Sole Proprietorship Pros And Cons

" The term limited liability corporation" is not a legal term of art. The AICPA's Board apparently uses the term to refer to regular commercial corporations, as distinct from professional corporations ("PCs"), which are already permitted under the existing version of Rule 505.

In chapter 13 of Corrections in America, the author describes the history of private-sector involvement in corrections and identifies its advantages. The author also describes how prison inmates were considered slaves of the state. Overall, this chapter compares gatekeepers and rainmakers. A private sector correctional facility is any prison, for-profit prison, detention center, is a facility in which juveniles and adults are physically restricted, housed, or interned by a nongovernmental organization which is constructed by a public-sector government agency.

The company that is being discussed is Veteran Assistance Incorporation (VAI). VAI is a business that employs dedicated, caring, resourceful individuals that can keep up with the ever-changing Department of Veterans Affairs benefits available to veterans and beneficiaries within local communities. VAI’s resource base would be a non-profit that could assist with everything from disability claims, healthcare, housing, survivor benefits, and burial benefits. VAI’s goal is to provide these services free of charge to ensure no veteran or beneficiary is taken advantage of for an attorney or agent’s financial gain. Currently, attorneys or agents can charge veterans or family members can charge up to 40% of past due benefits in exchange for navigating

Legal Organization Status Airbound Trampoline Park is a Legal Liability Corporation (LLC). A Legal Liability Corporation is a form of “business structure that mixes pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation” (Wikipedia). This means that the owner(s) of the company pay taxes on profits acquired by the business on their own personal tax returns, while still obtaining the perks of not being held liable for liabilities or possible debts of the company. Despite having the name “Corporation” in the title, a LLC is technically considered a legal form of a company rather than a corporation. Legal Liability Corporations are considered “easy going” and “flexible” which makes them great

Nick Fury, the entrepreneur of this business, should organize his company as a proprietorship rather than a partnership or a corporation. He cannot become a partnership because he is the sole owner, and will receive all of the profits. After that was determined, there were only two options left. If he were to become a corporation, because a corporation is a separate entity from the entrepreneur, then he would have to pay double the taxes than he already has done. Now if he were a proprietorship, the business and the entrepreneur would be considered the same.

Wanda has ask me to consult on her business Salty Pawz, As a consultant I feel my responsibilities are to give alternatives and my recommendations with the information I have available Wanda first concern was her personal liability in connection with her company, the alternative to her sole proprietorship would be to form a corporation of the several that are available the only one that makes sense is the limited liability corp. so the options are that or remain a sole proprietorship. My recommendation would be to remain a sole proprietorship, and my reason behind this is she has expressed concern over the hours she has been putting toward her business It takes some time and expense to form a an LLC even though it does resolve her liability issues. It is totally at this point not necessary to do that she can increase her liability insurance to a point that she’s comfortable with and even add product liability insurance to a point where she is comfortable.

A Realtor is a estate agent, which is a person who sells property. Becoming a Realtor isn’t too hard and has a positive outlook for the future. Being a Realtor is a great career especially for women, women are more dominant in this career and have really taken over the Real Estate business in the US. Another great thing about this career is the that you get to be your own boss and mostly work independently, other than the people such as the buyers of houses, land or other properties. Being a realtor has to be assiduous, productive and efficient.

“An LLC is an unincorporated business entity that combines the most favorable attributes of general partnerships, limited partnerships and corporations. An LLC may elect to be taxed as a partnership, the owners can manage the business, and the owners have limited liability” (Cheesman, 2006, p. 382). This structure would protect the liability risks and the interest to Pete and Paul. In order for Pete and Paul to form an LLC in the state of Colorado, they will need to file a formal article of organization with the Colorado Secretary of State which will be governed according to Colorado State law. In Colorado, every LLC must also appoint a Registered Agent.

As you see, this solution seems to have may qualifications and terms. I can appreciate that Waco has programs that will help fix and in some cases, reconstruct these houses, but, what happens if you fall in these guidelines. Also what is the time line from the loan application to the actual reconstruction process. The only other options I found in seniors is a program Waco has placed for low income individuals to become home owners. I actually really like this project

Being reliant on yourself paves the way for an individual to take control of their life rather than getting assistance from others all the time where people do not uphold their responsibilities or

Summary The three branches of government should be independent No branch should have power over selecting who makes up the other two branches However, the citizens cannot practically elect individuals for every office for example, the people may not be able to distinguish what makes a good judge (for judicial branch). the government has to be able to govern itself, meaning since men can be greedy, there must be constitutional walls that prevent one branch from becoming too powerful

Stakeholder Analysis The answer to whether this partnership will be advantageous to both entities will hugely depend on how each of the management teams learn to understand, value and cater for various stakeholders involved. From an analytical perspective, a stakeholder approach can assist in promoting analysis of how the company fits into its larger environment and how its standard

Partners can come together with any amount of investment in the form of money or kind and form an LLP. IX. Disadvantages of LLP The major Disadvantages of Limited Liability Partnership are listed below: a) An LLP cannot raise funds from Public. b) Any act of the partner without the other may bind the LLP.

For the disadvantages, IKEA’s partners may have the different objectives for the joint venture, there is an imbalance in levels of expertise, investment or assets which will cause the conflict happen between the IKEA and its partners, and different cultures and management policy will lead to poor integration and co-operation for IKEA’s joint venture decision making

Literature Review: The purpose of this chapter is to present a review of literature relating to start-up business. The following are the literature review by different authors and different research scholars. Weiss: made a study in US and concluded that small businesses are generally less efficient when compared to large administrative companies and concluded that on an average, about half of total shipments in the industries covered are from suboptimal plants.