A Research Project On Liberty University

Liability All liabilities are the responsibility of each partner. In the event of litigation, any creditors can go after the personal assets of each partner to recover any debt owed. But since liability is spread out between the owners, one may feel less risk is being taken. 2. Income Taxes General partnership may also benefit from pass-through taxation, meaning the partners are taxed like sole proprietors. Business income is reported on the personal tax filing while business losses can be deducted to reduce personal tax liability. The partnership itself is not subject to federal income tax. However the partnership needs to file an information return utilizing the IRS Form 1065. 3. Longevity or continuity of the organization Once the partnership agreement is fulfilled, the general partnership may dissolve. A buy/sell agreement may be included in the articles of the partnership to allow the

Many believe that liability is a biggest issue in a general partnership than in a sole proprietorship. The owners of the company are still fully liable for any debts the company may accrue as well as the liability for any lawsuits that may be brought against the company. However, the bigger issue in a partnership is that now each partner can be liable for the other partner’s actions. If one partner is sued for malpractice, the other partner may suffer because of it.

| The partners are jointly and severally liable for business debts and obligations. The partners are held personally responsible for the business and may be sued personally for liability. Partners’ personal assets are subject to lawsuit(s) made against the business. Lack of continuity; death of a partner may end the partnership/business if a buy/sell agreement is not in place. Disagreements may be difficult to resolve.

F & C was founded by Jon Fries, a descendant of Alex Fries who migrated from Germany to USA in the early nineteenth century. Jon Fries followed the foot steps of his ancestor was in the flavor industry. He was the president and CEO of F & C and the companies common stock was traded on NASDAQ exchange. Jon Fries realized that the most effective way of increasing the company’s periodic operating results was to inflate revenues and overstate period-ending inventories.

Part VI: Discuss, in detail, how the individuals are taxed (if at all) with respect to the net profits from this entity and what filing requirements they will each have with the IRS. Individuals in a partnership are normally liable for filing personal income taxes, self-employment taxes and estimated taxes for themselves, according to the Internal Revenue Service. Each individual will file a Schedule K-1. The partnership itself is not responsible for paying taxes. The credits and

Due to its nature, partnership is generally liable for the acts of the individual partners if committed in the course of the partnership business. However, liabilities of every partner may be regulated by the written agreement signed by partners. If no written agreement is signed by partners, liabilities of the partnership are regulated by the Partnership Act. If one of the partners retires, he or she may not be liable for the future debts of partnership if an official notice of the change is sent to creditors and the public. However, there were no official notice sent by the partners in the case; therefore, Toby may be liable for the debts of partnership. Due to the death of the third partner, partnership may be dissolved. In order to pay off the debts, assets should be sold and partners are free to continue the same kind of business after the dissolution of the

A partnership is the creation of two or more people who operate a business as co-owners and share profits. There is a collective amount of money that is contributed to the organization as it pertains to all aspect of the business and in return each individual share equally the profits and losses of the business. Partnerships require that there be a partnership agreement established because more than one person can make decisions for the partnership. The agreement should include how future business decisions will be made, the profits will be split among the partners, and the dissolving of the partnership (sba.gov). The partnership must file an annual information return that reports income, deductions, gains, and losses that occur from normal business operations. The business does not pay income taxes but the business pass through any profits and losses to its partners. Taxes that are included in a partnership are: employment tax, excise tax, annual return of income, income tax, self-employment tax, and estimated tax. Other qualifications of a partnership is that partners must furnish a copy of their Schedule K-1 form to all the partners by the date of the Form. It is important to remember that partners are not employees and they are not to be issued a W-2 Form.

Even though Liberty and Regent University may have similar belief systems in terms of religion, the class and campus sizes are different. Liberty is a much larger university, but the teachers are less personable. According to Liberty University’s central website, Liberty’s campus covers more than 7,000 acres (Liberty Liberty University). I find it important to attend a university that has a large campus enough campus that students can get away and have space to study or to think if needed. The student to professor ratio at Liberty University for residential undergraduates is 24 to 1 (Liberty Liberty University). Considering Liberty is such a large university, this ratio seems to be an appropriate size. This ratio is right around what I am

I know that my first year of teaching will be filled with many challenges and many Rewards. Just being new to the profession is going to be challenging in itself. I am sure I will be very anxious and nervous, but also extremely excited. I am confident that I will face the challenges with grace, and appreciate the rewards greatly.

A Partnership is a business form that consists of two or more individuals. There are two types of partnerships; general and limited. General partners are liable for the full extent of debts and obligations within the business. Limited partnerships provide individuals with a limitation of responsibilities in the organization’s liability; this type of partnership is dependent upon the investment percentage. Advantages of partnerships consist of cost efficiency, shared financial responsibility, complementary skill association, and offer employees partnership incentives. Disadvantages of partnerships are joint and individual liability, disagreements between partners, and shared profits (“U.S. Small Business Administration,” 2013).

Depending on the % of partnership the liability will be decided. If the partnership is limited by some % then the partners will be responsible only fro that much % only.

A partnership is related to any business entity conformed for two or more owners, not registered as a corporation or a limited-liability company. The partnership can be of two types: General partnership or limited partnership. In a limited partnership, one of the owners generally acts as the general partner assuming responsibility for managing the business decisions, while the limited partner only acts as a financial contributor to the business without any participation on business

My goal is to inform Alex, Bill, Carl, and Devon of the different business forms, so they can feel educated and informed when making this important decision. I want to thoroughly explain Corporations, Partnerships, and Limited Liability Corporations to them, so they are aware of their options. The siblings’ father passed away after operating a successful sole proprietorship for many years, so there will be a definite change in business forms. A sole proprietorship is no longer an option due to the amount of members. Fleischman and Bryant (2000) explain that this form of business “is an option only for a business with one owner” (p. 2).

For this type of business, Tom and his two colleagues can either decide to form a partnership or to incorporate their business.

Heidi Birmingham and James Roberts are interested in starting a business and in the process of deciding which business entity to declare. The duo already has completed two vital elements of starting a business which include developing a business plan and securing financing to cover business start-up costs. However, choosing an appropriate business structure is no easy task since it significantly impacts business formation, financial and tax accounting, and other legal processes. Ms. Birmingham and Mr. Roberts have requested that I assist them with their decision in which I will use six valuable criteria to explain why declaring a limited liability partnership is the best option for them.