions (your house, car, furniture, etc.) to pay all your creditors. In other (39) , sole proprietors and partners have unlimited liability (40) their firm's debts.
(31)
第8题
—Look at the sentences below and the following introduction about the types of ownership.
—Which type of ownership does each sentence 1—7 refer to？
—For each sentence 1—7, mark one letter (A, B, C or D) on your Answer Sheet.
—You will need to use some of the letters more than once.
A
Partnerships
On the whole, this is not a popular form. of business organization, but it is often used by people in the professions, like doctors, dentists or lawyers, to expand their business. Greater efficiency is possible because people in this sort of association can spend their time doing what they are best at. If one person is sick, then the remaining partner(s) can carry on the work. The main disadvantage is that even with this form. of ownership, the amount of money available to the business may be limited. If people quarrel or disagree over decision making there can be problems and serious delays.
B
Public (Plc) Companies
These are the largest businesses in the private sector. There is no limit to the number of people holding shares in it and many of the larger companies have their shares listed on the stock exchange. The advantage of big businesses like this is that they find it easier to raise money as banks consider them a 'good risk'. There are strict laws governing the setting-up of this kind of business and each year the company has to publish its accounts. The larger such businesses grow, the more difficult it is to control them. Workers in such businesses may feel that management doesn't understand their problems.
C
Private (Ltd) Companies
Such businesses are net allowed to sell shares to the public. They must consist of at least two members, but there is no upper limit to the numbers who own the company. The larger size makes it possible for such companies to borrow more money from the banks or from issuing additional shares to its members. The advantage is that such a business is able to offer its members limited liability (responsibility) for debts and losses. Many companies of this type exist in England, Europe and the U. S.
D
Sole Proprietorships
Sole proprietorships, the most common business form, consist of one person doing business with no legal charter. While they offer the owner great freedom and are easy to form, they also present grave financial risks. General partnerships are merely proprietorships with multiple ewers.
There is no limit to the number of people holding shares in it.
第9题
？Read this text taken from an article about accounting.
？Choose the best sentence to fill each of the gaps.
？For each gap (9-14), mark one letter (A-H) on your Answer Sheet.
？Do not use any letter more than once.
Accounting
Accounting is the process of systematically collecting, analyzing, and reporting financial information. Bookkeeping is essentially record-keeping which is part of the overall accounting process. A private accountant is hired by a specific organization to operate its accounting system and to interpret accounting information. A public accountant performs these functions for various individuals, or firms, on a professional-fee basis. (9) .
The accounting process is based on the accounting equation, assets = liabilities+ owners' equity. (10) .There are five steps in the accounting process: 1) Source documents are analyzed to determine which accounts they affect. 2) Each transaction is recorded in a journal. 3) Each journal entry is posted in the appropriate general ledger accounts. 4) At the end of each accounting period, a trial balance is prepared to make sure that the accounting equation is in balance at the end of the period. 5) Financial Statements are prepared from the trial balance. (11) . A new accounting cycle is then begun for the next accounting period.
The balance sheet, or statement of financial position, is a summary of a firm's assets, liabilities, and owners' equity accounts at a particular time. (12) . On the balance sheet, assets are categorized as current (convertible to cash in a year or less), fixed (to be used or held for more than one year), or intangible (valuable solely because of the rights or advantages they confer). (13) . For a sole proprietorship or partnership, owner's equity is reported by the owner's name in the last section of the balance sheet. For a corporation, the value of common stock, preferred stock, and retained earnings is reported in the owners' equity section.
An income statement is a summary of a firm's financial operations during a specified accounting period. (14) . Operating expenses are then deducted to compute net income from operations. Finally, non-operating expenses and income taxes are deducted to obtain the firm's net income after taxes.
The information contained in these two financial statements becomes more meaningful when it is compared with corresponding information for previous years, for competitors, and for the industry in which the firm operates.
A On the income statement, the company's gloss profit on sales is computed by subtracting the cost of goods sold from net sales.
B These ratios provide a picture of the firm's profitability, its short-term financial position, its activity in the area of accounts receivable and inventory, and its long-term debt financing.
C Similarly, current liabilities are those that are to be repaid in one year or less, and long-term liabilities are debts that will not be repaid for at least one year.
D Double-entry bookkeeping ensures that the balance shown by the equation is maintained.
E This statement must demonstrate that the equation is in balance.
F Accounting information is used primarily by management, but it is also demanded by creditors, suppliers, stockholders, and government agencies.
G Once statements are prepared, the books are closed.
H Bookkeeping is essentially record-keeping which is part of the overall accounting process.
(9)
第10题
He does this thing with a sole purpose of him.
A.main
B.only
C.practical
D.real
