...Business Entities, Laws, and Regulations Mario Stinson BUS/415 August 16, 2012 Dr. Geneace Williams Business Entities, Laws, and Regulations Restaurant/Bar: Lou and Jose are planning on opening the restaurant/bar but are short on funds so they plan to use Miriam as an investor and make him/her a percentage owner. In their case Lou and José’s best choice for their business entity would be a Legal Liability Company (LLC). Since they have an investor in the business this stockholder represents a share in the stocks and would make LLC the best filing option. If they were to partner their business they each would be responsible for all debts if the business were to fold. This could put all their personal assets at risk of being confiscated as collateral for debts incurred from the company. Limited Liability Companies are a separate entity from the owners and stockholders so their assets are secure if anything were to go wrong within the company. They should also devise a partnership agreement clarifying how assets will be dispersed as well as duties to be performed by owners and stockholders. In this matter Lou and Jose will handle all day to day operations of the business while Miriam will just be an investor, so this should be included in the agreement. This would eliminate any confusion over who receives what and how they receive it. With this agreement each has equal ownership upon fulfilling their duties as benefactors/stockholders. Professional Practice: In the...
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...same thing. 2. Which statement best describes the function of a primary key? a. It uniquely identifies each record. b. It is always a number. c. It is the first field in a table. d. It unlocks the data in a table. 3. Which statement best describes the function of a foreign key? a. A foreign key is a key that doesn't belong in the table. b. A foreign key is the primary key of one table repeated in another table in order to create a relationship between the tables. c. A foreign key is redundant data. d. A foreign key is a field telling what language the data is in. 4. What is SQL? a. It is the language relational databases use to query the database. b. It is the language relational databases use to create database objects and to manipulate and retrieve data. c. It is a language like Java or C# for creating applications. d. It is the name of Microsoft's relational database manager. 5. A database entity can best be described as _____________. a. the person responsible for the database b. the database itself c. something the database is concerned with about for which data can be stored d. something that describes a person or process 6. Which of the following best defines the term “database requirement”? a. Something a manager wants from the database b. An exception to a rule or practice c. Something a database must do to fulfill its business function d. The amount of RAM needed by the database software 7. Which of these best defines “data integrity”...
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...Acme Fireworks Kelvin M. Spencer BUS 311 – Business Law I Professor David MacKusick December 4, 2015 I have been hired by Acme Fireworks Company to manage their company. As the manager I have been asked by the Owner to evaluate and re-evaluate the direction the Company is moving and provide effective feedback that can help make the company operate better. In this paper I will address whether or not the contracts will be governed by common law or the UCC (Uniform Commercial Code). I will also analyze whether the owner formed a contract with other businesses and apply the five essential elements of an enforceable contract. Next I will explain potential personal liability to Acme Fireworks if a spectator is injures by a stray firework from a fireworks display. Then I will discuss the different employment types and relationships relevant to agency law and analyze the advantages and disadvantages of each type specific to Acme Fireworks. And finally, I will explain why Acme Fireworks should not operate as a sole proprietorship. I will recommend a new business entity, and provide rationale to support my recommendation. Have you ever been to a professional fireworks display and wonder exactly what goes into putting on such a beautiful display of fire? During the Fourth of July holiday, all across America most municipalities contracts and hires professional firework companies to put on an aerial display of fireworks. As awe-inspiring as such spectacles maybe...
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...Proprietorship BUS 311: Business Law 7 Jul 2014 Sole Proprietorship Upon the decision to start a new business, one must ask the question of what type of business entity they intend to initiate. According to Rodgers, Author of the book Essentials of Business Law, “One of the most fundamental decisions all businesspersons face in starting a business is how that business will be organized,” (2012). There are several deferent business entities to choose from. The business owner would have to weigh the different possibilities and factors such as taxes and liability to find which entity fits their intentions best. Most new small businesses options come down to a sole proprietorship, a partnership, a Corporation, or a Limited Liability Company (LLC). “For many small business, the best initial choice is either a sole proprietorship or if more than one owner is involved a partnership,” (Steingold, 2003). Even though it possesses more liability on the owner, if I were to start a new business I would have to choose sole proprietorship as my business entity. “When you start a new business, you must choose a legal format,” (Steigold, 2014). This decision will be the blue print for how the new business will operate in the years to come. As such, the new owner must weigh the benefits and the consequences, examine liability, personal time, expenses and taxation. According to Steingold (2014), it’s in the best interest of the owner to follow a checklist for starting a new business. This check list...
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...Business Entities, Laws and Regulations BUS/415 Business Entities, Laws and Regulations Opening any business can be a daunting task with many regulations and laws that must be followed. In this discussion, two businesses will be examined with the goal of determining, for each business, the following: • The business entity that represents the best choice for each business • Taking control • Taxation issues • Liability issues • Laws and regulations each business must consider in starting the business • Risks the business must protect itself against The Bar The first business a restaurant/bar: “Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage ownership” (University of Phoenix, 2011). * The business entity that represents the best choice for this business: LLC. For this type of a business you have three options; an LP, Corporation, and an LLC. While an LP would fit the needs, an LP does not limit the liability to Lou and Jose, in that, they would be personally liable for partnership debts. A Corporation could also fit; however, a corporation is probably too restrictive for this situation, which is why an LLC, with its minimal requirements and limited...
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...[pic] [pic] [pic] Name of Candidate : Shania A Garth School : Royal Caribbean Institute Centre Number : 100294 Candidate Number : Name of Teacher : Miss Teisha Richards Territory : Jamaica Subject : Principle of Business Table of Contents Pages Acknowledgment 1 Introduction 2 Abstract 3 - 4 Description of Business 5 - 8 Justification of Location 9 - 10 Selection of Appropriate Labour 11 - 18 Sources of Fixed and Working Capital 19 Role of Entrepreneur 20 Type of Production 21 Levels of Production 22 Quality Control Measures 23 Use of Technology 24 Linkages 25 Potential for growth 26 Government Regulations 27 Ethical Issues 28 Conclusion 29 Bibliography 30 Appendices 31 - 38 [pic] The completion of this study would not have been attained without the encouragement and co-operation of some special persons. Subsequently, I would like to thank the individuals at a popular business entity who would like to disclose their splendid contribution and valuable time spent on answering the questions asked. Family members and friends supported in motivating and assisting me throughout the study. I thank my co-worker for guiding me while I was engaged in this study. My sister was...
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...Assignment Question 1 “The mere discovery of a problem is not sufficient to assure that the Financial Accounting Standards Board will undertake its solution … There must be a suitably high likelihood that the Board can resolve the issues in a manner that will be acceptable to the constituency—without some prior sense of the likelihood that the Board members will be able to reach a consensus, it is generally not advisable to undertake a formal project”. Introduction: The above quotation has been taken from the book of Professor Miller which was published in 1986. Professor says that identifying a problem in the audit process is no guarantee that a solution will be found to the problem. The problem that is referred to in the above quotation is the problems that emerge during an audit that is performed in a business entity. What professor Miller tries to explain is that even if the issue is placed in front of the Financial Accounting Standards Board there is no surety that the Board will take action or responsibility in finding a solution to the problem. When a problem is presented to the Financial Accounting Standards Board there must be reason to believe that the Board members will be able to understand the problem collectively and create a solution to the problem by harmony, if however the chances are not there then an individual or an audit firm should not take up a project formally to try and find resolution though the Financial Accounting Standards Board...
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...engineer, and he and Gloria worked steadily for approximately 1 year to develop the design. They have applied for a patent, which is currently pending. They have created prototypes and are ready to begin looking for manufacturers and accounts. However, they have not yet created a business and are not sure which type of entity will best serve their needs. They want to create a business that can grow steadily and perhaps expand globally. Gloria has researched accounting firms and believes she has found one that will be able to answer all of her questions. She wants to develop a long-term relationship with an accountant who regularly works with start-up businesses and who has global connections. You Role: You are a business planner and accountant. Your expertise is in helping clients evaluate business formation options and business strategy. You have cultivated many international contacts in a variety of fields, including manufacturing. You believe that you will be able to help Gloria find appropriate manufacturing options abroad as well as companies in several countries with which she might want to partner. You have created an extensive memorandum that outlines the various business entity options, the strengths and weaknesses of each, as well as suggestions concerning global expansion. Gloria has come to you to get some advice on which business entity best suits her needs and objectives. Key Player: Gloria Smithson - Gloria regularly used widgets* in her position as a manufacturing...
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...Business Entities, Laws and Regulations Business Entities, Laws and Regulations When starting a business it is important that to check into the business entities, licensing, state laws, and all other necessary regulations in order to start the business. In this paper it will show the importance of the control mechanism, taxation, liability issues, and the risk issues that must be taken into consideration. In following scenarios the discussions will cover elements from above, and discuss employment laws and regulations, necessary for the business to be conventional when making decisions. Scenario One In this scenario Lou and Jose had made plans to open a sports bar and restaurant where their customers are welcome to socialize while enjoying sporting events on a large screen television. Though Lou and Jose do not have the money, but Miriam, a wealthy investor who doesn’t have the time to participate in the business want to help Lou and Jose by providing the necessary capital to start the business, while in return, Miriam wants a percentage of ownership. When taking control, taxation and liability, must go under consideration to the limited liability partnership, which would be the best business entity decision for Lou, Jose, and Miriam. The reason the limited liability partnership would be best, is because Miriam invested her money, and she would not be doing anything with the daily management of running the business, this can also can be as special partnership. When acting...
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...Acme Fireworks Analysis When the determination has been made to change a business’s entity it is important to understand what entity would be best suited for their business needs. Acme Fireworks is a sole proprietorship that is growing fast, the owner is considering changing the business entity. The decision that needs to be made is which entity will best suit their advancing needs. Acme Fireworks can choose between three entities: a partnership, corporation, and limited liability company (LLC). There are pros and cons for each of the different entities. When taking into account the current personal liability, if the contracts already in place are valid, employment needs to fulfill the large orders, and defining the different types of entities, my recommendation for Acme Fireworks would be to become a corporation. Just about everyone in the United States has some personal experience with fireworks, either from Fourth of July or New Year's Eve celebrations. Fireworks have always been dangerous and have caused, and continue to cause, serious and tragic accidents. Every year injuries both minor and major are caused by fireworks. Potential personal liability for injuries to consumers caused by the firework products is inevitable. When the firework explodes, it can send out many burning hot embers, or if it is positioned in the wrong place it can set houses or nature on fire. Fireworks can even be a dangerous weapons in the hands of vandals. However, not all mishaps due to fireworks...
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...Assignment 1 Introduction According to AASB, the financial reporting about a reporting entity that provide to users who lack knowledge about information and the it also reflect an entity perspective focussing on the needs of all capital provides, not just equity investors. The financial statement must truly reflect the qualitative characteristics of information (Leo et al, 2009). However, IASB and FASB try to develop a new conceptual framework recently. The project's objective is tried to create a new sound foundation for future accounting standards that are principles-based, internally consistent and also internationally converged. This assignment is about if Australia accepted the financial reporting that proposed in ITC 17, will it affect AASB and is there any inconsistency with the AASB? Discussion As mentioned earlier, in accounting, the separate entity concept treats a business as separate from its owners. In other words, the business is separate with the owners as economic unit (Financial Accounting Series, 2008). It is important for business has separate transactions with the owner’s personal transactions. Under SAC 1 Definition of the reporting entity is ‘general purpose financial report" means a financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically, all of their information needs (Board, 2008) .’ Both IASB and FASB published documents that seek public...
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...Primary key Which of the following is the best definition for a database attribute … Something that describes some part of an entity Which of the following are not common functions of relational database … Providing backup and security Which best defines data integrity … The accuracy and correctness of the data in the database Which describes what is meant by the term stakeholder … Anybody effected Document that summarizes and displays data is called a … Report Which of the following that best defines the term requirement … Something the database must do to fulfill its purpose Document that has a primary purpose of gathering data input is called … Form Which of the following defines the term exception … A variation of how things are done and recorded an alternative process Which of the following represents the advantage of a surrogate key … Surrogate key is always guaranteed to be unique Which of the following represents the advantage of a natural key … Helps protect the integrity by preventing accidental entry of duplicate rows Which of the following best defines a surrogate key … Random key with no business meaning Which of the following best defines a natural key … B ? Which of the following best defines a candidate key … D ? What type of relationship does the ERD depict … One to many Which of the following best defines the function of a linking entity … Used to resolve many to many relationships with one to many relationships Which of the following...
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...Business Organization The first thing to understand when starting a business is how the structure of the company will be set up. There are several types of business entities and each entity has its own particular benefits and list of drawbacks. In this paper I will enumerate the following types of business structures: sole proprietorship, partnership, corporation and limited liability corporation, how they differ from each other, their advantages and disadvantages. Choosing the wrong structure may lead to paying more taxes and putting my personal properties at risk when something go wrong with my business. Being new in the business world, determining the limitations and liabilities of each business entities will guide me in choosing the right business structure that will best fit to my business field, my limitation, protection of my assets and the potential growth of my business direction. My husband and I were planning to start up a café shop. Joe is a coffee lover and I have a passion in baking. So we believe that putting together his love to coffee and my baking passion into a business is a great idea. There are several factors I should take in consideration in choosing the right entity for this business. First I wanted to know the extent of my personal liability, I am also concern how my earnings and profit will be taxed, how much work do it takes in setting the business into operation and how much capital I need to sustain the business. In order to answer these concerns...
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...Business Entities, Laws, and Regulations Paper When an individual or group of individuals decided to open a business there are many choices that will need to be made about what type of business they will want to work toward. First an entity for the company will need to be chosen. This entity will help decide how each individual will be held responsible for the business as well as liability issues and taxation procedures. Control of the business will also be a factor when choosing a particular entity. We will be focusing on two different scenarios and need to decide what type of entity the company needs to choose. Liability as well as rules and regulations will need to be taken into account so that the business will not only profit but will be safe from many risks that can occur when operating a business. The last scenario will discuss what rules and laws a company must abide by when hiring individuals. We will take in to account that this is a new construction company that will be looking for a certain individual to hire for the new position. Restaurant/Bar Scenario In this scenario we have two individuals, Lou and Jose that want to open a sports bar complete with large TV’s to entice customers to come in a watch many sporting events. The bar would serve alcohol and would offer food to their customers. They however do not have much money so another individual Miriam has agreed to invest money into the company for a part of the ownership, but does not want to have...
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...Business Entities Paper Arbra Jones Business Law BUS/415 Professor Dina C. Gledhill February 20, 2012 Business Entities This paper will evaluate three scenarios, restaurant and bar with wealthy third party investor, an extermination company with a wealthy owner and investor, and a construction company which is hiring for particular position. The business entity that represents the best choice for each business will be identified as well as the laws, regulations, taxation, and control each business must consider. The liability issues each business must protected from will also be discussed. The evaluation of the construction company will identify and discuss employment laws and regulations the company must abide by. Restaurant and Bar Scenario Based on information provided in the scenario, Lou and Jose want to open a sports bar and restaurant. Miriam, a wealthy investor, has agreed to invest in the venture because Lou and Jose do not have enough startup capital. In return for her investment Miriam will receive a percentage of the company’s profit as an owner. Business Entity, Control, Taxation, and Liability A partnership would be the best business entity for the sports bar because there are three owners that will participate in the business and receive a percentage of the business profits. Miriam will provide the investment capital and Lou and Jose will run the day-to-day operations. A partnership allows all parties to have control of the business and decisions...
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