...of health conditions (illnesses, wounds) is connected with huge losses and the cost itself. There are also costs for healthcare that have to be considered. People lose their money, have to change their lifestyle. Pain and discomfort are a serious intervention into a personal integrity. The price elasticity of demand for healthcare really is controversial. When trying to find it there is a need to have on mind a remarkable heterogeneity of the production. The question of finding, whether the demand curve is not very elastic (whether most of the expenses for healthcare is involuntary – dictated by the actual health condition) or relatively elastic is rather difficult. Most experts however believe that health care demand is fairly inelastic. If you are sick, you will not be very price sensitive. There are exceptions like plastice surgery but most studies find that patients are insensitive to changes in health care prices. The elasticity is according to some estimations between 0,2 and 0,7. It’s important to separate healthcare and the actual health. If there is the connection between these two entities there can be the demand of an individual for healthcare connected with a demand for health. If the connection is not that strong, it’s more of a demonstration of an individual of his interest in getting healthy either by demanding a particular healthcare that he assumes will lead to his healing or if his condition is accepted as...
Words: 968 - Pages: 4
...good health of the sole owner. An example of this type of business is: Cathy’s house cleaning service/ Joe’s Tire Shop/Dave’s Custom Cuts Characteristics of General Partnership: Trust/ Money/ Responsibility/ Joint Contribution and Gain/ Mutual Ownership This type has more than one owner. Contributions made by partners include money, property, services, ideas and knowledge. Partners also share in the gains of the business dividing the Characteristics 3 profits according to their agreement. If the business has losses both partners are impacted. They both make business decisions and implied authority. Sometimes a managing partner is appointed for decision making. Some examples of this type of business are: Morgan and Morgan Law Office/ Doctor Alberts/ Yvette Gaya DMD Characteristics Limited Liability Company (LLC) Subscribers/ Articles of Incorporation/ Ability to Raise Capital/ Liability & Asset Protection It’s important than ever to put a legal shield between you and your creditors. As a...
Words: 697 - Pages: 3
...to Cheeseman (2010) is the form of business in which the owner is actually the business: the business is not a separate legal entity (Cheeseman, 2010, p. 530). “An individual starts the business in his or her own name and does not require any special legal organization beyond the normal requirements such as licenses or permits” (Georgia Trend, 2006/2007, p. 34). Beauticians are great examples of a sole proprietorship. Beauty shops are usually owned by one person, while having other people working in them.This type of business form is preferred by beauticians or a plumber because it is easy, no formalities, and most importantly no federal or state government approval is required. According to Cheeseman (2010) the owner has the right to make all management decisions concerning the business, including those involving hiring and firing employees (Cheeseman, 2010, p. 530). A sole proprietor owns all off the business therefore he or she receives all of the profits. Most importantly if the sole proprietor wishes to sell or transfer the business no other approval is necessary (Cheeseman, 2010). Partnerships are a business form that consist of two or more people coming together to form a business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business (Georgia Trend, 2006/2007)....
Words: 1428 - Pages: 6
...Business Entities, Laws and Regulations Paper The following paper will discuss two hypothetical businesses and the organizational structure that presents the best choice for each business with consideration for control, taxation, and liability issues. It will address the laws, regulations and risks each business must face. The paper will also include a discussion of a hypothetical situation in which a hiring manager must choose an applicant while considering laws, regulations, and the risks against which the business must protect itself when making the decision. Professional Practice Akiva and Tara are newly licensed as obstetricians and want to open a birth clinic together. They will need to take out a large loan to finance their start-up costs. Akiva and Tara would be best served by creating a limited liability partnership (LLP) to organize their business. By forming the LLP, the partners protect themselves from liability beyond their initial capital contribution should the partnership fail or face a lawsuit (Cheeseman, 2010). Members of an LLP are also not personally liable for the malpractice of one partner, and states require LLPs to carry substantial liability insurance in exchange for this limited liability. The limited liability protects Akiva and Tara from being held personally liable for the loan they will take out should the business become insolvent. Forming an LLP ensures that Akiva and Tara retain control of their business because they are the only shareholders...
Words: 1097 - Pages: 5
...Administration of the Establishment of the Partnership by Foreign Enterprises or Individuals within the Territory of China, Law of the People’s Republic of China on Chinese-Foreign Con-Tractual Joint Venture, Law of the People’s Republic of China on Chinese-Foreign Equity Joint Ventures, and Law of the People’s Republic of China on Foreign – Capital Enterprises. The relevant laws are the Security Law , the Fair Competition Law and the Antitrust Law. 2.0 Proprietorships 2.1What is a sole proprietorship enterprise A sole proprietorship enterprise means a business entity established within China with its capital contributed by one individual and its assts owned personally by the sole proprietor, who assumes unlimited liability to the extent of his personal assets. (Article 2) The sole proprietory enterprise is often the rudiment of the company. Some famous companies which belong to the China Time-honored Brand originate in sole proprietory enterprises. China Time-honored Brand enterprises follows and inherits the excellent cultural tradition of the Chinese nation, have...
Words: 12251 - Pages: 50
...Proprietorship Sole proprietorship is the most common and the simplest business structure. In this type of business structure a single person engages in a business venture without the necessity of formal organization. An example of sole proprietorship would be a single person opening an on- line clothing boutique. The sole business owner files the proper statement for the necessary use of the business or trade name. Since the business owner will be operating under a trade name they will need to file a certificate of trade name with the Bexar county clerk’s office where the business is maintained, which publishes the use of the trade name (Andrade, n.d.). The business owner will invest only a small amount of his or her personal funds to start the on-line clothing store. The business owner will also have the right to make all management decisions such as the hiring and firing of employees. Since the business owner owns all of the business he or she...
Words: 2219 - Pages: 9
...Ethics Case Study HCS/335 October 7, 2013 Linda Hagler-Reid, MBA Introduction Jerry McCall is Dr. William’s office assistant. He has received professional training as both a medical assistant and a Licensed Practicing Nurse (LPN). He is handling all of the phone calls while the receptionist is at lunch. A patient calls and says he must have a prescription refill for Valium, an antidepressant medication, called in right away to his pharmacy, since he is leaving for the airport in thirty minutes. He says that Dr. William’s is a personal friend and always gives him a small supply of Valium when he has to fly. No one except Jerry is in the office at this time. Does Jerry’s medical training qualify him to issue this refill order? Why or why not? The American Association of Medical Assistants was established in 1955, a decade considered to be the golden age of medicine, as medical research blazed through the first half of the century. Its creed reflects this perception: “I believe in the principles and purposes of the profession of medical assisting. I endeavor to be more effective. I aspire to render greater service. I protect the confidence entrusted to me. I am dedicated to the care and well-being of all people. I am loyal to my employer. I am true to the ethics of my profession. I am strengthened by compassion, courage and faith.” Though medicine’s golden age may be behind it, its ethics remain firmly in place. Medical assistants serve the public with an ethical obligation...
Words: 1423 - Pages: 6
...corresponding business form is preferred. Sole Proprietorship According to Cheeseman (2010), a sole proprieship is the simplest form of business organization and there is no separate legal entity. (p. 530). Under sole proprietorship the business is owned and executed by a single person. The proprietor makes all the management decisions and has authority to receive profits. Sole proprietorship business could easily be sold or transferred if the owner choose, no other approval is necessary. Scenario: A small neighborhood businesses, sometimes called, neighborhood store, are an example of sole proprietorship. Creating a sole proprietorship is easy and low cost with no government approval is required at the federal and state level. A license to do business within the city is required at the state level. This form of business is excellent for a person with limited amount of money to start a small business, Sole proprietorship is responsible for business’s contract and torts committed, The sole proprietorship has liability to bear the risk of loss of business and has unlimited personal liability. The creditors may use sole proprietor’s personal assets to recover claims against the business. Partnership According to Cheeseman (2010) defines partnership as a voluntary association of two or more individuals as a co-owner of business for profit. The rights and duties of these partners are defined by...
Words: 986 - Pages: 4
...Business Models When stating up a business, there are many different business models that can be chosen. Some of the most popular models are: Sole Proprietorship, Partnership, Limited Liability Partnership, Limited Liability Company, S Corporation, C Corporation and Franchise. When deciding which business model is most appropriate, there are two major elements to consider: taxation and liability. Each of the above business models has advantages and disadvantages in these two areas. This paper will discuss the pros and cons of each business model and provide a scenario that illustrates when a particular model would best be utilized. Sole Proprietorship In simple terms, sole proprietorship refers to a business that is run by a single person. The sole proprietor enjoys all the profits as well as bears all the risks of the business (everymanbusiness, 2011). Pros Being one of the simplest of all business models, a sole proprietorship can be set up with very little effort. There is no special paperwork or extra fees involved in creating a sole proprietorship. In some states it is required to register the business, however, in other states it is not. The owner has the right to make all management decisions concerning the business, including hiring and firing employees (Cheesmen, 2011). Maintaining a sole proprietorship is much simpler than any other business model. Taxes are simplified with sole proprietorship as the business, and individual are considered...
Words: 1981 - Pages: 8
...Tea, Tata Chemicals, The Indian Hotels Company and Tata Teleservices. Contents [hide] • 1 Career at Tata Sons • 2 Honours, awards and international recognition • 3 References • 4 External links [edit]Career at Tata Sons When he returned to India in 1962 after turning down a job with IBM on the advice of JRD, he was sent to Jamshedpur to work on the shop floor at Tata Steel with other blue-collar employees, shovelling limestone and handling the blast furnace.[4] In 1971, he was appointed the Director of National Radio and Electronics (Nelco), which was in dire straits when he came on board: with losses of 40% and barely 2% share of the consumer electronics market. However, just when he turned it around (from 2% to 25% market share), the Emergency was declared. A weak economy and labour issues compounded the problem and Nelco was quickly near collapse again. For his next assignment, in 1977 he was asked to turn around the sick Empress Mills,...
Words: 1434 - Pages: 6
...not typically responsible for the debts of the corporation. | Operational Requirements | Relatively few legal requirements. | There are relatively few legal requirements. | Some formal requirements, but less formal than corporations. | Formal board of directors, annual meetings, and annual reporting required. | Management | Sole proprietor has full control of management and operations. | Typically each partner has an equal voice unless otherwise arranged. | Members have an operating agreement that outlines management. | Managed by the directors, who are elected by the shareholders. | Federal Taxation | Not a taxable entity. The sole proprietor pays all taxes. | It is not a taxable entity. Each partner pays tax on his/her share of income and can deduct losses against other sources of income. | Depending on structure, there is no tax at the entity level. Income/loss is passed through to members. | It is taxed at the entity level. If dividends are distributed to shareholders, they are also taxed at the individual level. | Types of Legal Ownership With so many individuals starting businesses in today’s business world it is hard to figure out which legal ownership is there right one to for that particular business. Selecting the proper legal business type is very important for one’s...
Words: 1725 - Pages: 7
...Limited Liability Partnership, Limited Liability Company, S corporation, franchise, and corporate form are the legal forms of business. The common impacts these forms of businesses have are: liability, tax, legal, and managerial. Sole Proprietorships Sole Proprietorships are the simplest form of business because they have one owner and do not require any registration from federal, state, or local governments. This type of business is suitable for a person who prefers to start a small grocery store, plumbing, consultancy, or a tutor. Sole Proprietorships needs a small amount of capital to start the business. This type of business does not have stocks. A sole proprietor owns the assets. At the same time, he is responsible for all his debts. Sole Proprietorships taxes are straightforward and the reported income on this type of business is reported as regular income. There are no legal restrictions in this business and are flexible for many types of enterprises, products, and services. General Partnership Partnership is a business, when two or more partners combine and share equal responsibilities on the liabilities and operations of that business. This type of business can be preferred if there are two licensed partners to start a business. A good example is a dental office with two licensed dentists. A written or an oral agreement is enough to create a partnership business. A partnership business does not require registration with the state government. All the...
Words: 996 - Pages: 4
...1. Professional Code of Ethics (Page 13, third paragraph): Every discipline has its own set of rules and regulations that need to be followed if one practices it. These are known as professional codes of ethics. These codes provide its professionals with the guidelines that must be followed in order to remain loyal and ethical with the respective profession. If one violates any of the stated codes, he/she may face serious penalty and can even get their practicing license cancelled. Many a times, these codes might be unwritten assuming that they would be too obvious to be written as a part of the code of ethics for that profession. For instance, to check the expiry date of the medicine before administrating it to the ailing patient would be so obvious that not all medical bodies would mention it. But it is the duty of the doctor or nurse to do so. Not all the times can one expect to get every single and minute detail to be written and be a part of the professional ethics. Many a times, it becomes too natural to be followed. Thus not following such duties and later on blaming the code of ethics would be lame and inexcusable. It often happens that not all the code of ethics appear moral. We might even face conflicts in certain cases and find it difficult to practice our profession remaining within the boundary of ethical codes. In such cases, it is always permissible to assess the situation and try to work out in a way that would give an outcome which would be in favor of all...
Words: 2466 - Pages: 10
...The Impact of Globalization on the Health Sector in South Africa After the Apartheid era, massive inequalities in income, health status, access to health care and other social services continued to dominate in South Africa. The Apartheid era was a system of racial segregation that was implemented in South Africa from 1948 to 1994. Due to colonization, whites had ruled South Africa for several centuries, which resulted in the creation of a system that was constructed to serve as a legal framework for continued economic and political dominance by people of European descent (WHO 2003: Antiretroviral Therapy). The apartheid era came to an end as a consequence of both inner and global pressure and South Africa’s new democratic government. The new government claims that improving the access to health care is a main priority noting, “emphasis should be placed on reaching … the most vulnerable” (Department of Health 1997:13). Giving access to health care is becoming an even greater challenge. South Africa was, and is still facing an exploding HIV/AIDS epidemic that, if anything, is highly associated with health care demands. Today, there are more than 5.3 million people living with HIV/AIDS in South Africa, this accounts for more than 21.5% of the entire population (CIA World Fact book: 2006). This paper aims to understand how the health care sector has dealt with the challenges faced in dealing with immense inequalities and a growing epidemic in the context of globalization...
Words: 3319 - Pages: 14
...NIGERIA The problem is not new. Nigeria's power supply has been stagnant for 30 years. During the tumultuous 1990s there was no investment despite surging demand. Since then, generation capacity has risen by half but distribution is so dysfunctional that actual supply has remained flat. One result is a laughably small manufacturing sector, about 4% of GDP. There have been reform attempts in the past. The Power Holding Company of Nigeria (PHCN), the monopoly supplier, is known to consumers as Please Have Candle Nearby. Five years ago it replaced the National Electric Power Authority (NEPA), nicknamed Never Expect Power Again. Mischarging and other sins continued. “I just got a bill for the last four months but had no lights for three,” says a doctor 20 miles (32km) outside the capital, Abuja. To survive, many Nigerians have their own power plants, creating the world's highest concentration of small-scale generators. Two-thirds of all electricity is produced in basements and backyards, at a cost of $13 billion a year. Generator merchants say the government is their best client. Some have set up steel plants to keep up with demand. One has 3,000 workers assembling the grunting machines. All this could change if the privatisation scheme succeeds. It aims to raise $3.5 billion a year and boost the power supply 13-fold over a decade. The government is offering to guarantee some bank loans and may cap the interest at 7%. At a recent conference in Abuja Mr Jonathan wooed hundreds of investors...
Words: 2177 - Pages: 9
