- Please note that business entities dissolved prior to November, 1977 may not be reflected in search results. If you have a research inquiry about such an entity, please call us at 860-509-6003.
- More than one inquiry can be made by each unique customer, which would indicate that some customers have inquired on such D‑U‑N‑S Number multiple times and may be monitoring the associated business. “Customer” is defined as a person or business requesting Dun & Bradstreet information on another D‑U‑N‑S Number.
- Business Inquiries Meaning
- Business Inquiries Definition
- Business Inquiry Letter Format
- Business Inquiries Only Please
- Business Inquiries Youtube
There are several types of business entities, each designed for different situations. The type of entity chosen has a significant impact on the taxes paid and the amount of investors’ personal assets placed at risk. The primary types of business entities are as follows, along with their advantages and disadvantages.
Sole Proprietorship
Soft inquiries occur when you or your existing creditors check your credit report. They may also occur when a business checks your report to gauge if you would be inclined to be interested in their products or services. While soft inquiries have no effect on your credit score, a hard inquiry may pull down your score by 5-10 points.
A sole proprietorship is a business that is directly owned by a single individual. It is not incorporated, so that the sole owner is entitled to the entire net worth of the business, and is personally liable for its debts. The individual and the business are considered to be the same entity for tax purposes.
The advantages of a sole proprietorship are that it is simple to organize, tax filings are easy, there is no double taxation, and the owner has complete control over the business. The disadvantages of a sole proprietorship are that the owner has unlimited liability for the debts of the business, self-employment taxes must be paid by the owner, and the only provider of equity to the business is the sole owner.
In brief, the unlimited liability imposed by a sole proprietorship is usually considered to completely outweigh all other aspects of this form of ownership. Its ability to avoid double taxation can be matched by an S corporation (as described later), but the S corporation also keeps the owner from being personally liable for the obligations of the business.
Partnership
A partnership is a form of business organization in which owners have unlimited personal liability for the actions of the business, though this problem can be mitigated through the use of a limited liability partnership. The owners of a partnership have invested their own funds and time in the organization, and share proportionally in any profits earned by it. There may also be limited partners in the business, who contribute funds but do not take part in day-to-day operations. A limited partner is only liable for the amount of funds he or she invested in the entity; once those funds are paid out, the limited partner has no additional liability in relation to the activities of the partnership. If there are limited partners, there must also be a designated general partner that is an active manager of the business; this individual has essentially the same liabilities as a sole proprietor.
A partnership does not pay income taxes. Instead, the partners report their share of the partnership's profit on their personal income tax returns. Because partners must pay income taxes on their shares of partnership income, they typically require some distribution of cash from the partnership in order to pay their taxes.
In those instances where a partnership recognizes a loss during its fiscal year, the share of the loss recognized by each partner in his or her personal tax return is limited to the amount of the loss that offsets each partner's basis in the partnership. If the amount of the loss is greater than this basis, the excess amount must be carried forward into a future period, where it can hopefully be offset against the future profits of the partnership.
A key advantage of a partnership is that, with many partners, a business has a much richer source of capital than would be the case for a sole proprietorship. In addition, if there is more than one general partner, it is possible for multiple people with diverse skill sets to run a business. And a final advantage is that there is no double taxation. However, there are also several disadvantages. One is that the general partners have unlimited personal liability for the obligations of the partnership. Another downside is that a partner’s share of the ordinary income is subject to the self-employment tax.
The risk associated with a partnership arrangement works well for limited partners, since their losses are limited to their own investments in the business.
Business Inquiries Meaning
Corporation
A corporation is a legal entity whose investors purchase shares of stock as evidence of their ownership in it. A corporation acts as a legal shield for its owners, so that they are generally not liable for the corporation's actions. A corporation pays all types of taxes, including income taxes, payroll taxes, sales and use taxes, and property taxes.
One advantage of a corporation is that shareholders are only liable up to the amount of their investments. Another advantage is that a publicly-held corporation in particular can raise substantial amounts by selling shares or issuing bonds. And finally, a shareholder can sell shares in a corporation to a third party. However, there are also several disadvantages related to corporations. One is that this entity and its shareholders are subject to double taxation. Another concern is that the various types of income and other taxes that must be paid can add up to a substantial amount of paperwork.
There are two main types of corporation, which are the C corporation and S corporation.
C Corporation
Business Inquiries Definition
The default form of corporation is the C corporation, which is taxed as a separate entity. Distributions to shareholders are made in the form of dividends. The C corporation structure is heavily used, because it can be owned by an unlimited number of shareholders. This gives it an unrivaled ability to attract capital from investors.
S Corporation
A variation on the standard corporation model is the S corporation. An S corporation passes its income through to its owners, so that the entity itself does not pay income taxes. The owners report the income on their tax returns, thereby avoiding the double taxation that arises in a regular C corporation.
Limited Liability Company
Business Inquiry Letter Format
A limited liability company (LLC) combines the features of corporations and partnerships, which makes them an ideal entity for many businesses. One advantage of an LLC is that the liability of investors is limited to the amount of their investments in the LLC. Another advantage is that an LLC can be structured so that the income earned by the business flows directly through to investors. A third advantage is that an LLC can be run by professional managers, rather than a general partner. Furthermore, there is no limitation on the number of investors in an LLC. And finally, an LLC can issue multiple classes of stock. Offsetting these advantages are two problems, one of which is that each state has implemented different rules regarding how an LLC is structured and operated. Another concern is that there will be annual government fees charged to maintain an LLC entity.
Related Courses
C Corporation Tax Guide
Partnership Tax Guide
S Corporation Tax Guide
Types of Business Entities
It is fascinating to note how many companies brag about their excellent order taking system or their customer service. However, these talkers just don’t deliver when it comes to responsiveness in customer service discussions. Businesses in the customer service industry can all speak about experiences with companies where the urgency to respond to customers didn’t give the impression of being real. Customer service in businesses has schemes they pursue to make it efficient and convenient for every customer with product inquiry or orders. The concept of inquiry only means one thing – when a customer or a potential customer, takes a moment to get in touch with a business they are looking for, they need some sort of assistance.
Business Inquiries Only Please
Customer’s product inquiry or tech support may include normally the primary information. Then the additional information will follow, and then right after, the resolution to the problem. A few may just want to go on about a particular experience they have had with your company. But sad to say, at best, nearly all businesses do a second-rate job of responding to customers in a timely manner. To a few companies, it might appear like a moderately minor concern. But these few are on the verge to stumble down when they continue to overlook the significance of efficiently responding to inquiries or complaints. On the other hand, businesses that have understood how to answer appropriately, with a kind approach, noticeably have an edge over their competitors.
Business Inquiries Youtube
Statistics reveal that nearly every customer will be expecting to have their requests answered in a rational period of time. However, one cannot classify a standard rule for response time so it leaves us questioning – is it really reasonable? Responsiveness or immediate action is actually a tactical matter. It can be employed to distinguish your business from your competition. The standards you establish for responding to all customer issues will determine the level of differentiation you achieve as a result. And the consistency with which you are able to respond quickly will go a long ways toward determining how loyal your customers become.
When it comes to responding to customers, it appears that a lot of team managers are scared to push their employees to the limits. The employees’ attitude is a very big factor when it comes to communicating with customers, and how they are treated. Every customer service agent should constantly be reminded what attitude they should express to their customers – should it be customer first attitude or should it be a casual one?
As their leader, stand as the positive example or role model to them. Show them the accepting, warm and effective approach in handling inquiries and stuff. Your customer service will quickly pick up on your positive approach and will reflect over and over again. Your employees will understand how serious you are about serving the customer, at the very least.