Business Forms Worksheet Essay

There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business? Discuss at least one of the advantages and one of the disadvantages of that form. Sole Proprietorship Advantages 1. Income taxes 2. Continuity of business 3. Control of business Disadvantages 1. Liability 2. Closure of business 3. Difficulty raising capital Summary Sole priprietors are not that difficult to set up and maintain. For example, if someone were to start up a photography or salon business, then they are considered to be a sole proprietor. Being a sole proprietor means that you do not have to pay a supplier or default on any debts, but creditors may take the sole proprietors person possessions. Sole proprietors must report any and all business income or losses on their income tax return on the IRS form 1040 with a Schedule C attachment. Most cities require that a sole proprietor register the business. Once they do this, the person will receive a business license or tax registration certificate. As a sole proprietor, control of business is important because that person does not have to follow the rules or regulations someone else has put out. They are able to charge prices they see fit and can set their own hours. Difficulty raising capital can be a burden for most sole proprietors who want to set up shop. It can cost a substantial amount of money to lease space and purchase equipment. Without proper equipment, the business could have difficulty bringing in customers. Partnership Advantages 1. Easy to establish partnership 2. More creative brainstorming 3. More complimentary skills Disadvantages 1. Liable for other partners actions 2. Shared profits 3. Limited life on partnership Summary A partnership consists of two or more people owning a single business. Each partner contributes their share into the business covering areas such as labor and skill, property, and money. Take a restaurant for example. All decisions are made together including any issues, profits, or change of ownership. A partnership can be easy, but expensive. All profits must be shared equally since the partners are equally invested in the success of the restaurant. Some forms that are required of a partnership are Schedule K-1 since they are not considered employees, but partners. For tax purposes, partners must fill out additional taxes such as income tax, self-employment tax, and estimated tax. A partnership needs to register with the IRS as well as state and local revenue agencies that will help with obtaining permits and tax ID numbers. It is easy to establish and partnership since usually it is with someone that person trusts in all aspects, but the issues may arise causing a limited life on the partnership. Limited Liability Partnership Advantages 1. Flexibility 2. Liability protection 3. Tax advantages Disadvantages 1. Death of partner 2. Partners not consulting 3. Money and property becomes owned by partnership Summary A limited liability partnership consists of each partner having protection under personal liability. The LLP is not a separate entity for tax purposes, but profits and losses are reported on each partner’s tax return. Because this is a partnership, each partner has equal rights in the management. What is great about a limited liability partnership is the flexibility. Flexibility allows the partner to have a certain type of control over the environment. Partners who do not consult each other can have issues in the future. This could lead to the closure of the company or a forming of a new partnership. To start a limited liability partnership, partners must register and submit it to the Secretary of State along with the required fees. A Limited Liability Partnership Alternative Security Provision transmittal form must be filed as well. Once these documents are approved, the Secretary of State will return stamped copies of the forms as well as a Certificate of Registration to the partnership. Limited Liability Company, (including the single member LLC) Advantages 1. Freedom in management 2. Limitless ownership 3. Pass-through taxation Disadvantages 1. Taxation 2. Building capital 3. Government regulations Summary A limited liability company consists of a single owner, or sometimes more than one owner, and are not taxed as separate business entities. All profits and losses pass through the business to those who own the company. Owners must report profits and losses on their personal tax return filing as a corporation, partnership, or sole proprietorship. If the LLC is ran by a single owner, they file a 1040 Schedule C form as a sole proprietor. Partners file a 1065 form consisting of a partnership, and a form 1120 is filed if the LLC is filing as a corporation. The LLC must be registered such as the State Corporation Commission, Department of Commerce and Consumer Affairs, Department of Consumer and Regulatory Affairs, or the Division of Corporations and Commercial Code. The great thing about an LLC is that the owner has freedom in management. The owner is able to run the organization as they see fit not answering to anyone, but there are government regulations they must follow that can hinder some of that freedom. S Corporation Advantages 1. Protected assets 2. Straightforward transfer of ownership 3. Tax Credits Disadvantages 1. Restrictions on stock ownership 2. Tax qualification obligations 3. Closer IRS scrutiny Summary An S Corporation is an eligible domestic corporation that is able to avoid double taxation. Usually the corporation and shareholders are both taxed under a corporation, so S corporation avoids the extra taxation. The organization is not considered an S corp until it is qualified under IRS stipulations. The business is not taxed itself, but shareholders are taxed. The S Corp must register with the IRS, state, and local revenue agencies that provide permits and tax ID numbers. Depending on the state, all S corps are not taxed equally. To file as an S Corp, you must file as a corporation and have shareholders file a 2553 form to see if the corporation qualifies. In an S Corp, tax credits are a valuable advantage because only the wages of an employee who is a shareholder go into employment tax. The disadvantage of S Corp is that the IRS keeps close tabs on all tax filings. Franchise Advantages 1. Increases chances of business success 2. Provides establishes products from widespread brand name recognition 3. Provides franchisee independence to operate their own business Disadvantages 1. Franchisee must comply with franchisor on procedures and restrictions 2. Franchisee must pay advertising fees and ongoing royalties 3. Limited franchise agreement Summary Someone who owns a franchise is willing to take on a business, but under the franchisers rules and regulations. The franchiser provides the type of services, site selection, training, products, and marketing plans that will  allow the franchisee to run the location under this guidance. Franchisees provide the start up costs as well as the money for day-to-day operations.Types of forms that are used in franchises include a UFOC, franchise agreement, owners agreement, development agreement, and subfranchise agreement. What is great about owning a franchise is that the business owner increases their chance of becoming successful. Some franchises do well, while others perform not so well which could limit the owner’s franchise agreement. Corporation Advantages 1. Stock markets can help raise capital 2. Transfer of ownership to person with highest share certificates 3. Owners’ contribution, regarding liability, is at stake rather than personal assets Disadvantages 1. Requires central regulatory authority and listing on stock exchange 2. Board of directors 3. Double taxation Summary A corporation consists of many tasks for start up. The business needs to comply with state corporation rules. Directors need to be appointed as well as the many forms filled out. Some of these forms include articles of incorporation along with filing fees that are required. By laws need to be completed as well as issuing stock certificates to the shareholders. After  this, obtaining licences and permits for the business is prudent. This includes filling out form 2553 to obtain Tax ID numbers from the IRS. A permit from the state is required depending on the state. The advantage corporations have is that the shareholder with the most share certificates becomes the next owner if someone were to step down or pass away. A disadvantage is the double taxation. Taxation not only includes the business, but the shareholders as well.

Conrad: Kill Whitey Essay

Indigenous peoples of Africa die every day because of war, famine, and disease largely due to the legacy of European imperialism. Joseph Conrad, who saw firsthand â€Å"the horror† (Conrad 154) of imperialism as a ship captain, sought to change public opinion and call attention to the atrocities committed. In Heart of Darkness, Conrad articulates his negative view of imperialism as oppressive and hypocritical through contrasts and parallels of Africa and Europe Conrad’s sympathetic portrayal of natives and demonizing portrayal of the Europeans makes the reader actively despise the institution of imperialism by forcing them to condemn the actions of Europeans in every circumstance presented. In his journey to the inner station, Marlow captains a ship that is crewed by cannibals and carries Pilgrims. Conrad sets up a decisive contrast as Marlow observes with puzzlement that the cannibals act restrained, even though the Pilgrims throw out their food. Marlow, acting as the European perspective â€Å"saw that something restraining, one of those human secret that baffle probability, had come into play here,† (Conrad 116). While this situation of native cannibals versus European pilgrims illustrates a distinct difference in behavior, other incidents stand out as well; most of Marlow’s encounters portray the natives not as villains, but as victims. At the central station he watches as a black man is beaten by whites for â€Å"[they] said he had caused the fire in some way; be that as it may, he was screeching most horribly,† (Conrad 92). Here, Marlow characteristically infused doubt as to the man’s guilt, through the â€Å"be that as it may† clause, that further shows victimization. But how much of this behavior is fiction? Avrom Fleishman writes that in his other works, Conrad consistently demonstrates how Europeans in their contact with natives show an emergence of â€Å"submerged barbarism† and that â€Å"whites become more savage than the savages,† (Fleishman 157). This pattern of role reversal allows Conrad to easily defame imperialists through their beastly and â€Å"Savage† actions. If Africa houses and nurtures evil, Conrad attempts to parallel it in Europe.  Before Marlow begins to tell his story the narrator remarks on his surroundings, frequently interlacing descriptions of settings with foreshadows of doom, making London and the Thames part of the world Marlow is about to take the boatmen into. The sun is described as being â€Å"stricken to death,† (Conrad 67) implying that evil lurks not just in and amongst the denizens of Africa, but here in Europe too in the relative safety of the Thames. Chinua Achebe in his indictment of Conrad as a racist admits a parallel between the Congo River and the Thames, stating â€Å"the Thames, too, ‘has been one of the darkest places on earth,'† (Achebe 1). The evil in Europe then must spread to its people. Kurtz, who embodies evil through his godlike control or hollowness, is both the most evil European and the most productive. Kurtz links ruthlessness to productivity and while his actions may only flourish in Africa, he still gathers ivory for Europe. By paralleling and linking the evil in Africa to Europe, Conrad poignantly shows the hypocrisy of the white view of black natives as savage. How can they be savage if the most evil person Africa is white? The hypocrisy of the imperialists extends beyond their perception of the natives; it surrounds all of their actions. In his essay of Conrad’s views of imperialism Cedric Watts describes the circumstances of Marlow’s visit to the central Station. On one side we see instances of the inefficiency, wastefulness and futility of the imperialists’ endeavours–objectless blasting, upturned trucks; and on the other side we see the price in human terms of these activities: the emaciated blacks of the chain-gang, starved slave labourers. The juxtaposition makes a telling indictment of the folly, hypocrisy and callousness of the so-called emissaries of progress, ‘pilgrims’ who, nominally Christians, are idolaters before ivory. (Watts 181) Watts’ charge illustrates view that all Europeans are alien to the region and do not belong. By making them seem useless and more as a burden, Conrad makes the reader feel that the Europeans should leave Africa; and convincing them in the context of Heart of Darkness will eventually help Conrad spread his anti-imperialist message. Throughout Heart of Darkness Conrad reinforces the Europeans as being outsiders, intruders, and the prime evildoers in the novel. He articulates his negative view of imperialism through contrasts and parallels of Africa and Europe: through his contrast of the cannibals and pilgrims, the role of Kurtz, and his portrayal of the imperialists. Conrad observed the horror of Imperialism and set out to fight it being sewing seeds of discontent in his readers’ feelings about the issue cementing Heart of Darkness as a prime example of an anti-imperialist text. Works Cited Achebe, Chinua. â€Å"An Image of Africa† The Massachusetts Review Vol. XVIII No. 4 Winter 1977: 782-94. Exploring Novels. Student Resource Center, Detroit. 29 Nov. 2003 . Conrad, Joseph. Heart of Darkness. New York: Signet Classic, 1950. Fleishman, Avrom. â€Å"The Politics of Imperialism.† Conrad’s Politics:Community and Anarchy in the fiction of Joseph Conrad. Baltimore: Johns Hopkins UP, (1967): 89-96. Rpt. in Readings on Heart of Darkness. Ed. Clarice Swisher. San Diego: Greenhaven Press, 1999. 156-161. Watts, Cedric. â€Å"Indirect Methods Convey Conrad’s View’s of Imperialism.† A Preface to Conrad. London: Longman Group UK Ltd., (1993). Rpt. in Readings on Heart of Darkness. Ed. Clarice Swisher. San Diego: Greenhaven Press, 1999. 177-183.

Contract Investment Strategies Essay Example | Topics and Well Written Essays - 1500 words

Contract Investment Strategies - Essay Example Hedging can be considered a source of financing for post-loss investment opportunities. Hedging has other dimensions besides financing the post-loss investment; it addresses the asset substitution and under investment problems, reduces the probability of insolvency, permits more effective managerial compensation contracts, and may help reduce tax liabilities when tax functions are convex. In nutshell hedging, is 1 - Taking a position in a futures market opposite to a position held in the cash market to minimize the risk of financial loss from an adverse price change. 2 - A purchase or sale of futures as a temporary substitute for a cash transaction which will occur later. (http://www.cme.com/edu/ai/trdwthr/weatherbackground11784.html) For example, let us take the example of a hedger. A soybean grower must plan production based on some idea of a market price. There are, however, no guarantee against the decline of soybean prices once planting has begun. If prices drops once production is under way, future sale proceeds of soybeans may not be enough to cover the production cost, thus putting in jeopardy the financial health of the grower. Hedging can protect the farmer against this type of price uncertainty. Very similar is the case of weather derivatives. Weather derivatives cover low-risk, high probability events, while weather, insurance typically covers high-risk, low-probability events, as defined in highly tailored or customized policies. For example, a company might use a weather derivative to hedge against a winter that forecasters thought would be 5 Fahrenheit warmer than the historical average (a low risk, high probability event) since the company knows its revenues would be affected by that kind of weath er. However, the same company would most likely purchase an insurance policy for protection against damages caused by a flood or hurricane (high-risk, low-probability events.) (http://www.cme.com/edu/ai/trdwthr/weatherbackground11784.html) In the example of the soybean grower, by locking in a floor price through the purchase of a soybean put option, the grower would for example, at least know that no matter where the future market price of Soybeans is at harvest time, He/she will be able to sell the soybeans at the strike price. Of course, to establish this future price floor, the grower must pay a premium to purchase the put options, but this cost can be priced into production at the outset like any other cost of production. An owner of an asset will loose mosey when the price of the asset falls. Value of a put option rises when the asset price falls. What happens to the value of a portfolio containing both the asset and the put when the asset price falls Clearly, the answer depends on the ratio of assets to options in the portfolio. If the ratio is equal to zero, the value rises, whereas if the ratio is infinity, the value falls. Somewhere between these two extremes is a ratio at which a small movement in the asset does not results in any movement in the value of the portfolio. Such a portfolio is risk free. The reduction of risk by taking advantage of such correlations between the asset and the option price movements is called hedging. This is the one example how options are used in hedging. Call options can also be used for hedging. When using put options to hedge, various strike prices exist for an option on a specific stock index and for a specific expiration date. For example, put options on the

Spiritual Needs Assignment Example | Topics and Well Written Essays - 1000 words

Spiritual Needs - Assignment Example The results show that those who had frequent involvements in spiritual matters were significantly more likely to have longer, healthier lives. (McCullough, Hoyt, Larson, Koenig & Thoresen, 2000 ) Thesis - Of course any patient needs treatment for his illness, but this should be given as part of a holistic approach which includes an attempt to both assess and to meet his spiritual needs, whatever his particular faith stance and practice. In order to do this effectively it is necessary to be aware of particular spiritual needs. For this reason each patient should be assessed spiritually. A number of question s should be asked in order to arrive at the truth regarding an individual’s spiritual state. The answers then provide clues or pointers to what is required – does the person want to see a minister, to receive the Eucharist, or perhaps need space to put down a prayer mat if they are a Muslim.... Rather they provide an inclusive framework. They may not necessarily be addressed directly to the patient , but may be based upon observation, if for instance the patient has difficulty speaking or when there is a language barrier. They may for instance be wearing a cross or a Sikh steel bangle The questions do not include words specific to particular religious groups e.g .church, temple, synagogue, sacraments. It isn’t that these may not be used, but rather that it is necessary to establish first of all if the patient does belong to a particular faith ]tradition e.g. If they ‘I go to the Episcopalian church in my town.’ the care provider might go on to ask if anyone from the church know you are in hospital? Would you like us to let them know? If they say ‘I am a Muslim’ they can then be informed of any specifically Muslim provision such as a prayer room or told that they can use the day rom at particular times . b) My assessment of Michael R. Michael is a 45 year old gentleman whom I have come to know well over several weeks. He originally came into hospital with what he thought was simple chest infection, but was told within a few hours that he required a lung transplant, something he found to be devastating. Since that time his kidney function has deteriorated and he had a near fatal episode a few days ago. Date of interview most recent interview 27th July 2012 . Significant discoveries. Michael has a young child and, because he feels his illness is self-induced he feels a great deal of guilt about his more youthful follies such as street drug use which now prevent him from being with his child . He doesn’t want his daughter to see him in his present state. c) What went well? At first Michael pretended he didn’t want

Performance Engineering Essay Example | Topics and Well Written Essays - 1500 words

Performance Engineering - Essay Example As the user continues to value the performance of a given project so is the time that the user also needs to concentrate on the risks that might lead to the failure of the set project. In addition, there are quality requirements that the user will have to put into consideration. For instance, scalability and performance are two qualities of service requirements. In addition, manageability as well as security are among other quality of the service requirements. The user needs to put into consideration in order to reduce risks as well boost performance of the system at he same time. Furthermore, the user can employ the mechanism of reactive against reactive mechanism in order to ensure that there is improved performance of any given project at a given time(Rangaswami et al.). In most organizations performance level is not in developers consideration until the point where the customer lounges a complaint against the performance standards of that particularly given project. Meaning, for the production, to meet the client’s expectation. Then it has to be frequently evaluated. On the other hand, there are many problems to consider when it comes to the reactive approach (Woodward M). Performance downfalls enter from time to time just from an early stage of the designs and at the same time the design problems can be hard to fix through more efficient coding. In addition, installing architectural problems thereafter in a given cycle is sometimes hard to make. Furthermore, making it at a later stage is not only difficult and complicated but also very costly to t he user. Performance is a persistent quality of hardware systems; everything has an impact on it, ranging from software itself to the rest of the underlying layers, such as hardware, system, communications network and middleware. The process involves a performance engineering, which incorporates efforts

MUS 306 Introduction to Jazz Essay Example | Topics and Well Written Essays - 500 words - 2

MUS 306 Introduction to Jazz - Essay Example After school my friends and I bordered a bus, our stop was no any other place but scullars jazz club. How thrilling was it to set eyes on this big entertainment scenario, in our hands were tickets for the entry fee. On the stage there was colorful arrangement of instruments, their was a tall man with a complete apparel holding a golden shinning trumpet, on his immediate right was this slender man with a white shirt touching his saxophone repeatedly staring at the crowd which was almost going wild due to the thrills from the band. The description is not yet over if we leave behind this short blonde with a piano spread before him then there was this wooden gadget which I could identify as the clarinet. The clarinet is one of the prominent gadgets used in the jazz music stage. On the middle was this tall stand with a silvery microphone As was routine with these jazz band music it was played from Wednesday to Saturday every week. Our timing was pretty good we were at the club by 10.00 pm. The stage floor was covered in black soft velvet. As the revelers that night we took a sit on the sofas with our tables full of well lit candles with some wine on our glasses. Yes this is how the place should be, I whispered to myself. The people I saw to be following the sound from their seats. The song was summertime by Gershwin, in most of the occasions people could stand with their spouses dancing salsas kind of dance In its performance the music involved diversified styles of communicative aspects ranging from the tonal variation in which there was difference in the way the sound flow was. The content of the music involved the various life issues it was a blend of many music features in which the voice of the singer was well accompanied by the sound from the instruments. In addition, there is expression of emotions and feelings by the singer the case be. This actually involved the love

Scenario Essay Example | Topics and Well Written Essays - 1250 words

Scenario - Essay Example Symond’s case will be discussed. First, it will be discussed what the teleology and deontology are—followed by the definitions for assault, battery, false imprisonment, and negligence. The teleology of what occurred, or what was the end process, was abuse. The deontology of what occurred, or what was the duty of obligation—were principles that were violated. Assault is defined as a tort of violence against someone. Battery is defined as unlawful physical contact (Staunton & Chiarella, Pp. 25). False imprisonment is being held against one’s will. Negligence is failing to act upon one’s duty of care. III. Theory and Principle (300 words) Ms. Symond’s case is a classic case of elder abuse. According to Green (2003), â€Å"Despite growing concern about the problem, most countries have not passed specific elder abuse legislation† (Green, Pp.118). In theory, and in principle, there are so many things wrong with this situation that the list i s seemingly endless. Regarding the theory and principles to be set forth, there were so many things wrong with this scenario. The patient’s rights were violated in many ways, which is the main principle or theory that, based on a moral model, would have been inexcusable had this happened in real life in any type of care setting—whether it be in the home, in the hospital, or in a nursing home. Allison left no written directives with her organization. According to Breen et al. (2010), â€Å"In all instances†¦verbal instructions must be confirmed in writing within 24 hours or as soon as is practicable† (Breen & Plueckhahn, Pp.288). Using the moral model, one sees that the various ethical dilemmas that are involved in this entire schema which was set up to analyse. Of course, it is not practical that one nurse should have had to deal with a woman who was a bit unstable as Ms. Symond. However, that was no excuse to leave the woman’s home, leaving her basi cally helpless, while she (the new nurse, Allison) went to lunch and expected someone else (a neighbour) to take care of poor Ms. Symond. In any case, based upon the moral model, Ms. Symond was done an utter injustice. In principle, everyone who can be blamed for her negligence should be sued with every last stripe of the law that applies to her situation. She was a victim of elder abuse, and no one should have to weather such a horrible experience—as it stands (Skene, Pp. 123). IV. Torts (900 words) Regarding torts, first of all, the nurse named Allison should be charged with neglect due to her lack of duty of care on the part of Ruth, the patient. She should not have forced any kind of treatment on Ruth—even if she thought it was best for her to do a compression dressing. Instead, Allison should have followed Ruth’s directives or wishes unless she did not have the power of attorney. It was very careless of Allison to simply tell Ruth that she would leave her w alker out in the hallway till someone came back around lunchtime—a neighbour, no less—to check up on her. That nurse was so careless that she should be stripped of her licensure due to that foul-up. As a result, when trying to go to the bathroom, Ruth slipped and received a laceration—which is a deep cut—on her head. Not only this, but Ruth was also attended to by careless paramedics who didn’t transfer her over to the appropriate care unit until she was discovered some time later, not having been attended to yet. Both on the parts of Allison and the