| Sole Proprietorship | Description | Sole proprietor is most common way of doing business owned by single owner not incorporated. | Two Advantages | Easy to create. No time or costs simply start doing business.Autonomy owner is the business. Easy to make decisions. Own hours, grow as big or stay little. Owner decides. | Two Disadvantages | If owner dies business dies. Only one person hard to raise capital.Because it is one person, if you don’t have individual wealth the business will have
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Comparisons Business Form Comparisons Western Governors University The different forms of business are sole proprietorship, which is already in use by the client; general partnership; limited partnership; c-corporation; s-corporation; and Limited Liability Company. The client is currently unsatisfied with the sole proprietorship, which is the easiest type of business to begin and to run, but which doesn’t fit the client’s needs any longer, since the business
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Task 1-A Sole proprietorship 1. Liability An owner has unlimited liability both personally and as the company owner. Liability is a disadvantage in a sole proprietorship. 2. Income taxes Owners are responsible for filing taxes and is allowed to file taxes as part of their personal income taxes. 3. Longevity This depends completely on the owner and there continued ability to operate the business. The operation of the business can be significantly affected if the owner becomes
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Introduction: The three basic legal forms of businesses in the United States are Sole Proprietorships, Partnerships, and Corporations. However, each of these forms can have variations and a hybrid called a limited liability company can be formed in all US States that exhibit the characteristics of both a partnership and a corporation (American College, n.d.). The following are some of the forms of business existing in the United States and their characteristics: a. Sole proprietorship b.
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MEMORANDUM TO: SENIOR VP OF OPERATIONS FROM: DIRECTOR OF HUMAN RESOURCES SUBJECT: SITUATIONAL REVIEW DATE: 9/18/2012 Having reviewed the three cases that were brought to my attention to be analyzed I am, hereby, submitting my formal review of each independent situation. Situation A In the case of Employee A, we must take into consideration the regulations of the Family and Medical Leave Act. The FMLA regulations protect employees by allowing for 12 weeks of unpaid leave during a 12
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Write a brief description of the form of business ownership, advantages and disadvantages. The key characteristics of the form of ownership should be addressed by discussing six of the seven bullet points below. You will want to have the heading as the form of business ownership and then use the bulleted list below for the key characteristics. Sole Proprietorship: * Liability- Liability in a Sole Proprietorship is incurred entirely by the proprietor. There is no shelter from the liabilities
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John Que Task 310.1.5-02, 11, 13 Sep 05, 2015 1. The provisions of the Family and Medical Leave Act of 1993 Situation A According to The Family and Medical Leave Act of 1993, eligible employee is allowed to take a leave which is unpaid due to the birth of his or her child, adoption, or caring for a family member with diagnosed serious health conditions or/and with serious injury, including but not limited to a child, spouse, parent or military personnel. In special circumstances, based
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Situation A Facts of Situation A as it pertains to the Family and Medical Leave Act of 1993 (FMLA). • • • • Employee A has been employed for over 1 year Employee A was on extended leave due to the birth of a child Company X has more than 50 employees New Manager agrees to return Employee A to previous job and pay, denying pay for time off The FMLA states that an employee can be on extended leave up to 12 weeks without pay as long as certain provisions are met. In reviewing the facts of this situation
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Task 2 Situation A: It has been brought to my attention that employee A’s spouse gave birth to premature twins. He requested to leave for 11 weeks to help his spouse and asked to be returned to work and be paid from the past 11 weeks. The previous manager granted his leave but is now asking for the 11 weeks’ pay. The new manager in replacement of the old manager agreed to the return of employee A but denied the 11 weeks’ pay that the employee had requested. In 1993, the Family and Medical Leave
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Employee A Scenario & Explanation: Employee A’s situation pertains characteristics covered under the Family & Medical Leave Act by being with company X longer than 6 months. Assuming he’s also reached the minimum hours worked of 20 hours a week or 1,250 hours worked in each calendar year. Company X holds 75 employees and only 50 must be employed within 75 miles to qualify for FMLA benefits. In reviewing employee A’s situation and Company X’s qualifications
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