business law reflection essay

and liabilities. There is little to no paperwork to be done with a sole proprietorship. You only pay personal income tax to include Social security. The business doesn’t have to file a tax return, but you are still liable for payroll, unemployment and compensation taxes (Clarkson, Miller, & Cross, 2016). 2. Limited Partnership which has adopted laws based on the Revised Uniform Limited Partnership Act (RULPA), would be a better option for you if

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 business, I recommend

opportunities as strategic business partners and this collaboration marks a new milestone, further strengthening the relationship between both parties. For instance, Sunway together with Hitachi Sunway recently partnered with a leading international IT company in the adoption of cloud-based solutions to facilitate greater efficiencies and collaborations across all its business in 50 locations worldwide. Through the investment done by Hitachi it has been provide Social Innovation Business to solve society’s

Incorporate in Delaware New business owners typically decide to form their corporation in their home state. This may work out; however, it’s common to receive correspondence from other businesses in Delaware. Why do successful businesses decide to incorporate in Delaware? According to incorporate.com, Delaware’s the home state to over 65% of all fortune 500 corporations. Delaware’s lauded for their business friendly regulations and the lower tax thresholds available to LLC’s and C Corporations alike

officer is not an agent for the corporation. ANSWER: F PAGE: 638 An officer of a corporation cannot possess the power to bind the corporation. ANSWER: F PAGE: 638 An agent is authorized to act on behalf of a principal in doing business with third parties. ANSWER: T PAGE: 638 An employee may act in the capacity of an agent. ANSWER: T PAGE: 638 A fiduciary relationship involves trust and confidence. 63 ANSWER: T PAGE: 638 An independent contractor’s physical

Case Study A: What concerns would you have about operating this business as a sole proprietorship if you were Stan? What alternative form of business organization would you recommend and why? In this case Stan is thinking about starting a toxic waste disposal business. He is considering operating this business as a sole proprietorship. Although this is a valid business organization it also carries numerous disadvantages, if not all aspects of the company are taken into account. I will explain

That is why expanding the law to cover businesses with 25-49 employees would give 13 million more Americans the right to take FMLA leave. The National Partnership for Women & Families has analyzed the most recent available employment data to show what this expansion would mean

Legal Underpinnings of Business Law Mia A. Rapier BUS 670: Legal Environment Instructor Leah Westerman November 16, 2014 “Liabilities are debts: money you owe. Every business carries some liabilities—for example, ongoing payments to suppliers, rent for your office, compensation to employees, or fees for contractors” (Mancuso, 2014). Added liabilities may result if a business is ravaged by a fire or flood or if the business owner(s) become the victim of a lawsuit—for example, a patron, client

17 Small Business Organizations N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. A sole proprietor does not own the entire business. ANSWER: F PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 2. In choosing a form of business organization

In the space below, explain each of the following terms and provide an example. Forms of business ownership (5K marks) 1. Sole proprietorship • A business that is just owned by only one person, who receives all the profit for everything. Example of a sole proprietorship can be a hairdresser that buys a chair for their business and can get customers directly for them. 2. Partnership • When a business contains more than one owner it is a partnership as they share all responsibilities, profits