Caitlin Jerome February 16, 2013 Western Governors University LIT1 Task 2 Introduction: The United States of America have created the laws that have and will protect the workers’ rights and provide the guidelines to the employers they work for. In 1993, there was a law that was passed called the Family Medical Leave Act that provides clear guidance to the employers and employees. The Americans with Disabilities Act was passed in 1990 and the Age Discrimination Act of 1975 was also passed
Words: 442 - Pages: 2
LIT1 Task 1 part A Sole Proprietorship- This is the most common way to do a startup business in the US. There is no distinction between the owner and the business. This is owned by one person * Liability- The owner of the business is solely responsible for all liability (unlimited liability) * Income Taxes- The owner of the business pays taxes on the income generated as ordinary income. For tax purposes, all income needs to be reported on their personal tax forms. * Continuity-When
Words: 1137 - Pages: 5
Task 1 Part A Sole Proprietorship A sole proprietorship refers to a form of organization owned by a single individual. In this business, a single person makes all the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers
Words: 2228 - Pages: 9
Task 1 Part A SUBDOMAIN 310.1.2-6 In today’s world, it is imperative that entrepreneurs are well versed in business forms. Choosing the wrong form can prove to be disastrous. Below is a list of business forms that are in use today. Sole Proprietorship: Liability – A sole proprietor has unlimited liability. If insurance or business assets are not enough to cover company debts, the owner’s personal assets are accessible. Income Taxes – Legally, the sole proprietor and business and are
Words: 1223 - Pages: 5
Sole Proprietorship A sole proprietorship is a business that is owned by one person. This person may operate the business or he/she may contract the work out to another individual. The owner makes all the decisions concerning the business regardless of who actually performs the work. The limitless and peerless accountability is one of the key characteristics of the sole proprietor. Advantages of a sole proprietorship Some of the advantages of a sole proprietorship are the simplicity and autonomy
Words: 3217 - Pages: 13
The following report will provide comparisons, 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
Words: 1860 - Pages: 8
Sole Proprietorship: Sole proprietorships are businesses that are owned and operated by one person. The business and the owner are one and the same, as there is no legal separation between the two. The owner would only have to register as a business if he were to operate under a fictitious name or if they provided services requiring a license. * Liability: As there is no legal separation between the owner and the business, 100% of the liability is on the owner. He or She would be responsible
Words: 1775 - Pages: 8
Task 2 Lit 1 Mallory Carter Situation A. Employee A has been with Company X for two years. Employee A's spouse gave birth prematurely to twins. He requested leave to be with his spouse, which was granted. Employee A has been on leave for 11 weeks, and has asked to return to work, and to be paid the withheld salary from his 11-week leave. The previous department manager left the company during Employee A’s leave. The new manager has agreed to Employee A’s return to the previous job, at the
Words: 656 - Pages: 3
Situation A The Family Medical Leave Act (FMLA) of 1993 states that any employee who has been on the job for 12 months, worked 1,250 hours in the last 12 months, and at a company of at least 50 people in the U.S. is eligible for 12 weeks of unpaid leave. The leave may be used for a personal serious health condition, to take care of an immediate family member with a serious illness, or for the birth/adoption/placement of a child. The employee is entitled to return after the leave period to their
Words: 733 - Pages: 3
Situation A Based on the United States Department of Labor (USDL) Family and Medical Leave Act of 1993 (FMLA), provisions can be made to arrange work leave for a variety of reasons. These situations include; the birth of a child within one year of birth, placement of child for adoption or foster care within one year, to care for spouse, child, or parent with serious health conditions, a health condition that makes the employee unable to perform his or her duties, and any qualifying active military
Words: 570 - Pages: 3
