Organizational Forms Essay Example for Free

Organizational Forms Essay There are several types of organizational forms that a business can choose from. Each form presents pros and cons that may or may not be suitable for a particular business. This report will review characteristics such as: liability, income taxes, longevity or continuity, control, profit retention, location, convenience and burden for each business form and how they differentiate from the different types of organization forms. Sole proprietorship A sole proprietorship is the most common business form. A business is a sole proprietorship if it is not incorporated, meaning that a separate legal entity is not created for it. An advantage of forming a sole proprietorship is that it is the easiest and least expensive business form. a.Liability: A sole proprietorship does not excuse the owner from personal liability. If the business fails, the owner is responsible to the creditors and may lose personal assets. b.Income Taxes: The profits and losses of the business go through the owners’ personal tax return. This can positively or negatively affect the owner depending on what the profit and losses of the business are and what other sources of income the owner may have. c.Longevity or continuity: If the owner dies the company cannot continue on. If the owner decides to leave the company, then the company will also cease to exist. d.Control: In a sole proprietorship the owner has full control of the business. e.Profit retention: The owner receives all profits in a sole proprietorship. f.Location: When a business is a sole proprietorship the owner can move the business to any location. The only fee may be if changing states or county and the business is operating under a trade name, then the owner will have to pay the relatively small fee to operate as a DBA (â€Å"Doing Business As†). g.Convenience or burden: There are not any extra burdens when operating as a sole proprietorship. The owner does not have to meet any special reporting or regulatory requirements. There are not any special tax requirements or restrictions. The business profit and losses are filed with the owner’s regular tax return. General partnership A general partnership is between two or more owners of a business that is not incorporated. a.Liability: Each partner is held personally liable for the debts of the business regard less of fault. b.Income Taxes: Taxes are reported on each partner’s personal income tax return, so any profits made by the company are treated separately from the individuals’ income, but included. c.Longevity or continuity of the organization: A general partnership lacks continuity. If a partner leaves and his or her shares cannot be bought by the remaining partner, then the business must close. If a partner dies, their heir can be paid for the value of their share of partnership, but cannot continue with business. d.Control: In a partnership control is equal between all the partners. This can be difficult when a company has many partners or partners that don’t know each other. If a change is made without consulting with the other partners that can cause friction between the partners, so it may be best to include all partners in all decisions. e.Profit Retention: Profit is distributed equally between all partners and so is any loss. f.Location: A general partnership is fairly easy to setup and move. There are not any special forms that need to be filed with the state or county to form a general partnership. There only has to be at least two people to make up the partnership. g.Convenience or burden: Since there are not any special filings that need to be done for a general partnership, it is very convenient. Limited Partnership A limited partnership is partnership that does not hold the partners personally liable for the business debts. a.Liability: Limited partners are not held personally liable for the business debts. b.Income Taxes: All profits and losses are passed through each partners’ individual income tax return. The company does not pay taxes. c.Longevity or Continuity: Limited partners can freely enter and leave the company. The company can continue if a limited partner leaves. d.Control: In a limited partnership there are limited partners and general partners. The general partners manage the partnership. e.Profit Retention: Profits are distributed to the partners based on their contribution and pass through to the partners, who in turn report the profits on their individual tax return and pay taxes at their individual rate. f.Location: When a LLP is formed or if it moves, then it must comply with state filing requirements. A LLP must file a Certificate of Limited Partnership with the appropriate state agency. g.Convenience or burden: A LLP can be convenient because it attract capital easily, it offers limited liability to partners, easy transferability of partnership, and pass-through taxation. C-corporation A C- corporation or a â€Å"privately held corporation† is a company whose stock is not publicly traded. a.Liability: A business owner is not personally liable for the company debts and is protected from lawsuits and judgments against the business. b.Income Taxes: C-corporations are double taxed. The IRS taxes the company profits and tax any dividends paid to shareholders. c.Longevity or Continuity: Even if the owner leaves or dies, the C-corporation being a separate entity can continue to go on. d.Control: Management is shared between the shareholders. e.Profit Retention: Profits are usually kept within the company and not distributed to shareholders. f.Location: A C-corporation must follow state filing requirements in each state that it wishes to setup in. This can be very costly. g.Convenience or burden: An advantage of a C-Corporation is that it provides the best protection for the owner against the company debts. A disadvantage is that it can be costly to establish. S-corporation S-corporations are a separate entity from the owner. It offers the owner limited liability, but the tax structure benefit of a partnership. a.Liability: The owner an S-corporation is not held personally liable for any debts or judgments incurred by the company. b.Income Taxes: In an S-corporation, the profits and losses of the company are passed through to the owners and shareholders and reported on their personal income tax returns and taxed at their individual rates. The company itself is not taxed. c.Longevity or continuity: Like a C-corporation an S-corporation can continue on, if the owner leaves or dies. d.Control: A board of directors manages the company through officers. e.Profit Retention: Generally in an S-corporation the profits are passed on to the shareholders. f.Location: An S-corporation must follow state filing requirements in any state that it wishes to setup in. g.Convenience or burden: An S-corporation can be convenient, because it provides the owner and shareholders protection from company debt and they save on paying taxes on profit, but it can be costly in setting up. Limited Liability Company A Limited Liability Company is similar to an S-corporation in that it offers the limited liability of a corporation, but the tax structure benefit of a partnership. a.Liability: Owners and shareholders are protected from personal liability for the business debts and judgments. b.Income Taxes: Profits and losses are passed through to the shareholders and filed on their individual income tax returns. c.Longevity and continuity: An LLC can continue if a member leaves, but the LLC must pay the member the value of their interest. d.Control: An LLC is managed by its’ members. e.Profit Retention: Profits are passed on to the members. f.Location: A LLC must follow state filing requirements for any state it wishes to setup in. g.Convenience or burden: LLC offer a very flexible structure. It also has no limitations on the number and kind of owners. It can be very expensive to form and because it is so new, it can be more complex. Bibliography Book: Beatty, J. Samuelson, S. (2007). Business Law and the Legal Environment: Standard Edition, 4e. Mason, OH: Rob Dewey Web site: Perez, W. (2009). Protect Your Business Profits by Incorporating. About.com. Retrieved March 20, 2009, from http://taxes.about.com/od/taxplanning/a/incorporating.htm Corey Pierce, J. (2002-2004). Business Startup: Where to Begin How to Grow. Businessfinance.com. Retrieved March 22, 2009, from http://www.businessfinance.com/books/StartABusiness/StartABusinessWorkbookTOC.htm PART B interoffice memorandum to:Owner subject: Business organization date:8/10/2013 There are many different types of business forms. After reviewing them all, I have come to the conclusion that an S corporation will be the most beneficial to you company. An S-corporation is a separate legal entity and protects the owner and shareholders from personal liability and offers benefits with its tax structure. This memo will address issues that are important to you and the advantages provided to you by forming an S-corporation. You expressed concern regarding your personal liability and whether or not if the company was to be sued- you did not want to possibly lose all of your personal assets. With an S-corporation you are protected from losing your personal assets if a company is sued for negligence by an employee or subcontractor. If the company were to default on debts, your personal assets are protected from creditors. Funding will also be fairly easy to obtain with an S-corporation. With an S-corporation, you will be able to sell stock in the company to increase capital assets to help with you expanding. You will be able to sell as much or as little of your companies’ stock as you wish, once a stock value is determined. An advantage to selling you company’s stock beside the increase in capital is that you are also able to retain control of the company when issuing stock. The profit that your company earns will be distributed to the shareholders, but with an S-corporation, shareholders are only allocated the profit and losses equal to the amount of their investment. The profits and losses are passed through to each shareholder and filed on their individual income tax returns. The company itself is not taxed. Also, with an S-corporation, if you were to pass away, the company would have continuity. The company would not have to dissolve and you. The stock that you own in the company can be transferred to an heir or transferred by the sale of all or a portion of the stock. Based on these findings, I recommend you to form an S-corporation for your company.

Philosophy in Mathematics Essay -- essays papers

Philosophy in Mathematics Mathematics has contributed to the alteration of technology over many years. The most noticeable mathematical technology is the evolution of the abacus to the many variations of the calculator. Some people argue that the changes in technology have been for the better while others argue they have been for the worse. While this paper does not address specifically technology, this paper rather addresses influential persons in philosophy to the field of mathematics. In order to understand the impact of mathematics, this paper will delve into the three philosophers of the past who have contributed to this academic. In this paper, I will cover the views of three philosophers of mathematics encompassing their history, views and effects on technology. Rene Descartes (1596-1650), G. W. Leibniz (1646-1716), and Blaise Pascal (1623-1662) (Ebersole, S. (#5)) are the three philosophers. Though all three of these philosophers contributed their own reviews on the subject of mathematical phil osophy, they all saw the world and thus it‘s mechanical contributions â€Å"as being controlled by mathematical principles.† (Ebersole, S.). Rene Descartes was born, March 31, 1596 near Tours, France (Weisstein, E.), to an important family; Descartes’ father held a position as â€Å"Councilor† in the local parliament. Rene was the 2nd of four children in his family, and suffered chronic illness’ (Wilkins, D.). At the young age of 8 years old, Descartes attended a school for which he would hold indubitable regard, the Jesuit School at La Flà ªche. Descartes would continue at this school for eight years until 1612 at which point the encountered the influential (on his life) Mydorge and Mersenne. Together Descartes would devot... ...d November 16, 2003, from ‘A Short Account of the History of Mathematics’ (4th edition, 1908) by W.W. Rouse Ball. Website: http://www.maths.tcd.ie/pub/HistMath/People/Pascal/RouseBall/RB_Pascal.html 7.) Zalta, E. (2003). Gottfried Wilhelm Leibniz. Retrieved November 16, 2003, from The Metaphysics Research Lab. Website: http://mally.stanford.edu/leibniz.html 8.) C.& G. Merriam Co. (1913) Definition. Retrieved November 16, 2003, from Webster’s Revised Unabridged Dictionary Version, Website:www.dictionary.com 9.) Garber, D. (1995). Review of G.W. Leibniz: Critical Assessments,' by Roger Woolhouse ISIS: Journal of History of Science in Society, Dec 95, Vol. 86 p. 651-53. 10.) Stephanos, S. (1977). Elaboration of the Psychosomatic Phenomenon: Observations on the Biography of Blaise Pascal. High Wire January 1,1977, Vol. 20 (2-3) p. 168-79

Cultural practices Essay

Culture, ethnocentrism and cultural relativity are the three terms which form the basis of this essay. There is an effort to define each of these terms in as precise manner as possible. Moreover some discussion on human attitudes and characteristics precedes the final answer to the question : can we judge a cultural practice as ‘right’ or ‘wrong’ ? The answer is affirmative : Yes, all cultural practices cannot be considered equal and beyond reproach, judging them as ‘ right’ or ‘wrong’ is surely acceptable. Definitions Culture is defined as, â€Å" the totality of mental and physical reactions and activities that characterize the behavior of individuals composing of a social group collectively and individually in relation to their natural environment, to other groups, to members of the group itself, and of each individual to himself. ( Heuristic device) Ethnocentrism is defined as tendency to look at the world, primarily from the perspective of one’s own culture. It often entails the belief that one’s own race or ethnic group is the most important and/or that some or all aspects of its culture are superior to those of other groups. ( Ethnocentrism). Cultural relativity is the principle that an individual’s beliefs and activities should be interpreted in terms of his own culture. ( Cultural relativism). It is important to note over here that the five civilizations of human history is the mother of all cultural practices. Each civilization devised a behavioral pattern which suited the local geographic, economic and political conditions. The roots of all ethnic groups claiming to have their ‘own’ and ‘independent’ culture can be traced back to these five civilizations. They are essentially offshoots of the basic civilization. Discussion It has been proved beyond doubt that the major negative characteristics of human race are his greed and his ego. He always wants to dominate over his fellow humans and other living species. On the other hand, one of the best qualities of human beings is to make our globe a ‘worth living’ place. Those who devised the cultural practices were also human beings and hence all cultures have something that can be called ‘good’ and something that can be called ‘bad’ or ‘not acceptable’. A few examples will prove this point. The Indus valley civilization, firmly advocates the theory of ‘ live and let live’. Hinduism, a faith originating in the Indian sub-continent advocates only vegetarian food. The argument is, ‘ why kill a fish, chicken or an animal when your stomach can be filled with vegetables and cereals, without making any compromise on the nutritive values? ’ So far so good. The same culture has a ‘caste’ system. The status of a human being is decided by the virtue of his birth. If he is born in a ‘higher’ caste, he has the world at his feet, and if he is born in a ‘lower’ caste family, then he is treated as an untouchable, who will never get any opportunity in life to improve his position. The European culture. While European intelligence has been instrumental in framing the highly developed technical world of today, full of comforts, the same Europeans have sucked the blood of the third world population by establishing colonies, for centuries together. A very truthful fact, right from the civilization days to today, is that all human efforts in devising cultural practices have been concentrated at ‘local’ level only. No culture has a global approach. The Indus valley civilization is perhaps an exception to this. The practices are laid down for a particular group of people residing in that particular geographic area. In the entire history of human evolution, man has never lived like a single species. Needless to say, ‘betterment of life’ and ‘peaceful co-existence’ were the aims of any cultural practices. Hence, evaluation of any culture should be done on a very basic question, ‘ does it allow others to exist peacefully? ’ The two systems of cultural perceptions, namely ethnocentrism and cultural relativism have very less significance. While ethnocentrism places one’s own culture as the ‘only best ‘ cultural relativism closes the doors for judgments about other cultures. Ethnocentrism does not put Americans or Europeans as the best cultural groups and cultural relativism cannot ignore the fact that slavery system in America is a ‘wrong practice’. These perceptions are irrelevant because no culture is supreme or the best, and no culture is so complete in itself . Summary No theory can prevent judgment of the ‘wrong’ and the ‘ right’ of any cultural practice. Simply because no culture is flawless, when assessed on humanitarian and global grounds. Any practice which preserves the peaceful co-existence and helps in betterment of life will always be applauded and any practice which promotes injustice, cruelty and domination over others, will always be turned down. If Americans think in an ethnocentric way that they are the indirect dominators of the world affairs, they are mistaken. It was Europe yesterday, America today and tomorrow may belong to some other culture. Similarly if Asians think that there is no need to pass judgment on any other culture because every culture is complete on its own, they are also wrong. They ought to pass a judgment and raise a voice against the ‘wrong’ colonization and slavery of Europeans and Americans respectively. No theory can stop passing judgments over any cultural practice. Judgments are necessary. They always help in improving upon the negative aspects of any culture. Works – cited page 1) ‘Heuristic device’ and ‘cultural relativism’, wikipedia the free encyclopedia, 12 – 02-07, Retrieved on 14-02-07. < http://en. wikipedia. org/wiki/cultural_relativism > 2. ‘Ethnocentrism’, wikipedia the free encyclopedia, 10-02-07, Retrieved on 14-02-07, < http://en. wikipedia. org/wiki/etnocentrism >

The Importance Of Animal Farm By George Orwell - 1325 Words

One day at Manor Farm that was ran by Mr. Jones, the animals took over and started their big revolution but over the years their leaders changed and the farm started to fall apart. In Animal Farm written by George Orwell the animal revolution failed indefinitely because the original ideas of the revolution that Old Major spoke about were forgotten over time, Napoleon was unfair to the animals that were in the lower class and the pigs started to act like the humans that ran the farm before them. The animal revolution failed because the original ideas of the revolution were forgotten over time. The night when Old Major spoke about taking over Manor Farm and what he saw in that dream he spoke about the seven commandments which were going to†¦show more content†¦Ã¢â‚¬Å"Beasts of England has been abolished. From now onwards it was forbidden to sing it. The animals were taken aback. â€Å"Why?† cried Muriel. â€Å"It’s no longer needed, comrade,† said Squealer stiffly. â€Å"Beasts of England was the song of the Rebellion. But the Rebellion is now completed.†(88) Since Squealer was such a good persuader all the animals forgot about the song that wasn’t really about the Rebellion but more for the pride of the animals and they moved on to a song that was more about Napoleon than it’s was about the farm and the animals. The animal revolution fails because the original ideas of the revolution spoken by Old Major were forgotten. Another failure that happened during the revolution was that Napoleon was unfair with the animals that were in the lower class. As soon as Snowball got ran out of the farm Napoleon had them already working right away and they spend long hours on the farm. â€Å"Throughout the spring and summer they worked a sixty-hour week, and in August Napoleon announced that there would be work on Sunday afternoons as well.†(59) He’s unfair here because the average amount of work is around 47 hours and people don’t really work on the weekends so to the lower class they were getting tired and they needed food and water but the bins in the shed were nearly finished so Napoleon took to action. â€Å"In addition, Napoleon ordered the almost empty bins in the store-shed to be filled nearly to the brim with sand, which was then covered up with whatShow MoreRelatedA Critical Review of Animal Farm Essay1643 Words   |  7 PagesA Critical Review of Animal Farm Once again, George Orwell shows his literary genius in writing. 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