...advantages, and disadvantages of the 6 different forms of business organizations: sole proprietorship, general partnership, limited partnership, C- Corporation, S- Corporation, and Limited Liability Company. Sole Proprietorship A sole proprietorship is a type of business entity which legally has no separate existence from its owner. Hence, the limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. The person who sets up the company has sole responsibility for the company's debts. It is a "sole" proprietorship in the sense that the owner has no partners. A sole proprietorship essentially refers to a natural person (individual) doing business in his or her own name and in which there is only one owner. ( Wikepedia 2008) * Liability- Because there is only one owner all the liability is on the sole owner. * Income Taxes – A sole proprietorship is not a corporation; it does not pay corporate taxes, but rather the person who organized the business pays personal income taxes on the profits made, making accounting much simpler. (Wikipedia 2008) * Longevity or continuity of the organization: The sole proprietorship remains in existence for as long as the owner is willing or able to stay in business. When the owner dies, the sole proprietorship no longer exists. The assets and liabilities of the business become part of the owner's estate. A sole proprietor can freely transfer a business by selling all or a portion of...
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...Act, the Negotiable Instruments Law, the Uniform Warehouse Receipts Act, the Uniform Bills of Lading Act, the Uniform Stock Transfer Act, the Uniform Trust Receipts Act, and numerous other statutes. Massachusetts thus became the second state to enact the Code, following the lead of Pennsylvania, where the Code, enacted in April 1953, took effect on July 1, 1954. In March 1958 the Code was enacted in Kentucky, effective July 1, 1960. Proposals to enact the Code will undoubtedly come before legislatures in other states in the course of the next few years, and it seems likely that several other states will join the procession at their 1959 sessions (Braucher, 1958). The Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. The Uniform Commercial Code, or UCC, is a very large collection of legal rules regarding many important business, or “commercial,” activities. The UCC originally was created by two national nongovernmental legal organizations: the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI) (Steingold, 2013). As the word “Uniform” in its title suggests, a primary purpose of the UCC is to make business activities more predictable and efficient by making business laws highly consistent across all American...
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...Acme Fireworks Business Evaluation Ryan Magana BUS311: Business Law I (BBL1524C) Maureen Martinous July 13, 2015 Acme Firework Business Evaluation Acme Fireworks is looking to change the business entity of their company but needs help deciding how to go about doing it. There are plenty of options for the company to go with but some might be more beneficial when it comes to thinking about long term. In this evaluation we will go over the options that are available and what we consider to be the best course of action for Acme Fireworks. Running a business can be an extremely difficult job to take on for anyone, no matter what experience you have. 365 days a year you need to be available for whatever course of action might take place. There are many aspects of a business that need to be monitored very closely and these are some examples: production, sales and customer service, business entity, liabilities, and employment types. References Mancuso, A. (2014). Chapter 3: Forming and Running Your Business. LLC Or Corporation?, 59-80. Mancuso, A. (2014). Chapter 6: Converting a Sole Proprietorship to Another Entity. LLC Or Corporation?, 153-176. Rogers, S. (2012). Essentials of Business Law. San Diego, CA: Bridgepoint Education, Inc. Smith, V., & Neuwirth, E. B. (2009). Temporary Help Agencies and the Making of a New Employment Practice. Academy Of Management Perspectives, 23(1), 56-72. doi:10.5465/AMP.2009.37008003 Steingold, F. S. (2015). CHAPTER 1: Which...
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...and restaurant business. They need an investor, so that’s when Miriam came into the picture. She will just be a silent partner and will get a percentage of the profits. When having two or more business partners, they can form a LLLP. Limited Liability Limited Partnership (LLLP) is ”a special type of limited partnership that has both general partners and limited partners, where both the general and limited partners have limited liability and are not personally liable for the debts of the LLLP.” (Cheeseman, 2010) This is also a form of a general partnership. For example if I go into a business with one or more partners to make a profit on whatever the business it is. That will be a general partnership. Miriam wants to get in on the business, but don’t have the time to put in at the bar. She would be in a limited partnership. Limited partnership comes in two types, general partners and limited partners. Miriam would fall under the limited partners because Miriam doesn’t have the time to deal with the business aspect of the sports bar and restaurant. It also states that limited partners are “partners in a limited partnership who invest capital but do not participate in management and are not personally liable for partnership debts beyond their capital contributions.” (Cheeseman, 2010) Taking control of a business takes a few different steps and with those steps is called a formation of a general partnership. In the formation of a general partnership the business has to “meet...
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...establish a small business in Pakistan, or want to start a home-based business. This form of business is used by majority of start-ups on Pakistan, and it is the simplest way of giving corporate face to a small business Formation Following are the main steps to start a sole proprietorship business: · Finalize a business name. · Print basic business stationary i.e. letterheads, visiting cards etc. · Prepare firm's name stamp (a common rubber stamp will do). · Open a bank account in the name of sole proprietor business. The bank manager will require a request letter on business letterhead with sole proprietor’s signature and stamp. · Get bank statement of the newly opened bank account. · Apply for National Tax Number (NTN) certificate. Bank account statement and a copy of sole proprietor’s computerized national identity card will be required along with application for NTN. If sole proprietor already has NTN there is no need to get a new one as the existing NTN can be used for business documentation. Characteristics There is no requirement to register a sole proprietorship in Pakistan. Any business can be conducted through a sole proprietorship unless the law requires a certain business to be carried out only by an association of persons, for example a partnership firm or a limited liability company. Sole proprietorships are not complex business structures, and are therefore quite easy and quick to establish. The owner of a sole proprietor business (referred as ‘sole...
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...Startups A Small Business Start-Up Checklist 1. Conduct Research and Development *First, answer the following questions: · Is there a current or potential demand for your product or service? · Who makes up your target market? · Does the demand have potential staying power? · What does the current competition look like? · What are the anticipated production/operation costs? (This includes the average cost of any necessary supplies, equipment, and facilities as well as the cost to hire employees.) 2. Make a List of Available Resources *Determine all the assets, knowledge, and expertise that will be needed to start the business *Get an adviser. For free counsel: · Service Corps of Retired Executives (SCORE) · The Small Business Association (SBA) · Micro Mentor · Additional online business resources 3. Create a Start-up Budget *Calculate your start-up costs and complete a start-up budget worksheet 4. Develop a Business Plan *Define your company's mission, the product/service you intend to offer, the industry and market segments you want to enter, the setup and structure of your business, and a financial analysis *Some free online business resources: · Myownbusiness.org - free online business course · Small Business Association - a collection of basic articles on writing a business start-up plan. · Allbusiness.com - specific articles on business plan creation as well as some downloadable templates. · SCORE - an online business workshop · Bplans.com -...
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...1. Small Business Idea Paper 2. Introduction The Federal Government has allocated suitable funds for potential entrepreneurs and prospected business types who seek to further engage in economic acquisition or create a new element of capital in order to foster the current economy with a potential small business venture. I have chosen to acquire these much needed resources in order to create my small business and join the field of Security in Protective Services. My company is entitled RSJ Security Services, it is an up and coming business founded by Roberto Santiago Juarez, who is a skilled Security Officer, Post Commander, and Operations Manager of seventeen years within the Security Field located in Las Vegas, Nevada. The new company will provide jobs for the community and protect local business interest. With the social climate being in the state of frame that it is in, RSJ Security Services will become a positive element in the field of security. RSJ Security Services will focus primarily on clients and community interests, as well as employee needs. 3. RSJ Security Services will employee an experienced security staff, appealing to experienced security personnel, and present, and former military personnel, and implement based on client contracts using full time officers. RSJ Security Services will begin by having one employee, and that is the owner Roberto Santiago Juarez at the time of the launch of the company. With over seventeen years of experience...
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...are not many legal formalities involved in starting an event management company. All the formalities of registration for sales tax, service tax, etc. are the same as in any other business.” However, for carrying out an event at an outside venue, you need certain authorisations from the local bodies. In a place like Chandigarh one needs 6-7 authorisations whereas the number can go up to some 21 authorisations in Delhi. Some essential authorisations include a permit from the Municipal Corporation (for putting up advertisements), the Superintendent of Police (security), the SDM (law and order) and a no objection certificate from the DC office. Ketan Lotia, Founder, Miracle Magic says, “Various regulations especially concerning live performances, animal shows, road shows, etc. are necessary keeping in mind law and order and the safety of the performing animals, the spectators and the clients.” Legally Yours You will need to create a legal entity for your business venture. Decide whether you want to function as a Limited Liability Company (or LLC), a corporation, a partnership or would you want to be the sole proprietor. Bear in mind that when it comes to sole proprietorship liability protections are not provided. It is also easy to register a company these days using the services of such online business entity registration companies as BizFilings, LegalFilings and LegalZoom and so...
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...Global – Contracts & Offers Professor: Tonya Floyd LAWS 310 Devry University Table of Contents Introduction…………………………………………………………………………….. 3 Definition of Contracts…………………...........................……………………………… 3 The Greenleaf Manufacturing Proposal Analysis …………………………………………. 3 The Sunrise Ltd Proposal Analysis......................…………………………………………. 4 The Groupo Embraco Proposal Analysis.......................…………………………………. 4 Pros & Cons ...……………………………...........................................................………. 5 Domestic Sourcing……………………...........................................................………. 5 Foreign Sourcing…….......………………...........................................................………. 6 Contract Liability... …………………………………………………………..………... 7 Conclusion………………………………………………………………….…………... 8 Introduction Gloria’s business is going global and many decisions need to be made in order for her to fulfill her clientele’s needs. She needs to make decisions that make sense for her and her business. We will start by providing the definition of contracts and offers in our textbook, so we can have a clear idea of what we are about to discuss next. We will explore and analyze 3 different scenarios or proposals to suggest Gloria which one makes more sense for her business and her clients. Having the opportunity to expand her business and take it to the next level is definitively a situation...
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...ss » Starting a Business » Thinking About Starting a Business? » 10 Steps to Starting a Business Starting a Business Thinking About Starting a Business? Is Entrepreneurship For You? 20 Questions Before Starting 10 Steps to Starting a Business Understand Your Market Business Data & Statistics Business Types Find a Mentor or Counselor Ask Questions About Starting a Business Create Your Business Plan Choose Your Business Structure Choose & Register Your Business Obtain Business Licenses & Permits Learn About Business Law & Regulations Finance Your Business Explore Loans, Grants & Funding Filing & Paying Taxes Choose Your Location & Equipment Hire & Retain Employees null Thinking About Starting a Business? ARTICLE 10 Steps to Starting a Business Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Click on the links to learn more. Step 1: Write a Business Plan Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. Step 2: Get Business Assistance and Training Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Step 3: Choose a Business Location Get advice on how to select a customer-friendly location and comply with...
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...To gain a better understanding of how acts of congress are formed from inception to enactment there are various methodologies one can use. For this paper I will be using the Analytical Framework methodology as described in our class textbook, The Struggle for Democracy by authors Edward Greenberg and Benjamin Page. The congressional act I’ve chosen to explore is one of great importance to all working Americans. The Family and Medical Leave Act of 1993 specifically deals with the need of our nation’s workforce as it relates to work/life balance. The purpose of this paper is for the reader to gain an understanding of how the Family and Medical Leave Act of 1993 came to be signed into law by providing the context of why the need for such a...
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...Business Ownership Name: ACC/561 August 6, 2012 Instructor: Business Ownership The biggest decision an individual can face is with when starting a business is selecting the type of business he has interest in. Will his business be a sole proprietorship, a partnership, corporation, or limited liability company. Each of the four business types has many advantages and disadvantages regarding taxes and liability. The individual who wants to start-up the business should take into consideration many factors concerning cost, control, and the amount of risk he is willing to assume. Sole Proprietorship is the most common type of business. Sole proprietorship is the easiest type of ownership and is the easiest to enter and leave. The benefit to a sole proprietorship is cost of start-up is low, owner controlled, and profits go to the owner. The tax advantages are the individual is not paying separate from his personal taxes the taxes are generally lower for the sole proprietor. The disadvantages of a sole proprietorship are limitless liability, if the business has one owner the business could close if the owner passed away, and it may be hard to raise capital. If more than one individual join to start up a business, the advantages and disadvantages increase. ...
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...this paper we will compare and discuss different forms of business and their advantages and disadvantages. Following are the different type of business formed to conduct work: 1. Sole proprietorship. 2. Partnership. 3. Limited liability partnership. 4. Limited liability company. 5. S corporation. 6. Franchise. 7. Corporate. 1. Sole proprietorship, The sole proprietorship is a type of business entity that is owned and run by one individual. All the decisions of the business are made by that individual and there is no legal distinction between that individual and the business. Following are the advantages and disadvantages of Sole proprietorship Advantages They have the ability to raise capital either publicly or privately. To limit the personal liability of the officers and managers. Limit risk to investors. Sole proprietorships have the least government rules and regulations affecting it. Owners have complete control over all the aspects of his or her business. The owner can take any managerial decisions that he/ she wants to take. Disadvantages Raising capital for a proprietorship is more difficult because an unrelated investor has less peace of mind concerning the use and security of his or her investment . The investment is more difficult to formalize other types of business entities have more documentation. The enterprise may be crippled or terminated if the owner becomes ill. The business is the same legal entity as the proprietor; it ceases to...
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...are starting their own business, the most common type of business are Sole Proprietorship however LLC are amounting. Therefore we states that LLCs are more suitable for startups because of it’s new thinking and security. Sole Proprietorship is the simplest form and the most ubiquitous form of companies, Over 70 percent of U.S. companies are owned and operated by sole proprietors (Beesley 2013). It is an autonomous and the business only has one owner with no difference between the company and the proprietor. Normally everything in the company are in the owners name for instance bank accounts, contracts signs and the checks customers are writing. The owner are legitimate to all profits and are accountable for all of the business’s debts, losses and liabilities. (Entrepreneur.com 2005) Every start-ups cost money nevertheless this form is the most inexpensive one, obviously the business still need purchase all the equipment required for the business except there are no fee to get started. To start a business the only legal obligation in most states are to attain a business license, register your name and get permits demanded, the license can be obtained at the city Clerk’s office and the permits depends on which kind of business you are starting, for example if you going to open a restaurant you going to need a health permits. (Barringer, B. & Ireland, D 2012) Limited Liability Companies (LLC) are a particular form of business, where corporate law and partnership are mixed...
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...originally intended for. Then I will proceed with the why of FMLA. Why was this act proposed and why was it passed into law. Next, I will discuss how the FMLA works. How is it supposed to work and is it actual-ly working? Included in this, I will present some case studies to that will present different as-pects of FMLA. And finally I will discuss who uses FMLA. Who was it intended to help, who it is actually helping and who it is harming. Also, I will present case studies that will either confirm or deny if the FMLA is working. Finally I will offer some possible solutions to help to fix what is broken with FMLA and even possibly offer some suggestions for further research on FMLA. Introduction FMLA is designed to allow certain family members up to 12 weeks unpaid leave for family emergencies. It was enacted in 1993 but has had some changes made to it due to legisla-tion. FMLA was originally designed to cover both employees and employers. Since its inception, there were some issues with it and the government and several other agencies have worked to-gether to attempt to make FMLA better and more manageable. All employers with 50 or more employees are "covered employers" under FMLA, the same is true for public employers of primary and secondary schools, regardless of the number of employees (Rosseau, 2008, 97). Does this hurt or help the small business? The...
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