...professionals in the field. Characteristics of Partnerships STUDY OBJECTIVE 1 Identify the characteristics of the partnership form of business organization. Partnerships are fairly easy to form. People form partnerships simply by a verbal agreement, or more formally, by written agreement. We explain the principal characteristics of partnerships in the following sections. Association of Individuals A partnership is a legal entity. A partnership can own property (land, buildings, equipment), and can sue or be sued. A partnership also is an accounting entity. Thus, the personal assets, liabilities, and transactions of the partners are excluded from the accounting records of the partnership, just as they are in a proprietorship. The net income of a partnership is not taxed as a separate entity. But, a partnership must file an information tax return showing partnership net income and each partner's share of that net income. Each partner's share is taxable at personal tax rates, regardless of the amount of net income each withdraws from the business during the year. Mutual Agency http://edugen.wiley.com/edugen/courses/crs1663/...2/weygandt0196c12_2.xform?course=crs1663&id=ref (1 of 10) [8/23/07 11:08:45 AM] Partnership Form of Organization Mutual agency means that each partner acts on behalf of the partnership when engaging in partnership business. The act of any partner is binding on all other partners. This is true even when partners act beyond the scope...
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...determining which characteristics in a male potential partner a female values more when looking at financial stability and health when considering that partner as a contender in a committed romantic relationship. With a sample of 56 single heterosexual females and 4 single bisexual females all with a mean age of 20, a 2x2 factorial design study was conducted on relationship commitment with financial stability and health in mind. The study found that females looked at health more in the consideration of a male as a life-long partner and that financial stability was not a factor when considering a committed romantic relationship. Financial Stability and Health in Determining Relationship Commitment The years of Late Adolescence, what Arnett (2000) terms Emerging Adulthood, can be characterized as people between the ages of 18-24 who are past high school, possibly in college, but not quite into adulthood. This time in a person’s life is typically when young adults start looking towards their future and everything that may be involved in it. This may include future careers, traveling endeavors, or selecting future mates. For those who may be currently thinking about who their future mate is going to be and for those who are assessing what characteristics they would like their mate to have, it would be interesting to test whether financial stability or health is considered more when selecting a life-long partner. Background Theory ...
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...the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers from unlimited liability. The owner becomes liable personally for all the obligations and debts of the business. The second characteristic is income taxes. Businesses pay federal income tax just like individuals. In a sole proprietorship, the owner pays income tax only once on the business income, which he or she reports on their personal income form. The third characteristic is control. In a sole proprietorship, the owner makes all the decisions concerning the business. In this business, the owner does not have to grant control to other people. The fourth characteristic is profit retention. If a sole proprietorship makes profits, the money belongs exclusively to the owner. The reason is that the owner and the business are one. The fifth is location. The owner can move or expand the business to a different state without consulting anybody. This is because the owner is the sole decision maker. The sixth characteristic is convenience or burden. The owner makes sure that the business complies with all meeting, reporting, and other regulatory requirements. There are many advantages in sole proprietorships. First, a sole proprietorship is easy to form. The...
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...Characteristics of sole proprietorship: Easy Setup/Capital/Legal Restriction/Equity Investment / Management/Freedom of Action/ Easy Dissolution/Easily Transferable In this type of business owner can start up easy. It does not have to file any paper work as long as the business is under their own legal name. The personal responsibility of the owner is unlimited. The money that is needed is provided by the owner. If you need more money you cannot sell shares of stock or bring someone else in as a partner. You will have to borrow the money yourself. Since there are no legal formalities this type of business can be easily dissolved. It can also be transferred to another person without any restrictions. This type of business is based on life or death and 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...
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...gender affect the partner preferences. Results were obtained through a questionnaire of school-aged individuals. The researchers expected that the results to show a difference in preferences of the characteristics of a partner depending on gender which is linked to the ideas of sex differences in parental investment and sexual selection. The results were consistent with the hypothesis, demonstrating evident difference in partner choice between males’ and females’. Introduction. Sex differences in parental investment and sexual selection are the evolutionary theory processes which suggest that our choice of partners is determined by the extent to which they possess certain features which help us to reproduce and prevent our species from extinction. Sexual selection states that some mates possess certain features that are attractive to the opposite sex, therefore allowing them to get an easier access to mates and pass our genes on to the next generation, such as youth and health in women, which will ensure their fertility, and resoursefulness in men, which means they will be able to provide for the offspring. Sex differences in parental investment suggest that different sexes invest different amounts of resources (time, energy etc.) into their offspring for it to survive, such as females investing far greater into their offspring compared to males due to a complex process of childbearing and childbirth for females. This leads to women looking for partners with resources, while...
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...meaning persona, it is also a type of mask that was used in by roman actors in theatrical performances (Fiest & Fiest, 2009). Personality theorists have developed unique and vital theories, because personality is so different the theorist couldn’t agree to the nature of humanity. An individual’s behavior is defined by the unique and unusual characteristics and traits these consistency add character to the persons personality. Traits can be common, unique or shared by a group, therefore giving individual differences in behavior. Personality can be the quality or condition of being a person. It can also be the pattern of temperamental, emotional, or mental traits of a person, making distinctive qualities to the person. Personalities can determine friends. Personality can also be furnishings that make a room unique. A person’s personality embraces their attitudes, opines, style of thinking, there moods, motivations, speaking, acting, and of course perceiving, these make the individual distinct. Personality theories have been in most cultures throughout recorded history (Fiest & Fiest, 2009). People have to use their personalities in everyday life, from their job to the people in their lives. Some people also see personality in many ways as, the story of the secularization of the human soul. It has also been linked to what it means to be a person. Most research has been guided by the same fundamental questions even through all the differences in orientations. Is personality one thing...
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...Business organization There are seven characteristics used to determine a business organization; Liability, Income taxes, Longevity or continuity of the organization, Control over decision making, Profit retension, Expansion/ Location, and Compliance/Convenience/Burden Sole Proprietorship The sole proprietorship is the simplest form of business it is not a legal entity. It is best described as one person who owning a business and is personally responsible for the business debts. There is unlimited and unshared finanicial liability in a sole proprietorship. The assets * and liabilities whether it be business or personal are not differenciated. * A sole priprietorship and the business is taxed as a single unit. A 1040 form is filed * with a schedule C which shows a profit or loss. Any income from a sole proprietor * business are personal profit. It is a pass through taxation, there is not a seporate * federal income tax to report. * The longevity of the sole proprietor is a disadvantage because when the sole proprietor * dies the business also dies and there is no longer an income. The business ceases to * exist without an option to leave an heir. * The sole proprietorship has one person in control, the owner with unlimited choices * and unshared responsibility for day to day operations. * The sole proprietorship has sole gain in relation to profits. There are no partners or * stockholders. * The proprietor...
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...Osas Odigie Mr. Aube Dec 11, 2012 Characteristics Of a Good and Bad Relationship 1. There are many factors that determine if a relationship could be considered either good or bad. Moreover, a good relationship can be determined by discovering the many factors that make it so. I believe that there are two stages to a good relationship: the beginning, and the ride. It is essential in every good relationship to have a good beginning. Every relationship begins with love and one does not need to be “in love” to be in a relationship; this is misunderstood between many couples. Anyway, love is the beginning of every relationship but in order for a relationship to be considered good, that love must remain constant or increase throughout the relationship. It is important for individuals to understand that in the beginnning, mistakes are prone to happen because there is no such thing as a flawless relationship. The ride of a relationship is basically everything else; the rest of the relationship. It is obvious that one does not show love through anger or hate and therefore there are specific ways in which love can be shown and these are what allows for a good ride in a relationship. Love can be broken down into five major parts. Respect, Trust/Support, Honesty, Responsibility and Romance. Respect is of the highest importance in every relationship. Individuals must view their spouse as equal to them and not greater or lesser. Couples must listen to to one another, valuing each other's...
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...Holcomb tragedy in which a family of four living out on a secluded farm were slaughtered with a shotgun by the collaboration of two individuals for a seemingly few dollars. In this novel, Capote gives a thorough character description of the two murderers, Richard Hickock and Perry Smith, as he recreates their experience (much as he sees it as it would be from their eyes). He gives accounts preceding the event, through it, and eventually into their trial and execution. From the descriptions Capote provides, a psychological analysis of the mental states of Hickock and Smith can be asserted. Richard Hickock can be seen as possessing significant traits of psychopathy, while his partner Perry Smith is seen with traits similar to that of a life-course persistent offender. Through the described personality characteristics and brief histories of Hickock and Smith, this essay will address this assertion with the two in question as individuals themselves, within their relationship to each other, and also as other characters see and analyze their psychological well being. The reader gets to “know” Perry Smith very well throughout the novel and acquires the sense that Capote feels sympathetic to his situation as compared to that of Hickock. Smith, introduced as much the loner type, is described by the narrator and the character Smith himself (in a letter to a psychiatrist) as growing up in a low socio-economic bracket with a broken family accompanied by a lack of love and stability characterizing...
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...relations. Family Violence is seen in many forms. “It is the baby who is battered, the child who is sexually assaulted, the woman who is punched and kicked by her husband, the elderly man who is attacked and exploited by his children (Ward, 2006).” One of the most common forms of family violence in Canada today appears to be Intimate partner violence. Overall, 7% of Canadians 15 years of age and older either in a current or previous marital or common-law union in 2004 experienced spousal violence in the past 5 years (Statistics Canada, 2004). This victimization of women is compounded by difficulties that they face in getting out of these abusive relationships. Women are often constrained by lack of employment, the responsibility for children and the fear of social disapproval from family and friends for not being able to make the best of a troubled marriage. Long term negative health consequences of such violence include physical problems, sexual and reproductive health problems, psychological and behavioral problems as well as fatal health outcomes such as homicide, suicide and maternal mortality (Stickley, Timofeeva & Sparen, 2008). Experiences throughout life influence individuals’ inclination to...
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...the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers from unlimited liability. The owner becomes liable personally for all the obligations and debts of the business. The second characteristic is income taxes. Businesses pay federal income tax just like individuals. In a sole proprietorship, the owner pays income tax only once on the business income, which he or she reports on their personal income form. The third characteristic is control. In a sole proprietorship, the owner makes all the decisions concerning the business. In this business, the owner does not have to grant control to other people. The fourth characteristic is profit retention. If a sole proprietorship makes profits, the money belongs exclusively to the owner. The reason is that the owner and the business are one. The fifth is location. The owner can move or expand the business to a different state without consulting anybody. This is because the owner is the sole decision maker. The sixth characteristic is convenience or burden. The owner makes sure that the business complies with all meeting, reporting, and other regulatory requirements. There are many advantages in sole proprietorships. First, a sole proprietorship is easy to form. The...
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...about the business, its significance and the classification of business activities. You are also aware that these activities are carried out by individuals in an organised form of a business house having different patterns of ownership and management. A single individual may own the business or a number of individuals may come together to own the business jointly. So, based on ownership, we have different forms of business organisation like a proprietary concern, a partnership firm or a company. In this lesson, you will learn about the various forms of business organisation (excluding a joint stock company), their characteristics, merits and limitations, suitability and the steps involved in their formation. Y OBJECTIVES After studying this lesson, you will be able to: • • • • • explain the concept of business organisation; state the meaning and characteristics of Sole Proprietorship, Partnership, Joint Hindu Family Business and Cooperative Societies. identify the merits and limitations of these forms of business organisation; describe the suitability of these forms of business organisation; and explain the steps in the formation of these business organisation. 5.1 BUSINESS ORGANISATION You have already learnt about the meaning of business and the various types of business activities like industry, trade, transport, banking, insurance etc. If you observe these business Business Studies 89 MODULE -2 Business Organisations activities carefully, you will realise...
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...desire and attraction Baumgardner & Crothers (2009). These emotions can become overpowering and create feelings of love, joy anger and hatred. Intimacy involves closeness it is a special friendship, having a feeling of connection and trust. Commitment is the conscious decision to stay in a relationship for the long haul. Committed relationships are more serious because it involves a shared decision to invest in the relationship. Relationships are a major complexity in our lives. Forming these relationships and maintaining them have a great deal to do with our early attachment styles. Depending on how secure or insecure an individual is can determine their ability to give or accept certain components that build relationships. Early life disruptions to our process of attachment with parents will have major consequences for how we as adults will then deal with attachment as adults. This may show up as diminished capacity to modulate arousal of stimulus from internal or external sources, impairment in developing healthy relationships, and the ability to cope with stress (Siegel.1999). Intimacy, passion and commitment all working equally together would definitely be an ideal relationship. Some relationships might have Intimacy and commitment with no passion or intimacy and passion with no commitment. There are many combinations regarding how people relate to one another in love relationships. According to Steinberg romantic love consist of (intimacy + passion)...
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... & Booth-Butterfield, M. (March 2009). Individual differences in romantic partners' desire for less closeness. North American Journal of Psychology, 11, 1. p.209. Retrieved February 13, 2011, from Academic OneFile via Gale:http://find.galegroup.com.proxy.chemeketa.edu: 2048/gtx/start.do?prodId=AONE&user GroupName=oregon_chemeke 2. Write a synopsis of the article indicating the subject matter and the results of the study. The study examined the five-factor theory of personality in respect to the romantic desire for closeness. The factors were neuroticism, agreeableness, extraversion, openness, conscientiousness. The results revealed significant differences between partners' preferences for closeness associated with personality types. Partners who desired more closeness were higher in neuroticism than partners who possessed an ideal level of closeness while partners who desired less closeness were lower in agreeableness than partners who possessed an ideal level of closeness. 3. What hypothesis was investigated? What variables were studied, and what were the operational definitions of the variables? There were two hypotheses. Hypothesis 1: Relational partners who desire less closeness will be lower in agreeableness than partners who possess a desired level of closeness or desire more closeness. Hypothesis 2: Relational partners who desire more closeness will be higher in neuroticism than partners who possess a desired level of closeness or desire less closeness. ...
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...Introduction: The three basic legal forms of businesses in the United States are Sole Proprietorships, Partnerships, and Corporations. However, each of these forms can have variations and a hybrid called a limited liability company can be formed in all US States that exhibit the characteristics of both a partnership and a corporation (American College, n.d.). The following are some of the forms of business existing in the United States and their characteristics: a. Sole proprietorship b. General partnership c. Limited partnership d. C-corporation e. S-corporation f. Limited Liability Company This report contains an overview of some of the forms of business organizations that exist in the United States. Because of the federal system of the U.S., the many forms of business organizations are subject to the laws and regulations of the state where they operate or are registered. Both federal and state taxes are also taken into account by business owners and financial advisors in the choice of the business form (Perez, 2009). Liability, tax consequences, and legal implications are generally the most important actors business owners consider when choosing a business form. a) Sole Proprietorship The most basic of the forms of business organization is the sole proprietorship where the business is owned by a single person. There are more registered sole proprietorships in the U.S. than the other forms of business. In addition...
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