(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 of
LIT1 Task 2 Situation A The Family and Medical Leave Act sets regulations for job-protected leave related to family and medical reasons. FMLA applies to organizations with 50 or more employees working within 75 miles of the employee’s worksite (“Employment Laws,” n.d., para. 6). Employees who have been with their current employer for 12 months and who have worked 1250 hours of service in the previous 12 months are eligible for 12 weeks of unpaid leave through FMLA (“Eligibility Requirements
LIT1 Legal Issues for Business Organizations TASK 2: Labor and Employment Law September 17, 2014 ATTN: Requestor, SVP of Ops SUBJ: Compliance Review; Report of Findings Thank you for bringing the following situations to my attention. I have completed my review of each case, and am providing my feedback accordingly. Please review the results below. ------------------------------------------------- SITUATION A FACTS OF CASE | FMLA GUIDELINES | RELATION OF FACTS TO GUIDELINES
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 business's losses and liabilities. Liability- This falls directly on the owner. All debts, liabilities and losses fall on the owner. The owner's assets can be used to alleviate the business's debt. Income taxes- All income generated
LIT1 Task 2 Situation A The Family and Medical Leave Act sets regulations for job-protected leave related to family and medical reasons. FMLA applies to organizations with 50 or more employees working within 75 miles of the employee’s worksite (“Employment Laws,” n.d., para. 6). Employees who have been with their current employer for 12 months and who have worked 1250 hours of service in the previous 12 months are eligible for 12 weeks of unpaid leave through FMLA (“Eligibility Requirements
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:
Legal 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 the
LUT1 Task 2 Situation A: In 1993, the FMLA act, which serves the needs of families trying to balance work life and the needs of the families their working for, was established. This act was amended on October 8th, 2009 to extend entitlement rights of military caregivers. The FMLA entitles eligible employees the ability to take off up to 12 weeks of unpaid time off within a 12-month period with the benefit of job protection upon returning to the company. The time off is subject to specific
MEMORANDUM TO: Owner From: RE: Business Options Date: September 27, 2015 _______________________________________________ Changing the way you structure your business can be a frightening endeavor. You have been operating as a Sole Proprietorship for quite some time now, but it appears you have outgrown that business type. You have expressed a need to scale the business as well as a concern for your own personal liability. With those concerns in mind as well as the current state of your
TASK 2 Situation A: An employee took time off due to his wife giving birth prematurely. His requested time off was approved by his original manager as the employee qualified for FMLA since he has been with the company for two years and was for the care of his spouse. Under (1)”FMLA rules certain employees can be provided up to 12 weeks unpaid, job-protected leave per year. The employee must work for the company at least 12 months, have at least 1250 hours during the 12 months and the where