...unning head: Business Entity Which Business Entity is Best? BUS670: Legal Environment Leah Westerman January 13, 2015 The first step of many, in the business process is determining the type of entity your business will be. According to Hopson and Hopson (2014) “Usually, concerns over minimizing personal liability, reducing taxes, or becoming more tax efficient drive a business owner’s decision to change the way a company does business.” The options for your type of entity include sole proprietorships, public held corporations, private held corporations, limited liability corporations (LLC), franchises and limited partnerships (LLP). Each type of business runs the risk of being sued for numerous reasons. However, the type of business you own will determine your personal liability exposure as an owner as a result of the lawsuit. A common lawsuit companies are faced with is for a breach of contract. A LLC is one of the smartest choices for a business. According to Hopson and Hopson (2014) “Despite its relative newness, the LLC is now the entity of choice for many because of its flexibility. It allows all members to participate in management, unless the owners elect otherwise in the company’s articles of organization. An LLC takes the advantages of a corporation and combines them with the flexibility and passthrough tax treatment of a partnership...
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...canss service to our customers by using high quality goods and unique delivery standards. We will use innovative resources to streamline products to enhance our athletes performance. We will use creative resources to provide unique designs and logos for our apparel. We will remain competitive in the industry to provide returns to our shareholders. We will respect our multinational partners by acting socially responsible and environmentally responsible to employees, stakeholders, and shareholders. We will expand our organization globally to become a leading ambassador in the athletic industry. With the implementation of these values, we will achieve success and achieve our goal to reward our shareholders. LSI is committed to accept and implement social responsibility to our stakeholders. We will dutifully research our suppliers and venders to make sure they observe and implement high humanitarian standards. Child labors laws will be closely monitored. LSI will provide assistance to under developed countries to improve their living conditions. The assistance will help develop individual citizens and its government. Examples of assistance include but are not limited to educational assistance, nutrition programs, developing quality housing, and medical products. ReferenceIn this paper we will be looking at two businesses a professional practice and an extermination company. We will then be deciding which organizational structure best fits each business while keeping in...
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...Value Statement for Let’s Score It (LSI) Let’s Score It Inc. strives to become the premier company providing sporting goods, sports apparel and equipment worldwide. We will provide World class service to our customers by using high quality goods and unique delivery standards. We will use innovative resources to streamline products to enhance our athletes performance. We will use creative resources to provide unique designs and logos for our apparel. We will remain competitive in the industry to provide returns to our shareholders. We will respect our multinational partners by acting socially responsible and environmentally responsible to employees, stakeholders, and shareholders. We will expand our organization globally to become a leading ambassador in the athletic industry. With the implementation of these values, we will achieve success and achieve our goal to reward our shareholders. LSI is committed to accept and implement social responsibility to our stakeholders. We will dutifully research our suppliers and venders to make sure they observe and implement high humanitarian standards. Child labors laws will be closely monitored. LSI will provide assistance to under developed countries to improve their living conditions. The assistance will help develop individual citizens and its government. Examples of assistance include but are not limited to educational assistance, nutrition programs, developing quality housing, and medical products. Reference About.com...
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...Hierarchical Analysis of Industries Classes, categories, forms, brands Product hierarchy is a term which defines the way a product is relative to other products in the same industry. It guides the path and process a consumer takes to determine the products we choose and we eventually purchase. To start off we look at a basic need that our ultimate choice serves. After we identify the need and determine which industry will satisfy it we are faced with decisions. Which class of products in that industry will deliver that type of product? The different classes all serve a need that is relative to each other but may not serve the specific need. This is where we identify which category of product we are looking for. Here we will find products that serve similar functions and may be marketed to the same customer groups. To further narrow down our choices we must then select a product form that may serve a specific function. This is where we find the exact product that fills the ultimate need. Finally we make our end choice by choosing the brand of that product that will purchase. The actual number of levels in the hierarchy depends on how much more detailed or defined the need is. For example if someone wants soap and their only need is to clean something generic, they wouldn’t dig deeper into the types of soap they are looking for rather than looking for a specific type of cleaning agent for granite counter tops for example. To further explain and give examples of how a...
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...potential business idea. Discussion a. For the first time of group meeting, we are first discuss about the allocated roles and responsible of each of group member. From the analysis individual skills of each team member, we found that all of team member also didn’t have the research skills. Before that, we are already allocates the job roles for each of team member follow by ours skills. We are also weakness in research, so that will make us have the problem to face the future project scope. Because researcher is very important for the project, when thinking about the business ideas that needed come out with research to determine the business idea feasibility. Other aspect of decision of the project also needed come out with the research. For solving this problem, Kai Teck suggests to using the dice, who dice the smaller number and he will become researcher. Chin Keat have another suggests that the researcher allocate to the member who are the best ability of English because he think that can help to fast to understand the content of information search from internet. b. After that, we discuss the company name. Beginning we are also didn’t have any idea for our company name. So we also searching from internet to reference other IT company name. After that, Woei Liang suggests the company named as ‘IT GROUP’. But other members do not look like the name of Woei Liang suggest. Edwin Gan has another suggest is ‘Unity’ Group’. He explain that the unity represent as our team as...
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...to enhance our ability to think and maintain our self-awareness. What binds these abilities are the different values we are born into, grow with and die for. We believe that through these values, we need to develop to make sure that we do not lose our essence as a human being. A value is a belief, a mission, or a philosophy that is meaningful. Whether we are consciously aware of them or not, every individual has a core set of personal values. Values give meaning to our lives, allowing us to see reality with understanding and the passion to carry out our plans. It can range from the commonplace, such as the belief in hard work and punctuality, to the more psychological, such as self-reliance, concern for others, and harmony of purpose. "Achieving starts with believing" (Smith, 1999, p.13). In order for us to attain fully our values, then we must first believe in them. All too often we have heard people state something that they hold valuable, and when they try to achieve it, they realize that they really don’t believe in it. We can energize our lives by making the full effort to implement the values we subscribe to. Once we identify values that are meaningful to us, we can develop strategies to implement them. When we make the determined effort to implement those strategies; new opportunities, new sources of revenue and income, and other forms of material and psychological benefit may follow. We will examine four values that we believe are significant to our lives and how...
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...Subject: INTRODUCING FIRST DIASPORA PRODUCT SUITE 1.0 INTRODUCTION Diaspora Banking is fast gaining attention in the Nigerian banking sector. Available statistics show that there are over 5 million Nigerians living in the Diaspora.Nigerians migrate mainly to the following countries: · · · United States of America United Kingdom; and South Africa. There is a major concentration of Nigerians in the following cities United States of America (USA) · · · · · New York Maryland Houston Atlanta Texas United Kingdom · · · · London Ireland Birmingham Manchester · Essex Africa - South Africa · 1.1 Johannesburg OBJECTIVES The objective of the Diaspora team is as follows: · · · To provide Nigerians in Diaspora an opportunity to maintain operative accounts in FirstBank Nigeria To provide Nigerians in Diaspora with facilities to finance investments in real estate in Nigeria Provide Nigerians in Diaspora an interface for operating their accounts in First Bank and thereby bridging the geographical barriers to the delivery of banking services to Nigerians abroad. Each Diaspora customer will have an RM he/she can talk to at all times. · · · · · · To provide non-resident Nigerians with facilities for effecting domestic and international funds transfer. Offer Nigerians abroad the opportunity to build and grow their individual net worth in Nigeria through provision of investment advisory services. Grow the bank s retail customer base thereby generating a large pool of stable deposits...
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...fundraiser is being established to help raise funds needed to defray some of the costs associated with cheerleading, such as shoes, mats, equipment, trips, and regional and national cheer competitions. Sponsorship in the Falcon Cheer organization is given on a year-to-year basis and will take the form of three standard sponsorship packages. The sponsorship levels are as follows: Panther Silver: Name of sponsor is added to our 2012-2013 sponsor tee-shirts, which the cheerleaders Min. $50.00 will wear during various events of our fall and spring seasons. Tee shirts will also be given away during our fall season to patrons at Gadsden sporting events. Panther Gold: Name of sponsor with logo on the back of our 2012-2013 sponsor tee shirts. Thank you Min. $125.00 poster from the cheerleaders with free advertisement space. The poster will include a free business card size advertisement of your business. The posters will be handed out to various local businesses for display. Panther Platinum: Name of sponsor with logo high on the back of our 2012-2013 sponsor tee shirts, Min. $200.00 a thank you poster from the cheerleaders with free advertisement space (two business cards in size), and two homecoming tickets for the 2012 Gadsden Homecoming game. The parents, cheerleaders, and coaching staff sincerely appreciate your taking the time to consider being a...
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...today’s world, business decisions are involved in everything that people do. In homes, on the job, and in everyday transactions, business is in one way or another applied. These decisions may be based on finances, personal beliefs, power, or even on greed. Due to these many reasons, it is very important that businesses use a set of rules or guidelines in helping them to make the right decisions. It seems that a different company or organization is on television every other day because they have been caught using unethical measures in their business. In applying an ethical decision model, companies can cut down on making decisions, which can hinder their companies in a negative way, now and also in the future. Applying ethics in the form of a decision model is no replacement for morals or for business leadership, but it gives guidelines to follow, and identifies which problems actually need to be addressed and offers various ways to solve them (Sternberg, pg. 112). The decision model helps to organize the information in a way that is more productive in solving the problem in the right way. Through analyzing ethical decision models a number of ethical issues can be solved quite well, and with good grace. The following ethical decision models will help illustrate the importance if using these rules and guidelines. Sternberg’s ethical decision model is based on five steps. Step one is to clarify the questions, which is very important in tackling all ethical business problems. Many...
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...Critical Thinking and Society Jason Terry PHL/458 September 3, 2012 Cher Summers Critical Thinking and Society In the business world, we are influenced by the thoughts and actions of those around us. We are often encouraged to change our opinion or views based on the information that we are given at that moment in time. Persuasive speaking has proven to be an effective form of communication. When used properly it can change the way we operate and or manage many of our working environments. In this paper I plan to describe a situation which critical and creative thinking could have been used more effective to produce a better outcome in my personal working environment. The definition of free will, truth and knowledge will give insight to critical thinking. Understanding three specific hindrances, such as resistance to change, stereotyping and conformity, will give you the general understanding of the hindrances and how we can overcome them. Lastly, advertising plays a major part in today’s persuasive thoughts. I will evaluate one specific advertisement to find and explain the reality of the message. Critical and Creative Thoughts In healthcare, we often make hasty decisions without looking at the total impact that it may have on the organization. In early spring of 2010, the Federal government passed a law requiring hospitals to upgrade to electronic medical records. Funding was earmarked for this project and deadlines were set stating that hospitals would...
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...GRADUATE SCHOOL OF BUSINESS SCIENCES AND MANAGEMENT Platinum Insurance Company’s Marketing Program For Launching a new insurance product “Insure Your Hero” Design a marketing programme for launching a new product of your choice in a mature industry Page | 1 TABLE OF CONTENTS EXECUTIVE SUMMARY .................................................................................................................................. 3 OBJECTIVES OF THIS MARKETING PROGRAM ...................................................................................... 3 PROJECT TEAM ................................................................................................................................................ 4 INTRODUCTION ............................................................................................................................................... 5 SITUATIONAL ANALYSIS .............................................................................................................................. 6 INDUSTRY COMPETITIVE ANALYSIS ........................................................................................................ 7 PORTER’S FIVE FORCES MODEL ................................................................................................................ 8 PORTER’S COMPETITIVE STRATEGIES ................................................................................................. 10 TARGET MARKET..........................................
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...developing a business takes much research and dedication. Shania Jackson has an exciting adventure ahead of her in her pursuit of opening a Christian coffeehouse, and she is in a great location for establishing a profitable business. However, Shania is faced with the tough decision as to how to structure her business. There are many business model entity choices that Shania can consider: sole proprietorship, general partnership, limited liability company, and corporation are just a few. A sole proprietorship is probably the easiest form to be establish and least complicated to maintain. If Shania chooses to set up her business as a sole proprietorship, she will maintain control of all aspects of her business and will be able to let her creative ideas flow freely. According to www.sbdcfortlewis.org, the proprietor is solely responsible for the liabilities and debts incurred by the business; meaning that Shania would not be protected from personal financial ruin or lawsuit (p. 12). The amount of risk Shania is willing to assume should help guide her decision on whether or not to establish sole proprietorship. When an individual is uncomfortable with risk, they often consider partnership as an alternative. According to Hopson and Hopson (2014), a general partnership may exist if a business owner has shared profits with another (p.43). While profits are shared between the partners in a general partnership, the partners are also liable financially for the business debts (Blair...
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...Management Massachusetts Institute of Technology MIT Initiative on Inventing the Organizations of the 21st Century Discussion Paper November 1999 * The MIT 21st Century Manifesto Working Group includes the following MIT faculty members: Deborah Ancona, Lotte Bailyn, Erik Brynjolfsson, John Carroll, Tom Kochan, Don Lessard, Thomas Malone (chair), Wanda Orlikowski, Jack Rockart, Michael Scott Morton, Peter Senge, John Sterman, and JoAnne Yates. 2 What do we really want? A manifesto for the organizations of the 21st Century In many ways, today’ organizations are working very well. But few institutions s anywhere -- be they educational, governmental, community, or business institutions -- are serving societies' and invididuals’ needs as well as they could. In particular, business institutions, while arguably the healthiest of society's institutions, are operating far short of their potential to contribute broadly to societal well being. Today’ firms are more technically capable and more economically efficient than ever s before, and free market efficiencies are being realized in more and more countries around the world. In many cases, however, these highly efficient organizations are not achieving what we humans really want. The current organization of economic activity is intensifying economic inequity. It is eroding critical environmental systems. And it is generating unsustainable stresses on people, even those "succeeding" in the system. We believe that it...
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...How does a person’s choice of interior design in their home reflect on that person’s personality? It goes without saying that your actions and the way you portray yourself resembles your personality, for example, if you are an unorganised person the chances are your home will be messy. This also reflects on the way we decorate our homes because ‘everyone wants to create the perfect home, and often the way you decorate it is an extension of your attitude and feelings’ (www.hunters.com, 2018). However, individuals have not always portrayed their homes with such pride, considering the diversity between rich and poor in the 1900’s which made a huge impact on the lower classes capability to decorate their homes. Fast forwarding to the 21st century, the world has witnessed a rise in Interior retail...
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...Are You Sure You Have a Strategy? Author(s): Donald C. Hambrick and James W. Fredrickson Reviewed work(s): Source: The Academy of Management Executive (1993-2005), Vol. 15, No. 4, Themes: Business Strategies and Employee Development (Nov., 2001), pp. 48-59 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/4165785 . Accessed: 17/01/2012 13:33 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Academy of Management is collaborating with JSTOR to digitize, preserve and extend access to The Academy of Management Executive (1993-2005). http://www.jstor.org rV Academy of Management Executive, 2001, Vol. 15, No. 4 ....................................................................................................................................................................... Are you a sure you have strategy? Donald C. Hambrick and James W. Fredrickson Executive Overview After more than 30 years of hard thinking about strategy, consultants and scholars have provided an abundance...
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