Premium Essay

Law Task 7

In:

Submitted By Danusha1
Words 1729
Pages 7
Sole Proprietorship
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner.
Formation
The simplest and most basic form of a sole proprietorship usually requires little to no formalities. Without the official formation of a separate and new entity, such as a corporation, the legal name of your business is the same as your own name, since essentially you are the entire business. The products or services you sell to the public affect your own personal income and taxes. This is the easiest way to start and operate a business. When people pay the business, they pay you directly.

Advantages
A sole proprietor has complete control and decision-making power over the business.
Sale or transfer can take place at the discretion of the sole proprietor.
Minimal legal costs to forming a sole proprietorship
Few formal business requirements
No corporate tax payments
Another advantage of forming a sole proprietorship is the taxation rules established by the Internal Revenue Service. Sole proprietors are not required to file separate tax returns for their business. Income made from the business is counted as personal income and owners pay taxes according to their individual tax rates. The tax rules regarding sole proprietorships allow owners to avoid the double taxation of corporations.

Distribution of Profits - Sole proprietors are the sole owners of their businesses and do not split profits with other owners. One hundred percent profit retention allows sole proprietors to

Similar Documents

Premium Essay

Job Analysis Matrix

...requirements matrix. Focus on the specifics tasks of the job and the associated KSAOs that lead to success in meeting the tasks. Complete answers showing detail both in the tasks and the KSAOs (type, proficiency, etc). This assignment is worth 10 points. May 4, 2015 Job Analysis Matrix: Commercial Lines Underwriter Job Summary The commercial lines underwriter is responsible for underwriting and maintaining the organization’s business, residential, and religious organization policies. They determine acceptance, rejection, coverage, acceptability, and coverage changes. Their analysis is based upon risk, guidelines, and other criteria. Specific Tasks 1. Evaluates compliance with established policies by determining if an applicant is eligible for insurance coverage. A. Task Dimension: Analysis KSAOs | Importance to Tasks (1-5 Rating) | 1. Knowledge of underwriting operations. | 4.9 | 2. Knowledge of underwriting and state-specific practices. | 4.1 | 3. Ability to match policy rating with office guidelines. | 4.0 | 4. Ability to read and interpret laws and guidelines. | 5.0 | 5. Skill in determining acceptable and non-acceptable risks. | 5.0 | 6. Ability to interpret and implement loss-control guidelines. | 4.4 | 2. Supports underwriting practices for enterprise locations by formulating policies for the underwriting process. A. Task Dimension: Analysis B. Task Dimension: Calculations KSAOs | Importance to Tasks (1-5 Rating) | 1. Knowledge of underwriting...

Words: 775 - Pages: 4

Premium Essay

Cheat Sheet For Research Paper

...Cheat Sheet Index laws (1)Exponents: An exponent is a number that shows how many time to use a particular number for a multiplication. For example 8^of what equals 2002. Know and apply index laws to numerical expressions What are the Index Laws The index laws are a heap of laws that are used when using calculations of indices and exponents, this helps with reducing the calculating process of potential equations that will be raised when dealing with large numbers in mathematics. Rule Example Rule Example Adding Indices when your multiply When two numbers that are the same and are been multiplied together are raised to the power a simple principle can be used to shorten the time used when achieving the problem. X^a x X^b=X^(a+b) Example:...

Words: 2501 - Pages: 11

Premium Essay

Tft2 - Cyberlaw

...Seven (7) Weeks to complete COS Four (4) Tasks Refer to Rubric (in Taskstream) for task requirement details Tasks – submit via Taskstream 1. Task 1 – Policy Statements • For given scenario, develop/revise two policy statements (new users and password requirements). Justify policies based on current federal information security laws/ regulations (i.e., HIPAA) 2. Task 2 - Policy Statements • For given scenario, develop three policy statements that would have prevented a security breach. Justify policies based on national or international standards (i.e., NIST, ISO) 3. Task 3 – Service Level Agreement • • • For given scenario, recommend/justify changes to service level agreement. Address the protection of the parent company’s physical property rights, intellectual property rights and the non-exclusivity clause Use Microsoft Word tracking to track your additions, deletions, and modifications. Insert your justifications after each SLA section, or write an essay describing your changes and justifications 4. Task 4 – Cybercrime • For the given scenario, write an essay responding to the following question prompts (suggested length of 3–5 pages): • • • • • • • • Discuss how two laws or regulations apply to the case study. Discuss how VL Bank will work within the parameters of appropriate legal jurisdiction with specific bodies of law enforcement to resolve the situation. Discuss legal considerations for preparing the digital evidence VL Bank will need to provide law enforcement...

Words: 369 - Pages: 2

Premium Essay

What Makes an Army Leader Practical Exercise Student Handout

...* What Makes an Army Leader Practical Exercise * Student Handout Extracted Material from Task 158-C-1230 | This student handout contains one page of extracted material from the following publication: | | Task 158-C-1230, Apply the Ethical Decision Making Method at Small Unit Level | | | | | Disclaimer: The training developer downloaded the extracted material from the General Dennis J. Reimer Training and Doctrine Digital Library (https://atiam.train.army.mil). The text may contain passive voice, misspellings, grammatical errors, etc., and may not be in compliance with the Army Writing Style Program. | Apply the Ethical Decision Making Method at Small Unit Level 158-C-1230 Conditions: As a leader faced with a situation which requires you to make an ethical decision. Standards: Resolved the situation ethically by appropriately applying the Ethical Decision Making Method IAW FM 22-100. Training and Evaluation Guide Performance Steps: 1. Clearly define the ethical problem. 2. Employ applicable laws and regulations. 3. Reflect on the ethical values and their ramifications. ...

Words: 967 - Pages: 4

Free Essay

Lab #1 Assessment

...Lab #1 – Attack & Penetration Test Plan Answer Sheet Hacking and Countermeasures 6/28/2013 MR. Walker Ramon B Kreher Jared Long Part 1: Table of Contents 1. Introduction 2. Authorization 3. Preliminary 4. Scope 5. Goals & Objectives 6. Test Plan Reporting 7. Test Plan Reporting 8. Projecting Plan and Schedule Part 2: Sample Authorization Letter The Undersigned hereby testifies that they have proper authority and agrees to offer authorization to perform the work that is specified in the statement of work for the penetration test to be conducted by Security Consulting Inc. The systems to be tested shall not be compromised and any vulnerabilities that are discovered shall be kept confidential unless federal, state, or local law requires that they be disclosed or the statement of work specifies otherwise. This Document also certifies that the undersigned testifies that the Client has sufficient disaster recovery systems and insurance in the event of an incident during or after the test procedures. Part 3: Penetration Test Client Questions If black box is selected, do not fill out question 3 or following sections. 1. Black Box | White Box (please circle one) 2. Intrusive | Non-Intrusive (please circle one 3. Test Credentials: (fill in as many as needed) Username | Password | | | | | | | | | | | | | | | E-Commerce Web-based Application Server 1. Authorized to View Source? Yes | No (please...

Words: 652 - Pages: 3

Premium Essay

Aspects of Contract and Negligence for Business

...17.00 Room: LH 2 & LH 3 Term: Winter Term CONTENTS 1. INTRODUCTION, AIMS AND OBJECTIVES 2. MODULE OUTLINE AND TEACHING METHODS 3. READING AND COURSE PREPRATION 4. LECTURE WITH DETAILED COURSE PROGRAMME AND OBJECTIVES 5. ASSESSMENT DETAILS 6. INTRODUCTION The unit introduces the law of contract, with a particular emphasis on the formation and operation of business contracts. Learners are encouraged to explore the content of these agreements and then develop skills relating to the practical application of business contracts, including offer, acceptance, intention, consideration and capacity. Relevant case law examples will be covered. Learners will consider when liability in contract arises, the nature of the obligations on both sides of the contract, and the availability of remedies when a contract is not fulfilled in accordance with its terms. Additionally, the unit will enable learners to understand how the law of tort differs from the law of contract and examine issues of liability in negligence relating to business and how to avoid it. Aim: The aim of this unit is to provide learners with an understanding of aspects of the law of contract and tort and the skill to apply them, particularly in business situations. Key Objectives: 1. What are...

Words: 5678 - Pages: 23

Premium Essay

Aspects of Contract and Negligence for Business

...[pic] [pic] | | |UK COLLEGE OF BUSINESS AND COMPUTING | |Course title |Unit number and title | |BTEC HND IN BUSINESS | Aspects of Contract and Negligence for Business | | | | |Student name Student ID |Assessor name | |Abu Rahman Hndb 5969 |Nathanial Owusu Frimpong | |Date issued |Completion date |Submitted on | |20-03-2014 |19-03-2014 |21-03-2014...

Words: 4339 - Pages: 18

Premium Essay

Mgt 521 Week 3

...on top of your page to view your populated career plan. Write a paper of no more than 350 words discussing the results of your Career Plan Building Activity: Reasoning Aptitude.  What do your results tell you about your individual thinking style or your thought process range?  How does knowing this information and your Competencies and Work culture Preferences help you to understand how work is done in teams?  What adjustments can you make to your own teamwork style based on your Career Plan Building Activities? Click the Assignment Files tab to submit your assignment. 2- Review the example SWOT Analyses located in this week’s Electronic Reserve Readings to see the types of information companies include. Complete the following tasks in the University of Phoenix Material: Organizational Planning Worksheet. Cite your resources. Part One (hand in early):  Select a Fortune 500 company. You may start your research on this company in the Job Market Research Tool in Phoenix Career Services portal but additional research may be required.  Identify the company’s internal and external stakeholders.  Identify the company’s goals and identify the following, specifically:  The...

Words: 1795 - Pages: 8

Premium Essay

Dlis Information Security Risk Assessment

...Table of Contents COVER 1 TABLE OF CONTENTS 2 DOCUMENT CHANGE LOG 3 Project Risk Management Plan Purpose AND SCOPE 4 Key Roles and Responsibilities 4 Risk Management Process and Activities 5 Risk Management Plan Audit Log 5 Risk Assessment and Management Table 6 COMPLIANCE LAWS AND REGULATIONS 8 PROPOSED SCHEDULE 9 Risk Management Plan Approvals 10 * Department: Information Technology Product or Process: Risk Management Document Owner: Battle Creek, MI IT Version | Date | Author | Change Description | 0.1 | 1/6/14 | RFranklin | Initial Draft | 0.2 | 01/12/14 | RFranklin | Revision 1 | 0.3 | 1/13/14 | RFranklin | Revision 2 | * Project Risk Management Plan Purpose and Scope The purpose of this Risk Management Plan is to identify the strategies, methods, and procedures to be used within the Michigan Air National Guard, Battle Creek, Michigan supply chain in identifying, evaluating, and mitigating the risk involved in daily and long term operations. All Department of Defense and federal agencies must at least comply with the minimum standards set forth in Law, DOD directives, branch of service regulations, and local base regulations. This plan provides local guidelines for applying the FISMA standards using the NIST guidelines and procedures. The Scope of this plan is limited to the Michigan Air National Guard facilities, Battle Creek Michigan Information Technology...

Words: 1209 - Pages: 5

Premium Essay

Corporate Law

...new initiatives in the Bill. The 1963 Act, by law the Principal Act, remains nominally the main Companies Act in Ireland today, but does not anymore provide a comprehensive statement of the law. Since 1977 it has continually been amended. The 1990 Act contains 262 sections of law and the 2001 Act contains 114 sections, although the Principal Act contains only 399 sections. The need for a consolidating Act is greater than ever as nine amending Acts of the Oireachtas and numerous statutory instruments have substantially changed the Principal Act. According to the Company Law Review Group’s (CLRG) report consolidation of the Companies Acts will be the third major consolidation in recent years of bodies of law impacting substantially on commercial activity. The advantages of consolidating significant bodies of legislation are set out clearly in the introduction to the Government proposals for the Taxes Consolidation Bill 1997. Some of these advantages are that all direct (tax) legislation will be available in a single up-to-date Act, in a coherent, orderly and more simplified format. As part of the process, a significant amount of unnecessary and obsolete material will be eliminated and there will be considerable simplification in content. All future amendments will be capable of being slotted into the Consolidation Act by amendment and our legislation will become more coherent to foreign investors and their advisers. The task of future simplification will be facilitated. These...

Words: 2644 - Pages: 11

Premium Essay

Texting and Driving

...Criminal Law August 12, 2013 Texting and Driving: It Can Wait Leslee’s life changed forever on March 4th. Leslee Henson and her husband David were involved in a terrible pedestrian-motor accident. They were not driving a car; they were simply going for a walk on a Monday morning in their neighborhood when tragedy struck. The motorist that was guilty of texting, rear ended another vehicle that struck the pedestrians. David shielded his wife, Leslee and took the death for her. In other words, he pushed her out of the way and he died while she survived and has to endure more than 5,000 stitches and staples on her head and neck. Bones in Leslee’s neck and back were broken. She had bleeding in her brain. Her shoulder was injured. The woman that caused the accident was 50 years old, late for work and was texting with her head down. In addition to all these factors, she did not have insurance which leaves Leslee with the medical bills. The car that she rear ended was being driven by a man named Fred, who witnessed David pushing his wife out the way and taking the blow for her. 1 So many individuals’ lives will never be the same because that lady chose to send a text. It has not been revealed what the message entailed but if it was that pertinent, than as a mature person she should have pulled over and taken precautionary measures. David was an amazing father, husband, uncle, and grandfather to 10 darling grand kids. Leslee did go home, two and a half weeks after the accident...

Words: 4027 - Pages: 17

Premium Essay

Idnfiwef

...ABSTRACT Critical Chain Project Management: An Overview Christopher Aitken Director: Elisabeth Umble, Ph.D. The purpose of this thesis is to introduce to the reader Critical Chain Project Management, which is the application of the Theory of Constraints (TOC) process to project management. Eli Goldratt describes the process in the book Critical Chain. Applying Critical Chain protocol will improve the projects due date performance and the quality of deliverables, whatever the project or circumstance. To prove these claims this document explores specific case studies of recent implementations of Critical Chain. It then goes back to look at the history of project management and some of the innovations that led to Critical Chain, including an in depth look at Theory of Constraints. It concludes by exploring the TOC approach to causing change in thinking processes and how this would be done for Critical Chain. This document is written to be accessible to any reader regardless of the level of prior exposure to the Theory of Constraints. APPROVED BY DIRECTOR OF HONORS THESIS: ______________________________________________________ Dr. Elisabeth Umble, Department of Management APPROVED BY THE HONORS PROGRAM: __________________________________________________ DATE: _______________________ CRITICAL CHAIN PROJECT MANAGEMENT: AN OVERVIEW A Thesis Submitted to the Faculty of Baylor University In Partial Fulfillment of the Requirements for the Honors Program By Christopher...

Words: 8356 - Pages: 34

Free Essay

Types of Secretary

...TYPES OF SECRETARY Secretary is an administrative assistant who perform several office tasks within one job in Business Office Administration. 1. Administrative Secretary /Executive Secretary 2. Legal Secretary 3. Office Secretary 4. School Secretary 5. Litigation Secretary 6. Medical Secretary 7. Real Estate Secretary 1. Administrative Secretary/ Executive Secretary A variety of clerical and administrative duties are performed by administrative secretaries to run an organization proficiently. The tasks of administrative secretaries include planning and scheduling appointments and meetings, managing projects, organizing and maintaining paper and electronics files, conducting research and distribute information by using mail services, telephone, e-mail, web sites. They serve as a communication and information managers for an office and may handle travel and guests arrangements also. Generally administrative secretaries work in hospitals, schools, government agencies, corporate settings or medical and legal offices. Their job generally involves sitting for long periods. 2. Legal Secretary A legal secretary is an individual who works in the legal profession specially for helping lawyers. They are also called as executive assistants or administrative assistants. Their tasks are to perform daily clerical functions necessary for the efficient operation of a legal office. Apart from the typical filing, dictation, typing and phone answering responsibilities...

Words: 778 - Pages: 4

Premium Essay

Australian Legal System in Context

...exercises 5-11 Assessment information 12-23 Assessment tasks 12 Part 1 – VCAT and Applied law 12 Part 2 – VCAT and Contextual analysis 13 Hypothetical Case Studies 15 • Residential Tenancies List 15 • Planning and Environment List 18 • Anti-Discrimination list 20 Assessment criteria 22 Reading guide 24-28 Su Robertson, Unit Coordinator su.robertson@vu.edu.au 9919 1823 Unit rationale BLB1101 Australian Legal System in Context: • Provides you with a working foundation in the technical structure of Australian legal systems, using applied practical teaching and learning methods; • Exposes you to ways of making sense of Australian legal systems in a legal academic way using the themes of economics, sustainability, race and gender; • Inducts you in the ways of the lawyer, including appropriate language use and structure, ethics and legal professional behaviour, using reflective, applied and theory-based teaching and learning methods. Learning outcomes Upon successful completion of BLB1101, you will: • Be able to identify and understand the components of Australian legal systems, how these components intersect and interact, and how lawyers use these systems; • Be able to identify and use the language of law in the way of a legal professional; • Be able to situate and analyse Australian legal systems within broader social and political contexts; • Be able to format and write about law in a coherent and professional way; • Have the ability...

Words: 9050 - Pages: 37

Premium Essay

Bussiness Law

...| | | | | La Trobe Law School | | LST2BSL: INTRODUCTION TO BUSINESS LAW | | Subject Learning Guide Semester 12015Melbourne (Bundoora) and DandenongSubject Coordinator: Mr. N. Balu Rao | | ENQUIRIESMr. N. Balu RaoSenior LecturerLa Trobe LawLa Trobe UniversityVictoria 3083 | T 03 9479 2824E N.Rao@latrobe.edu.au | Table of Contents Subject Details 3 GENERAL DETAILS 3 ENROLMENT REQUIREMENTS 3 STAFF CONTACTS 3 SUBJECT DESCRIPTION 4 SUBJECT INTENDED LEARNING OUTCOMES (SILOS) 4 FACULTY GRADUATE CAPABILITIES 4 LEARNING ACTIVITY SUMMARY 4 ASSESSMENT AND FEEDBACK SUMMARY 4 LEARNING RESOURCES 5 STUDENT FEEDBACK ON SUBJECT SURVEY 5 ACADEMIC INTEGRITY 5 Schedule of Learning Activities 6 Session Plan: 6 Learning Activity Details 7 Lectures: (Weeks 1-12) 7 Seminars: (Weeks 2-12) 7 Assessment and Feedback Details 8 Learning Resources 11 Readings 11 Academic Language and Learning Unit (ALLU) 11 Learning Management System (LMS) 11 Library 11 Student Support Services 12 Learning Summary 12 SUBJECT INTENDED LEARNING OUTCOMES (SILOS) 12 FACULTY GRADUATE CAPABILITIES (FGCs) 12 Make the most of this subject 13 Work consistently 13 Practise legal problem solving 13 Participate in all the learning activities 13 Lecture notes 13 Allow sufficient time for study 13 Become a member of a private study group 13 Policies, Procedures and Guidelines 14 Academic Integrity 14 Special Consideration 14 Extensions, Late Submissions...

Words: 5145 - Pages: 21