Lit1 Task 1 Essay - 2041 Words

Peter Nero LIT1 –Task 1 A1a: The Sole Proprietorship is the most common business form in the U.S. It offers the advantages of no-cost, easy startup, and full owner/operator autonomy with regard to business decisions.  · Liability: The owner/operator of a Sole Proprietorship is subject to full and unlimited financial liability for the business. The owner and the company are legally the same entity. The company’s assets are legally the same as the owner’s personal assets.  · Income Taxes: The owner of a Sole Proprietorship pays taxes in the earnings of the company as personal income.  · Longevity/Continuity: Because the owner of a Sole Proprietorship and the business, are legally one and the same, when the owner of the business†¦show more content†¦Ã‚ · Location: Limited partnerships have to be formed in compliance with individual state laws. As long as the partnership is legal in a given state, the partnership may do business.  · Convenience/Burden: Limited Partnerships have extra requirements placed upon them to comply with state regulatory requirements. They must maintain a registered agent to represent them in the state in which they were formed. They are also required to file an informational report with the IRS of the profits passed to the general partners. A1d: A C-Corporation is a business form in which the ownership and the company are seen as legally separate entities.  · Liability: Ownership of a C-Corporation is vested in its stockholders, whose liability is limited to the amount of their investment. The Corporation is liable for all of its debts, and for the actions of employees acting as agents of the organization. Creditors may lay claim against corporate assets, but cannot reach stockholders’ personal assets. Additionally, stockholders have no claim against corporate assets.  · Income Taxes: The Corporation pays both state and federal taxes on its earnings. Excess earnings may be shared with stockholders in the form of dividends, on which the stockholder then pays taxes.  · Longevity/Continuity: C-Corporations can have a perpetual existence. The deaths of stockholders and employees will not cause it to cease operation. However, a stockholder vote can be called to close theShow MoreRelatedLIT1 Task 13125 Words   |  13 Pages(LIT1 Task 1) Sole Proprietorship: This is a type of business is where the business and the owner are one in the same. Sole proprietorship has its advantages and disadvantages just like every form of business. Sole proprietorship is one of the easiest types of business to create. You as the owner can name, organize and carry the business as far as you dream of it going. Sole proprietorship also can have risks; as the owner you cannot bring others into the business, so the responsibility ofRead MoreLIT1 Task 1 Essay1784 Words   |  8 Pagesï » ¿LIT1 Task 1A 1/10/2014 Sole proprietorship: Is the simplest and most common business structure. There is no legal distinction between the proprietor and the business, which means it is autonomous. You are entitled to all profits and responsible for all your businesss losses and liabilities. Liability- This falls directly on the owner. All debts, liabilities and losses fall on the owner. The owners assets can be used to alleviate the businesss debt. Income taxes- All income generatedRead MoreLit1 Task 1 Essay1269 Words   |  6 PagesLegal Issues in Business Organizations Task 1 Zachary Christenson Western Governors University 000447824 Family and Medical Leave Act Situation The Family and Medical Leave Act of 1993 (FMLA) was created to help assist employees deal with the difficulties of home, while creating an atmosphere of job security. The FMLA also helps cover employers from wrongful use of the FMLA by the employees. Although the document is extensive, there are three major provisions of the FMLA that apply to theRead MoreWGU LIT1 Task 1 Essay3621 Words   |  15 Pagesï » ¿Part A Sole proprietorship Sole proprietorships are the most common type of business in the U.S. They are most commonly chosen because they are the easiest type of business to set up and give the sole owner of the company complete control of the company. There are many benefits to a sole proprietorship in regards to control, profit retention, and convenience. In regards to control, the owner of a sole proprietorship has the final say in any decisions. Due to the fact that there are no shareholdersRead MoreStudy Notes for Task 11269 Words   |  6 Pages »Account Options wdrumm3@wgu.eduThis account is managed by wgu.edu. Learn more William Drummond wdrumm3@wgu.edu Account–PrivacyJoin Google+William DrummondWilliam Drummond wdrumm3@wgu.eduAll your Google+ pages †ºAdd account Sign out Settings LIT1 Task1.pdfAdd to DriveEdit onlineDownload originalShareFileViewHelp SUBDOMAIN 310.1 - BUSINESS LAW Competency 310.1.2: Organizational Forms - The graduate can select the appropriate form of organization for a business. 310.1Read MoreMajor Provisions : Family And Medical Leave Act Of 19931072 Words   |  5 Pages Anthony Tryon 000489537 Western Governors University LIT1 Task 1 A1. Major Provisions – Family and medical Leave Act of 1993 The FMLA or The Family and Medical Leave Act allows eligible employees who work for companies that the Act applies to take unpaid, job-protected leave for family and or medical reasons. As stated on US Department of Labor’s website (2015), a covered employer must have 50 or more employees in 20 or more work weeks in the current or preceding calendar year, includingRead MoreLit1 Task a Essay1390 Words   |  6 PagesLIT1: Task 310.1.2-01-06 Task 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 * The owner is 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 significantlyRead MoreA Brief Note On Labor And Employment Law1310 Words   |  6 PagesOctober 19, 2015 Robert W. Morley III Western Governors University Rmorle2@ wgu.edu Student ID 000460094 LIT1 – Task 1 – Labor and Employment Law Situation A Employee A has been employed 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 managerRead MoreLit Task 1 aB Essay2055 Words   |  9 PagesLIT1 – 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 * One Man’s Control - The controlling