Question Tag: Sole Proprietorship

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POBL – JUL 2020 – L1 – Q1 – Business Entities in Ghana

Discuss the veracity of the assertion that the only recognized type of business entity in Ghana is a limited liability company.

Question

Ama Too Known, a second-year law student has the tendency of displaying her knowledge and

her ignorance in the law to her non law undergraduate students. She has just advised Abena who

was to go into business that the only recognized type of business entity in Ghana is a limited

liability company.

Required: Discuss the veracity or otherwise of this assertion by Ama too known.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Companies Act, Ghana Law, Limited Liability Company, Partnership, Sole Proprietorship
Level: Level 1

Topic: Limited liability company, Sources of Law
Series: JULY 2020

STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

Question

As a renowned tax consultant, a potential investor in the real estate sector in Ghana is seeking your expert opinion on the tax implications of establishing a company, a partnership or a sole proprietorship and which form of the business organisations gives the least tax exposure for an investor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company, Corporate Tax, Income Tax, Partnership, Sole Proprietorship, Tax Exposure, Tax implications, Tax Planning, Withholding Tax
Level: Level 2

Topic: Tax Strategies for New Business Formation
Series: FEB 2020

STP – Feb 2021 – L2 – Q2 – Tax Strategies for New Business Formation

Discuss how the choice of business organization (company, partnership, sole proprietorship) impacts tax exposure, with relevant tax authorities.

Question

It is often said that an investor’s choice of the form of business organisation, has an impact on the tax exposure of the investment.

Required: With the aid of appropriate authorities, discuss the accuracy or otherwise of the above statement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business organization, Company Taxation, Ghana tax law, Income Allocation, Partnership Taxation, Sole Proprietorship, Tax Exposure, Tax Rates
Level: Level 2

Topic: Tax Strategies for Business Growth and Expansion
Series: FEBRUARY 2021

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

Question

a. Mr. Kayode Oluwa, a civil engineer, worked for XYZ Nigeria Limited for many years. He retired as the Chief Civil Engineer in 2010. He registered his enterprise under the name of Kayode Oluwa Enterprises and commenced business in 2011.

He appointed you as his tax consultant and submitted his financial records showing the following results:

Year Ended December 31	Amount (N)
2015	1,360,000
2016	(1,900,000)
2017	2,300,000
2018	2,700,000

Required:
Compute the assessable profit/(loss) for the relevant years of assessment. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Profit, Financial Records, Loss carry forward, Sole Proprietorship, Tax computation
Level: Level 1

Topic: Taxation of Partnerships and Sole Proprietorships
Series: NOV 2020

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

Question

The business environment comprises a diversity of business organizations ranging from very simple enterprises to huge multinational corporations.

a. Identify FIVE features of a sole proprietorship. (10 Marks)
b. Identify FIVE characteristics of a Public Limited Liability Company. (10 Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Structures, Public Limited Liability Company, Sole Proprietorship
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2014

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

Question

Kofi Stone, Ama Black and Adwoa Sika who were your students at the Ultimate Business School have decided to venture into business after their National Service which ends in the next three months. They have approached you for your advice on the type(s) of business(es) which they should invest in, considering the country’s economic environment.

Required:
Explain THREE (3) business types available to them. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Types, Limited Liability Company, Partnership, Sole Proprietorship
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: NOV 2019

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

Question

The Companies and Allied Matters Act (CAMA) recognizes different forms of business organizations.

Required:
Explain briefly three main features of sole proprietorship as a business organization.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Company Law, Sole Proprietorship
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

Question

A fundamental ground upon which a partnership is distinct from a sole-proprietorship is
A. Authorised share capital
B. Financial accounts
C. Asset turnout
D. Debt recovery procedure
E. Legal minimum of membership

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legal Membership, Partnership Law, Sole Proprietorship
Level: Level 1

Topic: Partnership Law
Series: MAY 2022

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

Question

State the Basis Periods for the following persons as provided in the Income Tax Act, 2015 (Act 896):

i) A sole proprietorship
ii) A company
iii) A trust
iv) A partner of a partnership

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basis Period, Company, Income Tax Act, Partnership, Sole Proprietorship, Trust
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

POBL – JUL 2020 – L1 – Q1 – Business Entities in Ghana

Discuss the veracity of the assertion that the only recognized type of business entity in Ghana is a limited liability company.

Question

Ama Too Known, a second-year law student has the tendency of displaying her knowledge and

her ignorance in the law to her non law undergraduate students. She has just advised Abena who

was to go into business that the only recognized type of business entity in Ghana is a limited

liability company.

Required: Discuss the veracity or otherwise of this assertion by Ama too known.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Companies Act, Ghana Law, Limited Liability Company, Partnership, Sole Proprietorship
Level: Level 1

Topic: Limited liability company, Sources of Law
Series: JULY 2020

STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company, Corporate Tax, Income Tax, Partnership, Sole Proprietorship, Tax Exposure, Tax implications, Tax Planning, Withholding Tax
Level: Level 2

Topic: Tax Strategies for New Business Formation
Series: FEB 2020

STP – Feb 2021 – L2 – Q2 – Tax Strategies for New Business Formation

Discuss how the choice of business organization (company, partnership, sole proprietorship) impacts tax exposure, with relevant tax authorities.

Question

It is often said that an investor’s choice of the form of business organisation, has an impact on the tax exposure of the investment.

Required: With the aid of appropriate authorities, discuss the accuracy or otherwise of the above statement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business organization, Company Taxation, Ghana tax law, Income Allocation, Partnership Taxation, Sole Proprietorship, Tax Exposure, Tax Rates
Level: Level 2

Topic: Tax Strategies for Business Growth and Expansion
Series: FEBRUARY 2021

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

Question

He appointed you as his tax consultant and submitted his financial records showing the following results:

Year Ended December 31	Amount (N)
2015	1,360,000
2016	(1,900,000)
2017	2,300,000
2018	2,700,000

Required:
Compute the assessable profit/(loss) for the relevant years of assessment. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Profit, Financial Records, Loss carry forward, Sole Proprietorship, Tax computation
Level: Level 1

Topic: Taxation of Partnerships and Sole Proprietorships
Series: NOV 2020

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

Question

The business environment comprises a diversity of business organizations ranging from very simple enterprises to huge multinational corporations.

a. Identify FIVE features of a sole proprietorship. (10 Marks)
b. Identify FIVE characteristics of a Public Limited Liability Company. (10 Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Structures, Public Limited Liability Company, Sole Proprietorship
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2014

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

Question

Required:
Explain THREE (3) business types available to them. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Types, Limited Liability Company, Partnership, Sole Proprietorship
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: NOV 2019

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

Question

The Companies and Allied Matters Act (CAMA) recognizes different forms of business organizations.

Required:
Explain briefly three main features of sole proprietorship as a business organization.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Company Law, Sole Proprietorship
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legal Membership, Partnership Law, Sole Proprietorship
Level: Level 1

Topic: Partnership Law
Series: MAY 2022

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

Question

State the Basis Periods for the following persons as provided in the Income Tax Act, 2015 (Act 896):

i) A sole proprietorship
ii) A company
iii) A trust
iv) A partner of a partnership

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basis Period, Company, Income Tax Act, Partnership, Sole Proprietorship, Trust
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

Question Tag: Sole Proprietorship

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POBL – JUL 2020 – L1 – Q1 – Business Entities in Ghana

Discuss the veracity of the assertion that the only recognized type of business entity in Ghana is a limited liability company.

You're reporting an error for "POBL – JUL 2020 – L1 – Q1 – Business Entities in Ghana"

STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

You're reporting an error for "STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications"

STP – Feb 2021 – L2 – Q2 – Tax Strategies for New Business Formation

Discuss how the choice of business organization (company, partnership, sole proprietorship) impacts tax exposure, with relevant tax authorities.

You're reporting an error for "STP – Feb 2021 – L2 – Q2 – Tax Strategies for New Business Formation"

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships"

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

You're reporting an error for "BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices"

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

You're reporting an error for "BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders"

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q1b – Company Law"

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

You're reporting an error for "BL – May 2022 – L1 – SA – Q4 – Partnership Law"

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

You're reporting an error for "FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy"

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

You're reporting an error for "PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities"

POBL – JUL 2020 – L1 – Q1 – Business Entities in Ghana

Discuss the veracity of the assertion that the only recognized type of business entity in Ghana is a limited liability company.

You're reporting an error for "POBL – JUL 2020 – L1 – Q1 – Business Entities in Ghana"

STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

You're reporting an error for "STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications"

STP – Feb 2021 – L2 – Q2 – Tax Strategies for New Business Formation

Discuss how the choice of business organization (company, partnership, sole proprietorship) impacts tax exposure, with relevant tax authorities.

You're reporting an error for "STP – Feb 2021 – L2 – Q2 – Tax Strategies for New Business Formation"

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships"

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

You're reporting an error for "BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices"

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

You're reporting an error for "BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders"

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q1b – Company Law"

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

You're reporting an error for "BL – May 2022 – L1 – SA – Q4 – Partnership Law"

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

You're reporting an error for "FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy"

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

You're reporting an error for "PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities"

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