Lit 1 Task 1

In: Business and Management

Submitted By coffey14
Words 732
Pages 3
Sole proprietorship: A sole proprietorship is a business organization, which is owned by a single individual. The individual makes all decisions for the business without having to consult with other employees or departments. There are many advantages in sole proprietorships. First off, sole proprietorships are easy to create. The owner simply starts doing business by providing goods or services and charging for the goods and services provided. In addition, the owner makes all decisions concerning the business and how it is operated. Another key advantage is complete autonomy, meaning the owner can set his or her hours of operation and utilize the finances. Sole proprietorship can only have one owner, meaning it is impossible to bring in others into the business, also if the owner dies or passes away the business does the same. It can be difficult to raise capital for a sole proprietorship. In most cases, if the entrepreneur is not wealthy, he or she will need to seek funds from outside source, for example a bank where they will treat the funds as a personal loan.

• Liability: A sole proprietorship has unlimited liability, which means the owner is personally liable for any and all obligations and debts of the business. Creditors have access to all personal assets, meaning, personal homes, bank accounts, automobiles etc. are all within reach for creditors.
• Income Taxes: A sole proprietorship pays income taxes on the business income, which is reported on the owners Form 1040 Schedule C.
• Longevity or continuity of the organization: The business would be forced to dissolve without proper planning if the owner dies.
• Control: The owner of a sole proprietorship has all control and say of a business, he or she runs day-to-day operations, makes all of the decisions and does not have to grant control to others.
• Profit retention: The owner of the business…...

Similar Documents

Lit 1 Task 1

...LIT 1 Task 1 PART A Sole Proprietorship Sole Proprietorship is a business owned by one person, as distinguished from a partnership or Corporation. Sole proprietorship is a company, which is not registered with the state as a limited liability company or corporation. Some advantages of a sole proprietorship are that they have flexibility in operations. The sole proprietorship business is undertaken on a small scale. If any change is required in the operations, it is easy and quick to bring the changes. Another advantage in this type is the ease of promptness in decision-making, autonomy. When the decision is to be taken by one person, it is guaranteed to be quick. Thus, the entrepreneur, as a sole proprietor, can arrive at quick decisions concerning the business because he does not have to ask anybody else. There is only one person that makes decisions, therefore, there is no other to criticize, or challenge a decision made. A third advantage is the simplicity of the business. Because of this, it is the most common type of business entity. The only difficulty of this business type is obtaining licenses and permits in the state of operation. If the business will be run under a different name than that of the individual who owns it, a separate special certificate must be filed. Sole Gain is seen as a highly ranked advantage because all revenue goes back to the single investor, the entrepreneur. There are no shareholders to declare dividends. The primary advantage for...

Words: 1754 - Pages: 8

Lit Task 1

...Tiare Gomes Business Marketing Management April 2013 Task 1 (310.1.2-01-06) SOLE PROPRIETORSHIP: The Sole Proprietorship is a business owned completely and solely by one person. It is easy to start this type of business because legal formalities are minimal. Sole Props are popular amongst small businesses or start-ups because of this simplicity. Business taxes are done all under one filing (the owner files his taxes normally with the form 1040 and a schedule C) and all gains and profits belong to the owner alone without having to pay or share with shareholders or co-owners. This can either be a plus, or a minus depending on the situation. Because the owner has the right to all gains, he or she is also responsible for all liabilities as well. If the business goes under or goes into debt, then his or her personal assets are at stake. In addition, if the business owner dies unless there are pre-arrangements made in the form of a will, the business dies with the owner. More about the advantages and disadvantages to follow: * LIABILITY: The owner is financially liable for everything with regards to the business, without limitation. If their business fails or falls into debt, the creditors can come after personal assets. * INCOME TAXES: The business owner and the business is taxed together. The business owner would file a 1040 with a schedule C along with it. All profits are considered personal income. On the bright side, all business items can reduce the...

Words: 1038 - Pages: 5

Lit Task 1

...LIT t Carlos Alvarez Student ID # 000224916 Western Governors University LIT1 Task 2 310.1.5-02, 11, 13 Situation A The Family and Medical Leave Act of 1993, states that all companies with 50 or more employees must offer an unpaid leave of absence to employees to take care of the birth or adoption of a child, personal, or family illness. An employee must have a minimum of 12 months of continuous employment or at least 1,250 hours on the job. Under the act, an employee may take up to 12 weeks off on an unpaid leave. In accordance to the act, the employee will be allowed to return to their previous job, at their previous rate. If for some reason their job was occupied, we must provide the employee with a different position at the same pay rate as their previous job. Our company currently employees over 75 workers; therefore, we must comply with act. We must also comply with The Family and Medical Leave Act of 1993 because the Employee A has been with the company for more than 12 months. The fact that his wife gave birth prematurely has no effect on the employee’s request. The request for Employee A to return to their previous job with their previous pay rate has been rightfully granted, because the employee meets the requirements stated in The Family and Medical Leave Act of 1993. If the position has been occupied, then we must give the employee a different position with the same pay rate. In regards, to Employee A’s request for the pay that was...

Words: 1221 - Pages: 5

Task 1

...JDT2 Task 2 | The Business of Ethics | | | | JDT2 Task 2 The Business of Ethics * Metal whistle contains small traces of lead. * Primary market: Elementary schools. * Large shipment to be shipped to South America by week’s end. * Cost to reproduce and repackage toy collection, $100,000. The Business of Ethics * Metal whistle contains small traces of lead. * Primary market: Elementary schools. * Large shipment to be shipped to South America by week’s end. * Cost to reproduce and repackage toy collection, $100,000. The Business of Ethics Metal Whistles in Elementary School Toy Collection Recently, it has been discovered that the toy collection that is planned to be sent at week’s end to elementary schools in South America, did not pass U.S. satisfactory limits for children ages 7 and younger due to the metal whistle included in the toy collection containing small traces of lead. Listed below are three possible alternatives that have been identified to address the whistle problem. 1. Replace the metal whistle with a plastic whistle. 2. Find an alternative toy, i.e. flash cards, rubber ball, stickers to replace the metal whistle. 3. Remove the metal whistle from the toy collection. The Utilitarian Method was used for selecting the alternatives, as this method evaluates an act in the nomenclatures of consequences or outcomes. It endeavors to accomplish the maximum good for the maximum amount while...

Words: 1623 - Pages: 7

Lit Task 1

... will need to be acquired before the move. If the company is going to maintain the LLC in the old state, there will be fees for that state and the new state. Two advantages are that the members’ personal and company assets are separate, and the company will not taxed. However a disadvantage is the paperwork required to create this company can be overwhelming. Work Cited: C Corporation Law & Legal Definition. (n.d.). Retrieved August 9, 2014, from General Partnership. (n.d.). Retrieved Auust 09, 2014, from Limited Liability Company (LLC). (n.d.). Retrieved August 09, 2014, from Single Member Limited Liability Companies. (n.d.). Retrieved August 9, 2014, from Sole Proprietorship. (n.d.). Retrieved August 9, 2014, from LIT1 Task 2 Memorandum To: Company X Owner From: Lenn Baxley RE: Recommendations form Business Model Date: 27 July 2014 The concern of changing a business model in include business partner, changing control or even changing who is responsible can be a big decision. I would recommend that the company’s owner switch to S-Corporation...

Words: 2290 - Pages: 10

Lit Task 1

...LIT1: Task 310.1.2-01-06 Part A: Sole Proprietorship: is the most common business structure. The business is not a separate entity from the proprietor which makes autonomous. Liability - if you enter into a sole proprietorship, you have unlimited liabilities associated with your business. You will be liable to the full extent of your assets for any business liabilities. Income taxes - as a sole proprietor, when you file taxes, you would file it under your own personal income taxes. Sole proprietor do not have anyone withholding their taxes. You do have to keep me in mind that as a sole proprietor you are responsible for budgeting you tax liabilities. Continuity of the organization - as a sole proprietor, when you die, the business dies. Control - as a sole proprietor, you have total control of the business. As the sole owner, you do not share any responsibilities with anyone else. Profit retention - as a sole proprietor, any profit made from the business would only be distributed to the sole owner. There are not partners associated with sole proprietorship. Expansion - as a sole proprietor, you have autonomy or flexibility with your business. Since sole proprietors are not seen as legally separated from their business, the ease of expansion is uncomplicated. Compliance - there are minimal reports you have to file with the government and there is no restrictions on the operations of your business. General Partnerships: is a partnership that is formed with...

Words: 1827 - Pages: 8

Task 1

... Parkland hospital is simple. It states “We are dedicated to the health and well-being of individuals and communities entrusted to our care (Parkland, 2014).” Regardless of what the news reports, the overall quality of the hospital speaks for itself. The truth is when it comes to patient care, Parkland Memorial Hospital is one of the best. They really are dedicated to the well-being of individuals. Just look at their 10 centers of excellence for example. The list includes a burn unit which was created in 1962 and is one of the largest in the nation. Their stroke center recently won an award this year from the American Heart Association for implementing the association's specific quality improvement measures (Parkland, 2014). Others include a level 1 trauma center, orthopedic center, women and infants center and much more. This shows that Parkland cares about the quality of care that their patient receive. Parkland is not just hospital based. They continually trying to find ways to provide services and health care education to the community. In order to bridge the gap between hospital and community they have a department specifically aimed towards the health care needs of the community. To provide health care services to the surrounding neighborhoods of Dallas County, they created Parkland Community Oriented Primary Care Clinics (COPC). Their community outreach programs such as the homeless medical outreach service (HOMES) provide care to homeless adult and......

Words: 1215 - Pages: 5

Task 1

...Identify Motherboard Components and Form Factors (Hands-on) Question #1 1. Locate Information on the LGA 1156. * The LGA 1156 is an Intel desktop CPU socket. The processors it is used with are the following. * PCI-Express 2.0 ×16 for communication with a graphics card. * DMI for communication with the Platform Controller Hub (PCH). * FDI for communication with the PCH. * Two memory channels for communication and backup communication. Question #2 2. Locate Information on the LGA H55 Chipset * The H55 (Ibex Peak) is an Intel chipset designed to provide the interface for the PCI express lanes on a motherboard. It is used with the following processors. * Supports the Intel Core i7 / i5 / i3 / Pentium Processors in the LGA1156 Package. * Intel H55 single chip architecture * 5 Phases Power Design * Support 2-DIMM 1600(OC)/1333/1066 * Integrated HDMI/DVI interface with HDCP Supporting all HD formats including 720P, 1080i, 1080P. ( Required processors with Intel HD Graphics ) * CPU integrated Graphics performance tunable via BIOS * Optimized to deliver full windows 7 Experience * Supports BIO-Remote 2 Technology * Supports Charger Booster Technology Question #3 3. Locate information on the Gigabyte GA-H55M-UD2H. * It is a motherboard used for the LGA1156 socket Intel processors. It is a H55 chipset, which isn't a good overclocking motherboard; it is mainly used for general systems without......

Words: 328 - Pages: 2

Lit Task 1

... depreciation, tax credits, high salaries, and fringe benefits. A disadvantage is the double taxation on dividends. When a stockholder receives a dividend,they must report it on his/her personal income were they will be taxed on there earnings. (The first taxation was the corporate being taxed on its income.) • Longevity/Continuity-A corporation can continue on indefinitely,no matter if certain stockholders, directors, or board members should pass away. • Control-Stockholders have the ultimate control, but in some cases there are so many stockholders that the authority is divided between stockholders, who will elect a board of directors. Directors will make company policies, and then elect officers to carry out those policies. In the case of smaller, more closely held corporations the officers might be the directors, and might be the only stockholders of the corporation. Ultimately, the title of 'owner' is held by the corporate entity. • Profit Retention-The board of directors will decide the amount of profit to be kept, and the amount to be payed in dividends. • Convenience/Burden- A corporation must operate under the state's statutory laws in which it incorporates. The corporation must also comply with federal law if it operates in another state, in addition to any and all states the corporation does business in. S-Corporation-A corporation that elects to be taxed under the Sub chapter S Chapter 1 of the Internal Revenue Code. • Liability-The liability is......

Words: 1903 - Pages: 8

Children's Lit Task 1

...Part A. In the past five years, children’s literature has had many common themes. Bullying has been a popular subject of interest at all levels of reading. This trend reflects a rising concern about cyberbullying and the sometimes dramatic effects it can have on a child’s life. Writers and parents are making an effort to show children that what they do to their peers has real consequences and to be mindful with their words and actions. Another popular subject is dystopian futures. This interest is in part due to the success of The Hunger Games trilogy, children have become interested in the future of their planet. Another interesting trend in children’s literature is mixing of genres, such as mixing cartoons and novels, which may be the influence of children’s television. Children are interested in seeing the story unfold as well as reading the text. This also is influenced by the prevalence of the internet and the multimedia presentations of information that is abundant there. Children are also very interested in serial literature, willing to follow their favorite characters through many books to find out all of their adventures. Here, again, televison may play a part in this interest. In the 1700s, the intent of many children’s books was to educate and instruct them morally while amusing children so that they would continue to read. Books that were made specifically for children were illustrated and often made in small sizes to fit into children’s hands. Today’s...

Words: 2361 - Pages: 10

Lit 1 Task 1 - Business Law

... for a seriously ill or infirm spouse, child, or parent. Children - The birth of a child or adoption /foster child placement in employee's care. Case Evaluation Under the provisions of FMLA, Company X, granted a leave of absence (LOA) request to Employee A so that he may be with his spouse, who had prematurely given birth. The employee's request was approved by his then current manager who correctly determined that he was eligible for leave based upon the following two factors, 1) his length of employment (24 months) and 2) his personal circumstances (the birth of a child / serious medical condition of a spouse). FMLA provisions clearly acknowledge the employee's work history and qualifying life event as being valid and, in turn, Company X complied with said provisions by providing the employee with 12 weeks of unpaid leave. After 11 weeks on leave, the employee contacted his new department manager and asked to return to work. In accordance with FMLA provisions, the employee's manager approved his return to work date and acknowledged that he would return to the same pay, title, and job function. Employee A also requested back pay for his 11 week leave. His manager denied his request. Findings After careful review, I have determined the following; based upon the criteria of the U.S. Department of Labor, Company X which has more than 75 employees is considered a covered employer and, as such, must provide all eligible employees with at least 12 weeks of unpaid leave...

Words: 1444 - Pages: 6

Wgu Lit 1 Task 1

...Task 1 Situation A The Family and Medical Leave Act of 1993 has many provisions but 3 major ones are that all employees of an organization of 50 or more employees working more than 20 hours per week be given a minimum 12 weeks of time off for domestic responsibilities each year. Those responsibilities include; the birth of a new child, the care of an immediate family member with a serious medical condition or the adoption of a foster child (US Department of Labor). Under the Act the employer must maintain the employees’ health insurance and employment status during that time frame. If the employee’s current position is no longer available a position of equal pay must be found. To qualify, the employee must have worked for the organization for 12 month and have worked 1250 hours in the 12month preceding the leave. The Family and Medical Leave Act of 1993 does apply to Situation A in almost every aspect except for one, the paid leave portion. In situation A, the employee was given 11 weeks off from work after being employed for 2 years for the birth of a child. Upon returning to work after 11 weeks the employee was given his job back and at the same rate of pay. The Family and Medical Leave Act of 1993 require that unpaid leave be given and the employee me be given up to 12 weeks off in a 12 month period or 26 weeks for the care and/or return of a veteran. In situation A, No violation occurred because The Family and Medical Leave Act of 1993 states that the employee...

Words: 903 - Pages: 4

Lit 1 Task 2 Labor and Employment Laws

...LIT 1 TASK 2 LABOR AND EMPLOYMENT LAWS To purchase this visit here: Contact us at: SUPPORT@ACTIVITYMODE.COM LIT 1 TASK 2 LABOR AND EMPLOYMENT LAWS LIT 1 Task 2 Labor and Employment Laws Activity mode aims to provide quality study notes and tutorials to the students of LIT 1 Task 2 Labor and Employment Laws in order to ace their studies. LIT 1 TASK 2 LABOR AND EMPLOYMENT LAWS To purchase this visit here: Contact us at: SUPPORT@ACTIVITYMODE.COM LIT 1 TASK 2 LABOR AND EMPLOYMENT LAWS LIT 1 Task 2 Labor and Employment Laws Activity mode aims to provide quality study notes and tutorials to the students of LIT 1 Task 2 Labor and Employment Laws in order to ace their studies. LIT 1 TASK 2 LABOR AND EMPLOYMENT LAWS To purchase this visit here: Contact us at: SUPPORT@ACTIVITYMODE.COM LIT 1 TASK 2 LABOR AND EMPLOYMENT LAWS LIT 1 Task 2 Labor and Employment Laws Activity mode aims to provide quality study notes and tutorials to the students of LIT 1 Task 2 Labor and Employment Laws in order to ace their studies. LIT 1 TASK 2 LABOR AND EMPLOYMENT LAWS To purchase this visit here: Contact us at: SUPPORT@ACTIVITYMODE.COM LIT 1 TASK 2 LABOR AND......

Words: 381 - Pages: 2

Task 1

.... Walmart and Sam’s Club employs over 2.1 Million people throughout their company and 1% of the total workforce in the US (Business Insider, 2014) Price Here is the number one topic that people immediately think about when they go shopping…what is it going to cost me? When a business sells a product they have to think, “What is the product worth to their customers?” Walmart has successfully come up with a great marketing strategy that would have put all the other businesses out of work if they didn’t do the same, they even implemented in into their Sam’s club stores. In 2004, Walmart introduced “Price match guarantee”. Walmart and Sam’s would match any advertised price from their competitors. This completely changed the way that they had to price their products. Instead of having a research team research each product and go through trial and error of pricing, the consumers will now tell you what other companies have done and all they had to do is match the price. The consumer gets to feel a sense of achievement because they got Walmart and or Sam’s to lower their price, but the company is the ultimate benefactor because they just sold a product and now know how they need to price it without doing any research. The Walmart/Sam’s consumer expects them to have the lowest price because of their huge warehouse inventory, which is usually the case. Because of the price match and the lower prices that they have, all their competitors have adopted the price match......

Words: 3131 - Pages: 13

Lit 1 Task 1

...Irish emigration across the Atlantic began long before 1800. In the 1600s, approximately 25,000 Irish Catholics left – some were forced to move, others left voluntarily – for the Caribbean and Virginia, while from the 1680s onwards Irish Quakers and Protestant Dissenters began to depart for the New World. Considerable Presbyterian emigration from Ireland's northern Province of Ulster took place from the 1710s onward, alongside smaller Anglican Protestant and Catholic emigration from Ulster and the southern province of Munster. This pattern continued until the end of the Napoleonic Wars in 1814. Ireland had benefited considerably from price rises associated with war on the European Continent, only to suffer as a result of the drop in export price levels following the Battle of Waterloo. From 1815 to the start of the Great Irish Famine (1846–1852), between 800,000 and one million Irish sailed for North America with roughly half settling in Canada and the other half settling in the United States. Significantly, no other European country contributed as many emigrants per capita to the New World as Ireland during this period. Until the early 1830s, Protestant departures exceeded the number of Catholics leaving Ireland. Thereafter, Catholics greatly outnumbered Protestants. The demise of the cottage spinning industry in the first half of the 19th century – especially from the early 1830s onwards – led to a massive displacement of workers. Nonetheless, the rise of the linen industry...

Words: 1704 - Pages: 7