... 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 a 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 income. E ach partners share is taxable as personal tax rates, regardless of the amount of net income each withdraws from the business during the year . Mutual Agency 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’ his is true even when are beyond the scoop of their authority, so long as the appears to be appropriate for the partnership. For example , a partner of a grocery store who purchases a delivery truck creates a binding contract in the name of the partnership, even if the partnership agreement denies this authority. On the other hand , if a partner...
Words: 3381 - Pages: 14
...may be encountered. Physical changes can include loss of hearing and menopause and psychological changes can include financial worries and loss of a partner. A physical change which may be associated with ageing can be the loss of hearing. As people grow older, their hearing becomes progressively worse. At around the age of 40, most people begin to experience a small loss of hearing, this then increases throughout the ageing process. By 80, most people will have evident hearing loss. For example, a man who is 70 years old will most likely have significant loss of hearing due to his ageing process, whereas another man who is 40, might only have minor hearing loss which does not largely affect his hearing (NHS, 2016). Another physical change associated with ageing can be the process of menopause. Menopause is when a woman's period stops and usually starts between the ages of 45-55. The physical changes which occur during menopause are as follows: hot flushes, sweats, anxious and low moods and memory and concentration problems are also factors too. As the woman ages, her periods will eventually stop as a result of a drop in oestrogen levels within the body. For example, a woman who is going through menopause may experience a hot flush at inconvenient times during the day as a result of physical changes (NHS, 2016). A psychological change which can be associated with ageing may be the loss of a partner. The loss of a partner is most likely to affect a person negatively as...
Words: 504 - Pages: 3
...might be required by local governments to conduct business in that particular locale. * Liability: With a sole proprietorship there are no limits on liability to the owner. The owner is personally liable in all legal matters and law suits can reach the owners personal assets. * Income Taxes: Profits realized through business conducted as a Sole Proprietor are taxed as personal income. This typically means at the highest marginal rates. However, expenses related to running a business have long been favored in U.S. Tax code even at the Sole Proprietor level and the deductions are taken on the owner’s personal tax return along with the profit or loss from the business activities. Sole Proprietorships are relatively simple to account for at tax time. A single page Schedule C is filled out with income (or loss) and expenses and the bottom line becomes a single entry on the owners’ personal taxes. * Longevity or continuity of the organization: Simply put, the business lasts until the owner ceases to conduct business (either voluntarily, by lack of profit, or through legal judgment against the owner) or the owner dies. As the assets and/or debts of the business are the assets and debts of the owner personally, those assets can simply be sold off if the owner ceases to conduct business, taken by a court to pay for debt or other liabilities from a law suit, or handled in the...
Words: 2101 - Pages: 9
...EXIT INTERVIEW QUESTIONS 1. Under the adjusted balance method, the book balance and the bank balance are brought to a correct cash balance that must appear on the balance sheet. The credit memos are always added to the book balance and the debit memos are always deducted from the book balance. Book Reconciling Items: Credit Memos – Items not representing deposits credited by the bank to the account of the depositor but not yet recorded by the depositor as cash receipt. They increase the bank balance. Debit Memos - Items not representing checks paid by bank which are charged by the bank to the account of the depositor but not yet recorded by the depositor as cash disbursement. They decrease the bank balance. Errors. Bank Reconciling Items Deposit in Transit, Outstanding Check, Errors 2. Accounting cycle are: 1. Collecting and analyzing data from transactions and events. - develop a chart of accounts as part of setting up your accounting and bookkeeping system. The chart of accounts is an index of all the accounts where the company files its financial information. A source document in an accounting transaction is evidence that the transaction has occurred. It should be recorded as a journal entry as soon as possible. Examples are canceled checks, invoices, purchase orders, and other business documents. 2. Putting transactions into the general journal. - When a small business makes a financial transaction, they make a journal entry in their accounting journal in...
Words: 3127 - Pages: 13
...INTRODUCTION Psychosocial is a result of psychology and sociology Psychosocial development is how a person’s mind, emotions, and maturity level develop throughout the course of their lifetime. Different people will develop psychosocially at different speeds depending on the biological processes and environmental interactions. People living with HIVAIDS have specific psycho social issues they deal with. It is important to understand that the mind and the emotions have impact on their immune system and quality of life. Psychosocial support is an intervention that enhances the wellbeing of a person affected by life threatening events. Being healthy in this context is much more than the mere absence of disease or infirmity. A healthy person is the one who; * is socially integrated and accepted, has friends and a social network, and has a recognised and acceptable social status in the community * is socially competent; which means that he/she is able to cooperate with others and can also deal with pain, tension and conflicts * Can express feelings, has good self esteem and is confident, can manage stress and is able to make decisions. HIV disease is among the most devastating of illnesses, having multiple and profound effects upon all aspects of the bio-psychosocial and spiritual being. HIV as an illness affects the person first and foremost at the biological level in the form of an aggressive virus that compromises immunity. Every illness experience represents a unique...
Words: 1898 - Pages: 8
...couple that has HIV discordant results June 2011 0772 286 311 HIV discordant couples are those in which one of the couples has HIV negative and the other has HIV positive. Such couples definitely suffer from psychological effects which may range from mild to severe. Psychological effects are those thoughts, feelings and emotions that affect the mental well being of the affected and infected persons. The one living with HIV/AIDS is referred to as the infected while the partner who is HIV negative is referred to as the affected. The following is a list of the most common psychological effects faced by a couple that has HIV discordant results. When a wife or husband tested HIV positive will need to develop new coping patterns and this may trigger a variety of reactions from others such as family members, partner, employees, co-workers, counselors and other helping professionals. • Fear • Loss • Grief • Guilt • Denial • Anger • Anxiety • Low self esteem • Depression • Suicidal behavior • Feelings of isolation The psychological effects vary from individual to individual and not everyone experience all the emotional responses because HIV/AIDS situation is as unique as the people involved. There is usually change in behavior in both the affected and infected persons and therefore resulting in changes in personal relationships. HIV/AIDS epidemic...
Words: 1682 - Pages: 7
...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 of their authority, so long as...
Words: 2344 - Pages: 10
...Describe the type of life insurance they should take out to cover the business in the event that either or both were unable to participate in the business. Provide an explanation of each product you recommend and justifications for your recommendations. Where appropriate, you should provide dollar amounts for any insurance cover you recommend. • Outline the types of general insurance they should take out to cover their new business. Provide an explanation of each product you recommend and the reason for your recommendations. The business should take out life insurance products: a. Key person insurances for both Christopher and Petra of $500K to cover the $200K business loan and $300K personal loans. This compensates the business for losses and facilitates business continuity should either of them pass away or become incapacitated. Key people can be insured for death, trauma and/or total and permanent disablement. Compensation can cover four categories: protect profits, protect partnership interests, guarantee business loans and cover losses while the key person is unable to work. Both Christopher and Petra are key persons because their contribution is uniquely valuable to the business. Key man insurance protects each partner. b. Buy-sell insurance provides funding for the surviving business partner to buy out the shares of the deceased partner. The surviving partner will have enough capital to keep the business going while they look for a replacement partner or buy out the heirs...
Words: 504 - Pages: 3
...is, thus, not predictable. Involvement of too many partners: Profit sharing will be difficult with twenty-five limited partnership offered to our local physicians. Lack of reimbursement for biliary lithotripter: Although the FDA has granted approval to begin clinical trials, biliary lithotripter does not still qualify for Medicare or Medicaid reimbursement. Uncertainty of clinical trials: Clinical trials may pose risks and are very costly. Safety may be jeopardized in some...
Words: 640 - Pages: 3
...Concerns of Young Women under the Age of Forty Diagnosed With Breast Cancer Jennifer Warlick COM/156 February 10, 2013 Keri Keith Concerns of Young Women under the Age of Forty Diagnosed With Breast Cancer Can you imagine being a woman under the age of forty and receiving a diagnosis of breast cancer? One out of every two hundred and ten women diagnosed will be under the age of forty. Breast cancer is the most common cancer among women. Every woman diagnosed with breast cancer will face different issues. Young women are concerned with their body image, fertility, sexual functioning, relationship issues, and premature menopause more so than older women. Young women feel they are in the best part of their life. The diagnosis of breast cancer at this age is considered a step backward for young women who feel they should be building their career and family. Women under the age of forty diagnosed with breast cancer will face their own unique set of problems and challenges. The diagnosis of breast cancer in young women is rare. When diagnosed with breast cancer at or under the age of forty young women are generally in the later stages of breast cancer. The expected outcome or course of the disease tends to be worse for women under forty versus women that are older. Research shows that breast cancer is more aggressive in younger women. Tumors are larger and more lymph nodes are affected. Younger women diagnosed in later stages can be the result of lack...
Words: 1757 - Pages: 8
...As Obama Gets Older… As Obama Gets Older… Disengagement theory– This involves when an older person withdraws themselves from involvement in social interaction.The disengagement theory states that as you get older you naturally withdraw from others. Sometimes it can happen because as you get older you have less opportuinities to do things such as go out and socialise. Also another reason people disengage is because they cannot physically go out and do things due to their health. People tend to not only engage less with friends and distant relatives and more with closer relatives. Older people start to become more individualised and less bothered by the expectations of others and how they think or feel about them. In 1961 Cumming and Henry, two theorists that brought forward this theory both argued that it was and important process for older people to go through and that it was a natural part of ageing. They believed that as people grow older they start to withdraw due to the less opportuinities that they can take part in. In 1974 Bromley accepted this theory and believed that even if someone tries to fight the process of disengagement it is bound to happen at some point whether it is earlier or later on in their lives. He also said that people disengage because they do not have the physical and mental resources they had when they were younger. He believed that disengagement could happen...
Words: 1941 - Pages: 8
...of owners of your business. A business partnership is an association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit." A business partnership can be started with a written or an oral agreement. a partnership agreement often governs the partners' relations to each other and to the partnership. The term person generally includes individuals, corporations, and other partnerships and business associations. Each partner in the partnership has the right to share in the profits and management of the company unless the agreement states otherwise. In many states each partner is jointly and severally liable for the wrongful acts or omissions of a copartner. Although a partner may be sued individually for all the damages associated with a wrongful act, partnership agreements generally provide for indemnification of the partner for the portion of damages in excess of her or his own proportional share. Certain conduct may lead to the creation of an implied partnership. Generally, if a person receives a portion of the profits from a business enterprise, the receipt of the profits is evidence of a partnership. If, however, a person receives a share of profits as repayment of a debt, wages, rent, or an Annuity, such transactions are considered "protected relationships" and do...
Words: 1606 - Pages: 7
...setting up and operating internationally in a country where customs, culture, and laws are different from stateside. Organizations must make decisions on which countries legal system will apply to disputes and how they are resolved. It also must consider the implications of legal action against their foreign partner or government. Failure to address these issues before signing an agreement could result in conflicts and loss of revenue. An organization must evaluate how it can resolve legal disputes in international transactions before it makes a contract final. Issues on location, the current government, legal system, and enforcement should play a role in the decision to go forward. If legal action is required an organization must consider how their actions will affect their relationship with their foreign partner, how it will be perceived by the host country, and will the cost and time of legal action outweigh the loss that influenced the action. In the simulation CadMex had to make a decision in regard to sublicensing their medication. Legal action was one of their options; however, this would have strained their relations and forced their business partner into bankruptcy. The foreign government authority may have rejected the sublicensing agreement because of time and availability of the needed drug. CadMex looked for a solution that satisfied all parties and avoided legal action. The foreign country became a member of the World Trade Organization, which would...
Words: 447 - Pages: 2
...sole proprietor. • LOCATION – The owner can move or expand the business as they see fit they are easy to set up and work in any setting appropriate for the business. Most sole proprietorships are home based or have small offices and storefronts. GENERAL PARTNERSHIP: is a business owned by two or more owners. In General partnerships each partner is fully active in the firm giving input in management and each partner is fully liable for the debts of the business. • LIABILITY – Each partner assumes unlimited liability for the debts of the business and can be held totally responsible for debts and malpractice committed by any of the partners. • INCOME TAXES – A partnership is a pass-through entity, not a separate taxable entity, and no federal income tax is imposed on the business itself. Each partner clams the profits or loss on their personal taxes. • LONGEVITY/CONTINUITY – The death of a partner may automatically end the partnership. The business may survive if the partners make a plan to continue the business. The reaming partners may transfer, purchase or sell the departing partners share of the business. • CONTROL – Each partner is fully active in the firm giving input in...
Words: 1231 - Pages: 5
...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 partners involved in the business have equal rights. If a problem occurs, both the partners are equally responsible in sharing the loss. There are no legal formalities...
Words: 996 - Pages: 4
