SAMPLE FORMAT FOR TASK 1 PART A *Course Mentor Note on the interpretation/application of the Taskstream Instructions: According to the instructions in Taskstream, you may conclude the task is asking you to include 3 components for Part A of Task 1 which are: 1. Six of seven characteristics 2. Advantages and disadvantages for each business organization 3. Brief description for each business organization Thus, regarding the format for Task 1 Part A for LIT1, the Bullet/Listing approach
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Part A Sole Proprietorship A sole proprietorship is essentially a small business that is headed by one party or owner, referred to as an entrepreneur. As a sole proprietorship, the debt liability rests entirely on the owner. This means that they can be sued by creditors to collect business debts. Also, if the business owner has any unpaid personal debts, creditors may attempt to collect them from the business profits. Issues such as injuries, lawsuits, and torts that may arise will find the owner
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LIT1 - Task 2 Mark J. Fortenberry May 9, 2015 LIT1 - Task 2 Company X has reported three situations that have occurred that require investigating. Since employment and hiring practices are a part of my duties here at Company X, I have been charged with the investigation into these situations. In the subsequent report, the laws that companies must abide by will be outlined and how these laws affects the outcome in each of these three situations. The Family and Medical
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Natasha Kelso – Submission of Task 1 – LIT1 SOLE PROPRIETORSHIP: A sole proprietorship is a business that is owned by one person. These businesses are relatively small to medium size and is not registered with the state as a corporation or a limited liability company. However, in order to be a legitimate money making operation, the business will have to be registered within the state it does business in. This can be a cumbersome process to say the least. • Liability: A sole proprietor can
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Benjamin Fowler 11/16/15 Task 1 LIT1-0315 A.) The Family and Medical Leave Act of 1993 is a federal law that sets the standard for unpaid leave and job security in the case of certain medical and family situations. The law applies to any worker employed for more than a year at a company with 50 or more employees that is within 75 miles of the employee's residence. The law covers unpaid, job-secure leave to qualifying employees that are caring for a new child, caring for a seriously ill immediate
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LIT1 Task 310.1.2-01-06 Part A: 1. Sole Proprietorship: a. Liability: The owner of sole proprietorship is responsible for all bills that involve the business from supplies to employees. Owner personal’s assets are attainable by creditors in case the sole proprietorship is unable to cover for the bills. b. Income Taxes: The owner would be considers as ordinary person income in which they are tax heavily. Sole proprietorship is unable to take advantage of the lower income
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LIT1 – Task 1 (Part A) Sole Proprietorship: • Single Ownership - The single individual always owns sole proprietorship form of the business. The individual owns all assets and properties of the business and bears the risk of losing or gaining from the business. • No Sharing of Profit – The business is owned by an individual, therefore, all of the gains are directly available for the owner to access immediately. There is no friction between owners
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LIT1 – Task 2 – Labor and Employment Law Company X vs. Employee A on FMLA payment (Situation A) .Relevant Facts: Employee A has a 2 year tenure with Company X. Employee A asked for and was granted FMLA for the birth of his twins. Employee A asked to return to work before the allotted twelve week period had expired. On his return, he also requested for payment of his salary during his eleven week period of FMLA. His request for an early return was granted, but his time on FMLA remains unpaid.
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LIT1 Task 1 Part A SOLE PROPRIETORSHIP: A business that is owned by one person and is not incorporated. Sole proprietorships are easy to start. You don’t need a lawyer and you don’t need to register with the government except to obtain a business license or permit where required. * Liability: The owner is liable for all debts incurred by the business. His personal property can be attached. He is also responsible for any damage an employee may cause
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LIT1 - Task 2 - 310.1.5-02,_11,_13_0912 Family Medical Leave act of 1993 The Family Medical Leave act of 1993 (FMLA) ensures that personnel of companies with 50 or more employees, who work within a 75 mile radius of those in need of the leave, are able to take time off in order to balance their personal obligations with their employment commitment. An employee will qualify for family leave if • they need time off for a serious health condition • or a close family member requires care because
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