Lit Task 1 aB Essay - 2055 Words

LIT1 – 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 power in a sole proprietorship always will be the owner. However, the owner is free to consult to whomever he/she likes. * Unlimited Liability - The liability of the sole proprietor is unlimited. This implies that, in case of loss the†¦show more content†¦C-Corporation: * Limited Liability - Unlike partnerships and sole proprietorships, corporate shareholders are not liable for any of the corporations debts. * Adding Investors and Selling an Interest - To add new investors or sell an interest, the trans acting parties simply exchange shares. Absent a shareholders agreement to the contrary, there is no requirement that the other shareholders agree to the transfer, and there is no way that the other shareholders can withhold any of the benefits of stock ownership from the new shareholders. * Taxation – This type of business is exempt from Federal Taxes * Formation and Cost - Corporations require a greater investment than most other business entities, except for perhaps a partnership or a limited liability company. * Create and Dissolve Corporation – It is not easy to build or dissolve a C-Corporation. * Management and Control - According to law, day-to-day management of a corporation rests with the officers appointed by the board of directors, who are ultimately responsible for the management of the corporation. The board of directors is elected by the votes of the shareholders. * Location – Formation in multiple states is fairly simple, it involves filing and p aying necessary fees. * Convenience/Burden - Since the business is taxed separately from it’s owners it increases administrative ease. C-Corps are not easy to dissolve * Distributions – Any distribution from theShow MoreRelatedYolo1583 Words   |  7 Pages____________________________________________ Course Title Course Code Pre- requisite Credits : : : : World Literature Lit 02 Lit 01 3 Units Vision-Mission Statement : Instructor : Email : Office : Consultation Hours: MWF Venue : Consultation Rm. I. Course Description: Socorro D. De Jesus, Ph.D. Associate Professor 1 socorro_dejesus@hotmail.com General Education Faculty Rm, 2 nd floor, St. Anselms Building 1 The course will introduce students to the writings of persons from selected countries across the differentRead MoreEssay about Chief Justice Taney and Slavery1745 Words   |  7 Pagespresent decision is equivalent to a repeal of law and the making of law. This is not adjudication, it is mere usurpation. It is the substitution of mere arbitrary will in the place of the solemn and responsible functions of an impartial judicature.†[1] The 1857 Dred Scott decision proved that Chief Justice Roger Taney’s sadistic racism could be eclipsed only by his unbounded arrogance. Using outright lies regarding the intentions of the Framers, he temporarily sacrificed the entireRead MoreA Report With Text Supported By Images, Photographs And Drawings As Appropriate1303 Words   |  6 Pagesassigned with specific duties related to health and safety. 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Williams1066 Words   |  5 Pa gesform for examiners to test and retest to monitor growth and evaluate response to intervention, full-color illustrations that are larger than the illustrations of its predecessor, additional labeling items for a smoother transition into the synonym task and provide a broader sampling of vocabulary for older examinees† (Williams, 2007). According to the publisher, the EVT-2 is available for various settings, however, currently it is only available in the English language (Williams, 2007). In orderRead MoreHuman Factors in Aviation8517 Words   |  35 PagesJAR 66 Module 9Exam Practice Exam Module 9 This is exam number 1. 1. Accidents and engineering faults are a) insignificant and increasing b)insignificant and decreasing c) significant and increasing Answer:c 2. Information on drugs and alcohol can be found in a) AWN 3 b)AWN 47 c) BCARs Answer:b 3. 70 - 80% of the total focusing ability of the eye is carried out by the a) iris b)lens c) cornea Answer:c 4. 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