Legal Issues for Business Essay

Sole proprietorship is an unincorporated business with one owner who pays personal income tax on profits from the business. The benefit of the sole proprietorship is the tax advantage. The disadvantage of a sole proprietorship is obtaining capital funding. * Liability – As the owner of a sole proprietorship, one is personally liable for all business debts, creditors may sue you personally to satisfy the debt. * Income taxes – As a sole proprietor you must report all business income or losses on your personal income tax return; the business itself is not taxed separately. * Longevity – Longevity depends on the owner and their ability to operate the business; this can be significantly affected if the owner becomes sick or dies. * Control – The owner is in complete control of the business, It is the owners responsibility for all decisions pertaining to business operations * Profit retention – The owner has 100% control of profit retention. They may cho ose to invest their profits or use it for personal use. * Convenience/Burden – Sole proprietorships are convenient and easy to start up since there are no governing laws. A burden of the business is the decisions made may affect the businesses success are the sole responsibility of the owner. GENERAL PARTNERSHIP: An agreement formed by two or more persons. They are simple and inexpensive to create and operate, but the owners are all personally liable for any debts or legal actions * Liability – The liability is shared by all partners. If one partner does something negligent, all partners can be held liable. * Income taxes – All partners are responsible to report their earnings on their own personal tax returns. * Longevity – general partnerships longevity is based on the agreement between partners, they can agree to end their partnership as easily as they formed it. With a partnership between more than two partners, the person leaving can agree to sell their portion of the business. * Control – Control of a general partnership is shared between all parties involved. * Profit retention – All profits of the general partnership belong to the owners. * Convenience/Burden –A general partnership has the convenience of an easy start-up, all partners have a personal interest in the partnership and all profits belong to the partners.  A main burden with a general partnership is the personal liability of all debts and legalities. LIMITED PARTNERSHIP: Limited partnership is similar to a shareholder of a general partnership, being only liable for the amount of investment one has contributed. Limited partners have no management authority. * Liability – A limited partner is only liable for the investments they have contributed, no more no less. * Income taxes – A limited partner reports their share of capital gains and losses on their personal income tax returns. * Longevity – The longevity of a limited partner is based solely on the amount of investment one contributes and their continuation on their investment. * Control – Limited partners generally do not have any control of a general partnership other than their investment. * Profit retention – The amount of profit a limited partner will receive is based on the amount of investment into the company. * Convenience/Burden – The convenience of a limited partnership is one get to share in the profits and losses, but they do not have to partic ipate in the business itself. A limited partners liability is only limited to the investment they have contributed. A burden of limited partnership can be the lack of involvement for the investment one has contributed, C-CORPORATION: Is a legal way that businesses can organize to limit the owner’s financial and legal liability. C-corporations are taxed separately from the owners. Though they are taxed separately, c-corps have the disadvantage of double taxation, being taxed on the corporate level as well as the shareholder level. * Liability – C-corporations provide limited liability to owners, therefore, owners are not usually responsible for the corporations debts and liabilities. * Income taxes – C-corporations are taxed as a separate entity under corporate tax rates for any business income, any profits made to owners are then taxed again at the personal income tax level. * Longevity – The life of a C-corporation can exist indefinitely based on the shareholders, by selling of stocks, unlimited number of owners and transfer of ownership. * Control – Control of a C-corporation is held by its shareholders, but may be delegated to a board of directors. * Profit retention -Because a C-corporation’s income is taxed twice, paying taxes on its income and the shareholder’s also paying personal taxes on the dividend  income received from the corporation, there is less profit retention than that of a general partnership. * Convenience/Burden – C-corporations have the convenience of unlimited shareholders, as well as no restrictions on who is allowed to become a shareholder. The double taxation of a C-corporation can be a burden to shareholders based on profit retention. S-CORPORATION: A corporation that does not pay federal taxes. All corporate income and losses are passed through to the shareholders and claimed on their personal income taxes. * Liability – Shareholders of an S- corporation are offered limited liability for the corporation’s debt. * Income taxes – S-corporations do not pay income taxes, instead, income passes through to the shareholders and is claimed on their personal income taxes. * Longevity – Similar to a C-corporation, an S-corporation can exist indefinitely, though S-corporations have regulatory restrictions on the number of shareholders it may have. * Control – The control of an S-corporation is held by its shareholders, but may be delegated to a board of directors. * Profit retention – An S-corporation allows its shareholders to keep more of the earned profits by passing through its income taxes directly to its shareholders unlike a C-corporation which is double taxed. * Convenience/Burden – S-corporations have the convenience of retaining more of its profits by passing through its income taxes directly to its shareholders, avoiding the double taxation of a C- corporation. S-corporations have the burden of regulatory restrictions, including limiting the number of shareholders; shareholders cannot be corporations and must be U.S. citizens. LIMITED LIABILITY COMPANY: A Limited liability company (LLC) is a business entity that offers its owners limited liability. Owners are not personally liable for any debt other than their investment. * Liability – owners of a LLC have limited liability; they are only liable for their investment. * Income taxes – A LLC is not a taxable entity, income taxes are passed through to the owners and their personal income taxes. * Longevity – Limited liability companies can exist indefinitely, they have the option of transferring ownership without restriction. * Control – The control of a LLC can be based on the number of owners as well as the amount of investment one has in the company. * Profit retention – Profits of a LLC is passed through to the owners and is  taxed at their personal tax rate, allowing owners to pay less in taxes and retain more profit. * Convenience/Burden – Limited liability companies have the convenience of pass through taxation, allowing the owners lar ger profits. LLC’s have the burden of varying restrictions from state to state, there are different renewal fees and franchise taxes that must be paid and LLC’s must pay self-employment taxes.

If accounting policies only determine how past transactions are Essay - 1

If accounting policies only determine how past transactions are recorded and reflected in financial reports, how can the choice - Essay Example Discussion In 1977, the Financial Accounting Standards Board proposed to change the accounting methods used in the oil industry from full costing (FC) to successful efforts (SE). The FSAB through the Exposure Draft received great opposition from oil companies because the change in accounting method could adversely reduce the market share price and earnings at the same time. From an analysis carried out, 64% of the oil companies will have their earnings decreasing by 5% or more and 74% of the companies surveyed could have a 5% or more decrease in the market share price if they changed the accounting method from full costing to successful efforts (Zeff, 1979). On average, it was established that the industry’s market share price and earnings decreased by 4.5% in three days after the release of the Exposure Draft (Lev, 1979). The financial accounting standards board put forward two method used to account for oil and gas exploration cost. These include the full costing method and the successful efforts method. The two methods differ in the way they treat exploration costs (Myers, 1979). Successful Efforts method Under this method, the costs are incurred in unsuccessful exploration are charged as current expenses and therefore not carried forward as assets. Under the SE method, costs are capitalized by collection if the costs directly end up in the development of proved reserves. Costs not resulting in proved reserves are expensed as are incurred or as a determination of verified reserves is made. Simply, within a cost group, wells that are explored and found dry are expensed and wells that are successfully explored and developed are capitalized (Lev, 1979). Full Costing Method The FC method, on the other hand, treats all costs that oil companies incurred in exploration oil and gas reserves as assets subject to a limitation that the total amount carried forward does not exceed the approximated value of the reserves, anywhere the well is located either within the country or across any continent (Lev, 1979). Under the full cost method, all charges of discovering and evolving wells are capitalized regardless of the fact that they are proven or not. After which, depletion is done using the units of production technique where the all the proven oil and gas reserves are taken into consideration (Myers, 1979). Fundamentally, all of the costs of developing gas and oil reserves, both successful and unsuccessful are depleted as output units which are recovered from the successful wells (Myers, 1979). This method is permitted by the Securities Exchange Commission but not favored by the FASB and is proposed as an inducement for the investigation of further oil and gas assets since charges related to failed exploration can be expensed over time rather than as incurred (Myers, 1979). The Securities Exchange Commission was in charge of regulating the oil industry as per the Energy Policy and Conservation Act of 1975. Shortly before this act, FASB had expressed interest of setting accounting standard to be used in the oil industry. For this reason, SEC relied on FASB for setting accounting standard for the oil industry. FASB then came up with the Exposure Draft the proposed to change the accounting method used in the industry (Lev, 1979). According to FASB, the full costing method was inappropriate as it did not reflect uniformity in the oil indust

Lesson Plan for Language Arts on The Great Gatsby for grade 9th Coursework

Lesson Plan for Language Arts on The Great Gatsby for grade 9th - Coursework Example language structure, language conventions (e.g., spelling and punctuation), media techniques, figurative language, and genre to create, critique, and discuss print and non print texts. Students conduct research on issues and interests by generating ideas and questions, and by posing problems. They gather, evaluate, and synthesize data from a variety of sources (e.g., print and nonprint texts, artifacts, people) to communicate their discoveries in ways that suit their purpose and audience. The literature selection should be independent per group but each group member should research on an area in the group’s selected topic. Each group should coordinate with each other to come up with an appropriate topic and determine on the areas to be researched by each student. Students are free to use online resources like journals, eBooks and online articles to research on the decided topic. The institution library can also be used as a source of information for student research. Students should also know the symbols used in the text such as the characters embedded in the novel. The time when the novel was set as well as the meaning of the great Gatsby should also be comprehended. Students are supposed to do a thorough research on the chosen topic with different areas of research to come up with a clear and a complete perspective of an issue. Use all appropriate resources to do the research such as the academic journals on the internet or library materials. After performing individual research on the topic, the students should then discuss the subject from a general point of view in which all students compare and contrast their work. All the research outcomes should address an issue in

Arbitration Essay Example | Topics and Well Written Essays - 500 words - 1

Arbitration - Essay Example In fact, many courts require that some parties engage in alternative dispute resolution mechanisms before permitting trial for the cases by the parties (National Paralegal. 2005). The increased popularity of the approaches comes from the expansion of traditional courts caseload and the perception that the approaches impose fewer costs as compared to  litigation and have a confidentiality preference. In Conn Super LEXIS 1 (2005) Lasalla v. Doctor’s Assoc., 2005, the defendant is the Subway sandwich shops franchiser. The plaintiff settled to develop a number of properties issues. In the 1986 original contract, the calculation of plaintiff’s compensation was on basis of taking into account revenues, and subject to â€Å"modifiers† resulting in final compensation amount. The initial dispute was the interpretation of the modifier. The court award confirmation allowed the parties to continue with the process about the same issue (National Paralegal. 2005). The issue was whether the lead arbitrator in the subsequent arbitration was under compulsion to apply the res judicata  doctrine in the circumstance. Connecticut court observed that awards of arbitration are for the presentation of similar effects as court decisions in further civil actions. Therefore, the second arbitration’s arbitrator need not engage  res judicata  to initial arbitration award. In Conn. Super LEXIS 3409 (2004) for Gordon v. Amica Mutual Insurance Company, 2004 the use of â€Å"party arbitrator† system resulted in procedural impropriety where the court vacated the arbitration award. The plaintiffs’ home in Glastonbury, which created the financial institutions of the Burglary stream, unintentionally filled in Goal of 2002. When the proceedings did not believe the fact that on an evaluation amount for the loss, the evaluation mediation stipulation of the insurance plan started in (National Paralegal. 2005). It is this catchall supply, which permitted the

Cross Cultural Managment Essay Example | Topics and Well Written Essays - 1500 words

Cross Cultural Managment - Essay Example In this context, therefore, cultural intelligence can be described as the ability of individuals in the working place to develop a sensible working condition despite their affiliations (Ang & Livermore, pp.38; Earley, Ang & Tan, pp.3). This essay shall aim at analyzing two articles in an attempt to find out which article is the most applicable to proving the importance of ‘Cultural Intelligence’ (CQ) to the manager of Global Alliances. The essay shall incorporate both theoretical and practical justifications on the importance of ‘Cultural Intelligence’ (CQ) in any organization. According to Triandis, just like in Peterson, (pp.177) and Lundby (pp.301), cultural intelligence is vital for survival of any organization. In his work, he indicates that no flourishing interaction can exist without the staff embracing the aspects of cultural intelligence. Triandis (pp.20) indicates that if the organization has to be successful in inculcating feelings of cultural int elligence among the workers, they have to be keen to detect any kind of flaws that might be existent in the workplace that might harbor successful incorporation of basics that can inculcate roots of cultural intelligence among the workers. ... This entails the ability of the individuals to understand the perceptions and behaviors of the concerned parties in regard to their cultural backgrounds. Of essence, he emphasizes that in the case of varying cultures, individuals must be quick to focus more on the context of their workforce unlike content of what they might have communicated. At times individuals are likely to behave according to the way other people behave in varying cultures, a factor Triandis (pp.20) refers to as ideocentrism. He also explains the concept allocentrism that may alter thriving of cultural intelligence in the workplace. On a practical aspect, in the case of a manager, it would be beneficial if one assesses all kinds of information given by the concerned parties, before making a judgment especially if disputes exist between sections of employees. Collecting tangible evidence unlike insinuations or clues would be beneficial to the manager. Secondly, culturally intelligent persons must be keen to identi fy behaviors that exist in the tough situations in the workplace (Livermore, pp.53). This interprets that, in the course of coexisting in the working environment, there are higher chances that individuals may conflict as a result of interactions in the society. Triandis (pp.22) indicates that chances are probable that individuals are likely to conflict in the quest to make their opinions heard in the workplace. Practically, the managers may consider gathering all kinds of information that would allow them make judgments that are biased, but for the good of the entire workplace. On another view point, a culturally intelligent person is one that is able to handle circumstances that emanate from cultural variances. Triandis

The Struggle Of The Free Papua Movement Research Paper

The Struggle Of The Free Papua Movement - Research Paper Example Their public statement has been quoted as saying, "We are not terrorists! We do not want modern life! We refuse any kinds of development: religious groups, aid agencies, and governmental organizations just Leave Us Alone, Please!"8 OPM has also been a strong opponent of the transmigration policy of Indonesian government by which migration of non-natives to West Papua was encouraged.9 The way OPM has organized and mobilized itself in the course of its history is a unique social phenomenon and it has been often observed that about 80 to 90 percent of Papuan people had their sympathies with the OPM.10 But it has always been the common people who have carried forward the resistance movement as they constituted the soldiers of this freedom army.11 The Act of Free Choice, the consultation exercise conducted by the Indonesian government under the monitoring of the UN, that attached West Papua to Indonesia officially, was later criticized as being a farcical exercise.12 King has called it, à ¢â‚¬Å"an outrageous exercise in duplicity, intimidation, and coercion on Indonesia’s part.†13 In 1971, OPM declared the formation of an independent Republic of West Papua.14 The organization, since its inception until the recent times, had depended mainly on Guerilla warfare, by making thick forests its hideouts.15 In 1977, OPM militants sabotaged the fuel and slurry transportation of the Indonesian mining company, Freeport Indonesia by cutting pipelines, as the company did not heed OPM’ demands of extortion.16 This mining company was given a free hand by the Indonesian government to exploit the rich copper and gold resources of the Southern Papuan highlands.17 And this mining industry contributed to about 50% of the GDP of Indonesia.18 In 1977, the Papuans under the leadership of OPM also refused to vote in the second general elections.19 In this way, the struggle of OPM has many dimensions- economic, ethnic, environmental, and political. Figures have shown that â€Å"100000 Papuans or ten percent of the Papuan population has been killed by Indonesian troops since Indonesia gained control of the territory.†20 This shows how repressive and cruel the measures taken by the Indonesian government to defeat the resistance of OPM have been. It was in this light that in 1982, OPM set up a subsidiary organization, OPM Revolutionary Council (OPMRC) to promote its demand for independence through international diplomatic interventions.21 It was since 1998 that OPM began to participate in public political dialogues.

Patient education handout on schizophrenia Essay

Patient education handout on schizophrenia - Essay Example Schizophrenia is a psychiatric disorder characterized by alterations in an â€Å"individual’s perceptions, thoughts, affect and behavior†. One unfortunate aspect concerning the definition and diagnosis of schizophrenia is the fact that it is likely to differ among individuals. Depending on their particular circumstances surrounding the individual diagnosed, the symptoms may exhibit themselves in a great many number of ways. Like in other countries across the world, schizophrenia is a major health problem in the United States which affects a great number of individuals and requires a great deal of time and money devoted to its treatment. Thankfully, with the advent of modern medical science, psychiatrists have developed effective medications and evolved appropriate strategies for treating schizophrenia. Therefore, with suitable and timely intervention as well as the application of the correct pharmaceutical regimen, the disease can oftentimes be effectively treated; alth ough not cured.McGlashan & Fenton (1991), as quoted in Chapter 13 of the book entitled, Psychological Disorders, define the five different and unique types of schizophrenia. These include: (a) Disorganized, (b) Catatonic, (c) Paranoid, (d) Undifferentiated and (e) Residual.Patients who suffer from disorganized schizophrenia may exhibit symptoms such as illogical thinking or speech that lacks coherence and/or emotional hypersensitivity to stimuli that would otherwise have little to no impact on an individual who is not afflicted with schizophrenia