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
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Family Medical Leave Act (FMLA) Major Provision of FMLA The Family Medical Leave Act was enacted into law in 1993 to enable workers to take time off from work to care for their new children, themselves or immediate family members in the event of a serious medical condition. Additional legislation passed in 2012 allows covered employees up to 26 weeks of unpaid leave to care for eligible service members with serious medical conditions. FMLA applies to all private companies with fifty or
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Sole Proprietorship: A Sole Proprietorship is the most common form of business in the United States. There is no difference legally between the owner and the business. An advantage to a Sole Proprietorship is the ease and inexpensiveness of the initial setup. On the other hand, the owner has to pay the company’s taxes on their personal taxes and is personally liable for all debts and legal actions against the company. * Liability : The owner has unlimited liability and is completely liable
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A. Sole Proprietorship Operating as a Sole Proprietorship as you are now does not protect your personal assets in the event a suit was brought against your company. Sole proprietorships do not differentiate between the business and the individual whom owns the business. In order to be recognized legally as a business you will need to file for an EIN (Employer Identification Number) this in effect is your business’s social security number. As a Sole Proprietor you are only obligated to pay
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PART A Sole Proprietor This is the most common type of business ownership. It only requires one person, who can work by themselves or contract work out but does not have partners. ● Liability The business owner and business are seen as one. Whatever profits the business makes, the business owner makes. Also, whatever debts the business takes on, the owner is responsible for. ● Income Taxes Because there is no difference between the owner and business, all business profits must be claimed on the owner’s personal taxes
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In the United States, several laws have been enacted to protect the rights of workers and provide guidelines to employers. The Family Medical Leave Act of 1993, the Act of 1990, and the Age Discrimination Act of 1975, provide clear guidance to employers and employees when addressing workplace concerns. Employees and employers must understand the requirements of each law to ensure proper implementation and avoid conflict. Situation A Family Medical Leave Act (FMLA) Congress enacted The Family Medical
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………………………………………………. Task 310.1.2-01-06 There are many different types of organizations that should be taken into consideration when exploring a new business venture. The organizations described below have many different quality’s that one must think about. Below are the characteristics of each for a more thorough understanding. Each kind has its own unique pros and cons that could be vital to a business. Sole Proprietorship Sole proprietorships are those not incorporated and owned
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Sole Proprietorship Is a type of business that’s owned and ran by one individual which there is no legal distinction between the owner and the business. Advantages * Allows a high degree of flexibility for the owner since he/she is the sole decision maker is the boss of the business. * Owner receives all of the profits. * Small amount of capital is needed to start and run the business. Disadvantages * Limited resources. * Unlimited liability for the business debts which creditors
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PART A Sole Proprietorship: A type of business where there is no legal distinction between the business and its owner. • Liability – What a business or an owner of the business can be subject to. An owner is personally liable for the debts and or actions of the business. • Income Taxes – Because there is no distinction there is no separation of taxes between person and business. The owner is solely responsible for reporting all business income or loss on his / her personal tax return. • Longevity
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ETHICS PROGRAM Michelle Bennett EST1 11/23/2015 Ethics can be defined as a behavior or action of distinguishing between right or wrong doing and choosing to the right thing. In today’s corporate America, ethics program has become one of the integral parts of the organization as it helps to communicate the vision, mission and the direction of the company. It also helps to restore trust among all stakeholders – employees, investors, regulators, suppliers, buyers, distributors etc. Part A –
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