From: RE: Business Options Date: September 27, 2015 _______________________________________________ Changing the way you structure your business can be a frightening endeavor. You have been operating as a Sole Proprietorship for quite some time now, but it appears you have outgrown that business type. You have expressed a need to scale the business as well as a concern for your own personal liability. With those concerns in mind as well as the current state of your business, I recommend
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Business Law and Communications LIT1, Assignment 1 Your business is now currently operating as a Sole proprietorship. You and your business are one. Any income the business receives and expenses paid will flow in and out from you personally and will be reported as a Schedule C on your personal income taxes. As a sole proprietor you carry full responsibility and are 100% liable for the company. This means any debts you owe from your business if there are not adequate funds available from the business
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FMLA and ADD Wendy Lavoie Rasmussen College Author Note This paper is being submitted on May 17, 2015, for Cregg McKinney’s Business Law course. FMLA and ADD The Family Medical Leave Act is an act put into place to help employees of covered employers to take a leave of absence to care for a person in their immediate family. The Family Medical Leave Act covers certain things such as; birth and care of the eligible employee’s child or placement for adoption or foster care of a child, care
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C-corporation e. S-corporation f. Limited liability company Sole Proprietorship: * Liability – can be held independently legally accountable for any business-related responsibilities. * Income taxes- sole proprietors reports all business income or losses on their individual income tax return -- IRS Form 1040, with Schedule C for small business * Longevity/ Continuity- Sole proprietorships only exist as long as the owner is alive or decides on their own that they want to close it. * Control-
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Enterprise, LLC is a small water purifying company doing business in Arizona. I am not a customer of Desert Rain Enterprise (DRE) but I have a connection to the company. DRE is owned by Daniel Westergaard, my father-in-law and his brother Thomas. They have a 50/50 partnership, with Thomas currently being the silent partner (Daniel Westergaard, personal communication, December 21, 2014). The Business Plan When asked what the business plan is, Daniel answered, “Well to make money of course”
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One of the initial steps to take when beginning a business consist of choosing the structure of the company. There are numerous business structures existing to new business owners, from functioning as a partnership to creating a corporation. Each of the business structures has its individual legal and tax consequences. Your business objectives will have great influence on determining the most appropriate business structure to use. Sole Proprietorship Sole proprietors have limited formalities
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Legal Issues for Business Organizations – LIT1 Task 1 Legal Issues for Business Organizations – LIT1 Task 1 – Part A The way a business is organized is an important part of the business’s structure. “Different organizations provide different advantages and disadvantages in creation cost and simplicity, ongoing maintenance requirements, dissolution and continuity, fundraising, managerial control, public ownership, tax planning, and limited liability.” The nature of the business being conducted
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Starting a business exciting and also it is incredibly challenging. There are things that you need to think and do before starting your business. Having a business plan can help your business to be successful. On your business plan you need to put your executive summary of your business. On the executive summary you need to include the mission statement, company information, growth highlights, the product or service that you will offer, financial information and summarize future plan. Since you are
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2 You are interested in establishing a small business, and you must decide which form of business organization would best suit your unique product or service. Consider legal, tax, accounting, and other implications when selecting from the four business types. Write a paper of no more than 1,250 words discussing your small-business idea. Include the following: The advantages and disadvantages of the different forms of business organization, which include the following: Sole
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there are work life imbalances stress, spillover, and burnout occur at work and also effect the family. This literature review aims at looking at all the factors that contribute to the growing issue of work-life balance in America. Currently only one law, the Family Medical Leave Act (FMLA) passed by the United States (US) government gives employees unpaid time off for certain situations. The review reveals a lack of US government and private companies’ involvement in creating better work-life balance
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