![]() ![]() When Lily’s Landscaping enters into a contract to plant a new flower garden, it is actually Lily that is entering into the contract. If Lily’s Landscaping needs to pay a bill to a supplier or creditor, and Lily’s Landscaping doesn’t have the money, then Lily has to pay the bill. If Lily’s Landscaping makes a profit, that money belongs exclusively to Lily. From a legal perspective, there is absolutely no difference between Lily and Lily’s Landscaping-they are one and the same, and completely interchangeable with each other. Lily is a sole proprietor A type of business where there is no legal distinction between the business and its owner., the most common form of doing business in the United States. She has to stop working when the weather gets cooler and she returns to school, but promises herself to restart the business next summer. ![]() By the end of the summer, Lily has earned a healthy profit for all her work and developed valuable know-how on how to run her business. By the middle of summer, Lily has applied knowledge she picked up in her business classes by developing a name for her business (Lily’s Landscaping) and developing marketing materials such as a Facebook fan page, flyers to be posted at local stores, business cards, and a YouTube video showing her projects. Within a month, she is so busy that she has to hire workers to do some of the more routine tasks, such as mulching and lawn mowing, for her. Using the money she has earned, she places orders for additional landscaping equipment and materials with a local retailer. Within a week, Lily has scheduled appointments and jobs throughout the neighborhood. The neighbors see the work Lily is doing, and they ask her to help their gardens too. After a few days of this work, Lily discovers that she enjoys doing this and is good at it. Unable to find even part-time work in a tough economy, she begins to help her parents by cleaning up their overgrown garden. Lily, a college sophomore, is home for the summer. zip file containing this book to use offline, simply click here. You can browse or download additional books there. More information is available on this project's attribution page.įor more information on the source of this book, or why it is available for free, please see the project's home page. Additionally, per the publisher's request, their name has been removed in some passages. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Normally, the author and publisher would be credited here. ![]() This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. Sovereign is authorised to act as a Local Service Agent in Dubai.This book is licensed under a Creative Commons by-nc-sa 3.0 license. Unlike a Limited Liability Company (LLC), which in many cases still requires that at least 51% of shares must be in the ownership of a UAE/GCC national sponsor, a qualified foreign investor that sets up a Sole Establishment to practice a professional service is permitted 100% ownership in the company.Įstablishments that are owned by foreign nationals are required to appoint a Local Service Agent, which must be a UAE national individual or a 100% UAE national-owned corporate entity. Unlike a limited liability company, the owner of a Sole Establishment is solely responsible for all the business liabilities and financial obligations of the entity.Įstablishments that practice professional services and do not extend to any commercial business are exempt from the provisions of the UAE Commercial Companies Law (CCL), but are required to be licensed by the relevant Emirate’s Department of Economic Development (DED). You should consider operating as a Sole Establishment if your business is small and the capital investment is minimal. A UAE business that is owned and operated by one individual with the trade licence that is issued in his or her own name is known as a ‘Sole Establishment’ – also often known as a ‘Sole Proprietorship’ – in the UAE.
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