Sole proprietorship

Sole proprietorship Sole Proprietorship: A sole proprietorship is a business owned by a single person. Advantages of the Sole Proprietorship: A. Simplicity B. Autonomy C. Sole Gain D. Single Tax E. Shelter Income Disadvantages of the Sole Proprietorship: A. Limited resources B. Unlimited and Unshared Liability Key Characteristics: A. Liability-Liability is totally the sole proprietors. Meaning that there is no difference between the sole proprietor business and personal assets they are one and if the business fails or the sole proprietor is sued the creditors and litigants can come after both as if they are one. B. Income Taxes-The sole proprietor and the business are taxed as one. C. Longevity or Continuity of the Organization-If the sole proprietor dies the business goes with him. D. Control-The sole proprietor controls everything in the business. He and/or she can do it all their own of hire someone else to do it. E. Profit Retention-The sole proprietor keeps all of the profits F. Convenience of Burden-There are only a few instances when you have to have a register with the state or federal government. When you run a business under a different name then your own or you supply certain things that require licensure. General Partnership: By definition, is when two or more people come together to run a business. Advantages: A. Partners keep all the profit. B. The partnership is free from Federal income tax. C. Partnerships profits or losses pass directly to the partners as personal income for federal tax purposes. D. Partnerships permit pooling of capital, talent and a sharing of risk. Disadvantages: A. The death of a partner may automatically end the partnership-with serious consequences to all concerned. B. Unlimited personal liability of all the partners. Key Characteristics: A. Liability-The partnership has unlimited personal liability. B. Income Taxes-There is no Federal tax for the partnership, but they can claim their profits and their losses on their personal taxes. C. Longevity -The longevity of the business is based on the contract they had drawn up before the business was started in case of buyout and/or Death. D. Control-The control of the business is based on what the partners agree on. E. Profit Retention-All the profits go to the partners. F. Convenience or Burden-The partnership should have a contract drawn up that describes exactly what each partner has contributited to the business, what share of the profits each partner will receive, duration of the partnership and the breaking up and closing of the business in case circumstances arise. If this is done then a partnership would be a good venture. Limited Partnerships: By definition, the limited partnership is at least one limited partner and at least one general partner. Advantages: A. The limited partner can make a profit without much effort. B. If the company fails, the limited partner only losses the amount they had invested. Disadvantages: A. The limited partner has a very limited control in the running of the business. B. It is very hard for the limited partner to get there investment out of a limited partnership. Key Characteristics: A. Liability-The majority of the liability is taken on by the general partners not the limited partners. B. Income Taxes-If the partnership has two or more of the following things then it will be taxed as a corporation; Freely transferable ownership papers Continuing of life Participation of limited partners in management of the business Very limited liability of the limited partner in the debt of the business if it goes bankrupt (All Business, 2010) (All Business, 2010) C. Longevity-The longevity of the limited partnership is based solely on the contracts drawn up. D. Profit retention-The limited partner gets a percentage of the profits. E. Convenience or Burden-The limited partnership is best for the limited partner if they want to use it as an investment tool. C Corporation: By definition, the C corporation means closely held corporation. They are small none traded corporations, usually but not always limited to no more than 30 shareholders. Advantages: A. The closely held corporation is its own legal entity, as long as all the rules and bylaws are followed at the local, state, and/or federal level then there is limited liability. B. Closely held corporations can have benefit health plans, which will be better retirement and health insurance plans then those of non-corporation businesses. C. The health insurance is fully deductible and up to a certain amount of group term life insurance benefits per employee. D. Should a shareholder die or wish to cash out his or her shares, the corporation will still continue. E. It is a lot easier to get investment capital in a corporation then it is in other businesses. F. Employees can be offered stock option plans. Disadvantages: A. Double taxed. Which means after the corporation pays its taxes on the income the corporation makes, the shareholder will be taxed again on the profits they receive from their profits on their shares. B. You must follow the local, state and/or federal laws when it comes to incorporating to the letter. If they are not followed then the shareholders may be held liable for any situation that comes along. C. It costs more to have a corporation than any non-corporation business. D. It takes more time and effort to maintain a corporation then a non-corporation. Key Characteristics: A. Liability -As long as all the local, state and/or federal laws are followed then there is very limited liability. B. Income Taxes-A C-corporation is what is called double taxed. Meaning once the corporation pays the business tax then any profits the shareholders make are then taxed again. C. Longevity -The only way a C-corporation can be dissolved is if it is voted on and agreed to by the shareholders and very careful set of rules are followed. It doesnt matter if a shareholder dies or cashs in their shares the corporation continues. D. Control-A c corporation usually has a president, vice president and secretary-treasurer. Anyone or all of those people control the corporation. E. Profit retention-The closely held corporations profit depends on what percentage of stock each shareholder holds. F. Convenience or Burden-In order to form a c-corporation there has to be different local, state and/or federal law that must be followed and certain things that must be done to incorporate the business. S Corporation: By definition, the S Corporation means Subchapter S Corporation, it comes from the tax code from which it is taxed. An s-corporation is limited to no more than one hundred shareholders. Advantages: A. Since the corporate losses are passed thru to the shareholders, they are able to take is as a loss on their taxes. B. You will have limited personal liability without having to pay high corporate taxes. C. It is a lot easier to get investment capital in a corporation then it is in other businesses. Disadvantages: A. There are a lot of rules to follow and the amount of shareholders is limited. B. It will be costly to set up and follow the rigid set of corporate rules and laws. C. There will be close scrutiny by the I.R.S. D. All shareholders must be U.S. citizens. E. All shareholders must vote for the S corp. F. The corporation cant deduct the benefits like health and or accident insurance. Key Characteristics: A. Liability-the shareholder is only liable for the debts the corporation has up to how much they have invested. Exceptions Include: 1. If the shareholder guarantees a business loan. 2. If it is ruled by the courts that the business is a scam. B. Income Tax-S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income. C. Longevity-The S corporation is a perpetual entity and is not affected by the death of a shareholder. D. Control-The shareholders, the board of directors and the officers of the corporation all control the corporation. E. Profit Retention-In an S corporation all Officers, the Board of Directors and shareholder-employees must be paid a reasonable salary from the corporate earnings. F. Convenience or burden-Many rules and regulations must by follow the corporation, including the number of shareholders. Also, it can be costly to set and follow corporate formalities. LLC By definition, an LLC means Limited Liability Company. It is a business that brings a partnership and a corporation together. Advantages: A. LLCs offer pass-through tax statues similar to that of a partnership. B. Corporations are required to hold meetings and record minutes on those meetings each year; LLCs are not. The amount of paperwork needed to purchase assets, open bank accounts or make changes within the company is also significantly reduced in an LLC. C. LLCs provide owners with a degree of liability protection, such as also provided by a C corporation. Owners of both C Corporations and LLCs are typically not responsible for the debts and liabilities of the business. Disadvantages: A. Many investors will not invest in LLCs, because its a business structure that is not understood. B. LLCs dont have employee stock option plans. C. You cant switch from an LLC to a C or S corporation like you can switch from a C to S corporation. D. Some states dont allow single-member LLCs. Key Characteristics: A. Liability-LLCs are not personally responsible for debts of the business. B. Income tax-LLCs are taxed at the personal level. C. Longevity or continuity of the organization-Operating agreement can require a number to obtain interest beyond transferring interest. D. Control-persons and other legal entities composed of persons (such as trusts and other corporations can have the right to vote or receive dividends once declared by the board of directors. In case of for-profit corporations, these voters hold shares or stock and are thus called shareholders or stockholders. When no stockholders exist, a corporation has members who have the right to vote on its operations. Voting members are not the only members of a â€Å"corporation†. The members of a non-stock corporation are identified in the Articles of incorporation and the titles of the member classes may include â€Å"Trustee,† †Active,† †Associate,† and /or â€Å"Honorary.† However, each of these listed in the Articles of Incorporation are members or the corporation. E. Profit retention-Members share in the profit are proportion to how they invested in the business. F. Convenience or burden-LLCs dont allow single member companies, LLCs arent conducive to employee stock option plans and Investors will not invest in LLCs. (Haus, 2011) (All Business, 2010) (All Business, 2010) (All Business, 2010) (All Business, 2010)

Integration of University of Mississippi Essay - 1468 Words

Integration of Ole Miss A strong and independent minded man named James H. Meredith applied for acceptance into the University of Mississippi. Meredith anticipated on encountering some type of difficulty with his attempt to enter the University of Mississippi, also known as the Ole Miss, but difficulty would not describe his journey. The day after John F. Kennedy was inaugurated in early January of 1961, Meredith requested for application into the Ole Miss. On January 26, the registrar of Ole Miss, Robert B. Ellis, sent him an application along with a letter indicating that the university was very pleased to know of [Merediths] interest in becoming a member of our student body (JFK Library). Meredith applied on January 31,†¦show more content†¦So on May 31, 1961, Meredith and Thurgood Marshall of the NAACP took the case to court. Over a year later of trial after trial, on September 10, 1962, the Supreme Court orders Ole Miss to accept James Meredith. Many Mississippians did not agree with the court . One of which included the governor of Mississippi, Ross R. Barnett. On September 25, 1962, Meredith tries to enter Ole Miss, but is blocked by Barnett claiming that [no school will be integrated in Mississippi while I am your Governor (Barnett Defies 2). Barnett held his ground and wanted Mississippi to remain as it was and would not stand for integration. A comic strip depicted Barnett laying down a brick wall around a Mississippi sign while trying to keep the sign of the U.S. out and separated (Integration). It influenced many into believing that Mississippi indeed seemed to be delayed and lagging behind the U.S. when it came to allowing integration, which the cartoon tries to prove. Barnett was scantly supported by other southern governors, but even so, Barnett asked if his citizens, especially officers, would go to jail to fight for his righteous cause. 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Dantes Inferno The General Strategy And Structure

Despite the fact that the reason for the disciplines in Dante s Inferno might be misty, their general strategy and structure appears to be direct. There are numerous concentric rings, each with a transgression or set of sins connected with them, and a discipline for every wrongdoing. At the point when miscreants kick the bucket they are relegated to the spot which is assigned to properly rebuff the specific sorts of wrongdoing that they submitted amid their lifetime. As Dante slides to lower circles, we see that the disciplines deteriorate and more terrible, so that more extreme disciplines are made to compare to all the more ethically disgusting sins. In all cases, it is the transgressions of a man that place that individual at every level of Hellfire. Every specific discipline is then mirrored the way of the transgression which it rebuffs, being like it in structure. For example, the overlaid heavy layers of the Posers relates to the way of the wrongdoing itself, for the transgression is to seem great on the outside keeping in mind the end goal to disguise the insufferable internal reality (XXII). The same sort of correspondence between the activity and the wrongdoing can be found in alternate circles also. This could be seen as being wonderful equity, or, in a more complex perspective, demonstrating that the discipline of the miscreant is to be related to their wrongdoing, as unforgiven sin will dependably over the long haul be a torment to the heathen. Be that as itShow MoreRelated Francescas Style in Canto V of Dantes Inferno Essay5060 Words   |  21 PagesFrancescas Style in Canto V of Dantes Inferno Canto V of Dantes Inferno begins and ends with confession. The frightening image of Minos who  «confesses » the damned sinners and then hurls them down to their eternal punishment contrasts with the almost familial image of Francesca and Dante, who confess to one another. In a real sense confession seems to be defective or inadequate in Hell. The huddled masses who declare their sins to Minos do so because they are compelled to declareRead More Myth and Violence in The Waste Land Essay2655 Words   |  11 Pagesmythic poet, as it is an intellectual strategy, a device for gaining perspective on himself and on his myth-forsaken time (Ellmann, 621). He draws from the ideas existing in the collective unconsciousness (which compose myth) and the differences in his representations present his own ideas about the human condition.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The fact that mythic structures are repeated cross-culturally evidences them as the outcome of primitive, common thought. These structures include concepts of life and death