Lit Task 1 a&B Essay

Words: 2068
Pages: 9
Open Document
LIT1 – Task 1 (Part A)

Sole Proprietorship: * Single Ownership - The single individual always owns sole proprietorship form of the business. The individual owns all assets and properties of the business and bears the risk of losing or gaining from the business. * No Sharing of Profit – The business is owned by an individual, therefore, all of the gains are directly available for the owner to access immediately. There is no friction between owners * One Man’s Control - The controlling power in a sole proprietorship always will be the owner. However, the owner is free to consult to whomever he/she likes. * Unlimited Liability - The liability of the sole proprietor is unlimited. This implies that, in case of loss the …show more content…
This will allow the business to continue upon death of a shareholder.

S-Corporation: * Type of Corporation – The S-Corp is a blend of a C-Corp and a partnership. S-Corps are formed much like a C-Corp and have a very similar structure * Taxation Consideration - Unlike a C-Corp, all income and losses of a S-Corp are attributed pro rata to the owners. This means that there is no ``double taxation" of corporate income like there is with the C-Corp. S corporation shareholder gets taxed on his or her share of the corporation’s profit. * Qualifications - need to meet certain guidelines to be eligible for S-Corp status. Almost any small business will meet these guidelines, however, so you can just let your accountant or attorney know that you want to form an S-Corp. * Create and Dissolve Corporation – It is not easy to build or dissolve a S-Corporation. * Liability – S-Corps protect personal assets by incorporation * Location – Formation in multiple states is fairly simple, it involves filing and paying necessary fees. * Convenience/Burden - Since the business is taxed separately from it’s owners it increases administrative ease. C-Corps are not easy to dissolve * Longevity – S-Corps can last a very long time since there is no individual ownership, the business is owned by shareholders. This will allow the business to continue upon death of a shareholder.
Show More

Related Documents: Lit Task 1 a&B Essay

FRA Coursehandbook FINAL Essay

for writing assignments, etc 6-8 City Lit Policies and Procedures 9-11 Recommended Reading 12 C&G Assignment Assessment Criteria 13-17 Pro forma 18-23 Contacts Centre for Teacher and Management Training, City Lit Course tutor Jennie Kitteringham 077 46 22 98 36 jenniekitteringham@yahoo.co.uk Administrator, City Lit Mary La-Touche 020 7492 2537 Mary La-Touche@citylit.ac.uk FRA/City Lit Liaison Wendy Moss 020 7492 2533 Wendy…

Words 3861 - Pages 16

Bletchley Park's Impossible Enigma Code During WWII

letter that would appear on the cipher. E.g. If you pressed B and the light J lit up, the letter J would represent B on the cipher. You can see why the code was thought to be un-crackable when there are millions of different configurations that produce different ciphers. In total there were just over “159 million million million different combinations” (1) possible for the enigma code. So as you can imagine this was an extremely daunting task for the…

Words 715 - Pages 3

Essay on Cognitive Psychology

Midterm Study Guide Outline Chapter 1 – Introduction 1. History a. Early Cognitive Psychologists i. Donders (1868): Choice RT vs. Simple RT- how long it takes a person to make a decision. Simple- press a button when a light comes. Choice- push button when light on left or right was lit. Choice RT took 1/10 of a second longer which said that’s how long it takes to make a decision. 1st cognitive psychology experiment. Inferred by behavior ii. –mental chronometry-…

Words 2886 - Pages 12

Amino Acids Essay

Determining the Effect of Nonpolar Side Chain Length on HC of Amino Acids DATE SUBMITTED__May 11, 2000__ ROLE ASSIGNMENTS ROLE GROUP MEMBER FACILITATOR………………………..PRASHANTH JAYARAM TIME & TASK KEEPER………………CHUNGPENG SHEN SCRIBE………………………………..TONY YEUNG PRESENTER………………………….GREG MILLER SUMMARY OF PROJECT CONCLUSIONS The relationship between nonpolar side chain length of amino acids and their heats of combustion was determined by combusting…

Words 3331 - Pages 14

Management Activities Essay

Management Module Title: Management Activities Module Level: H1 Assignment Number: 10 -1- Introduction The report examines the introduction of open technologies in the transmission of live broadcasts for KYB. Issues such as organisational structure, quality management, tasks and aims of the project were analysed and possible recommendations made about the challenges in the venture. 1. Organisational structure The mission of this division will be ‘to create effective and practicable…

Words 3636 - Pages 15

The Stewart B Mckinney Homeless Assistance Act: a Policy Analysis Essay

Running head: MCKINNEY ACT The Stewart McKinney Homeless Assistance Act: A Policy Analysis Janelle Horton & Amy Lakin Cornerstone University Introduction Homelessness has always been a problem for the United States. Since its birth as a nation, there have consistently been individuals who find themselves without a place to live, looking for shelter with family, friends, or simply anywhere they can find it. These individuals have been targeted as candidates for social aid, but this was…

Words 4162 - Pages 17

Essay on Final Amazon Fire TV 2 Word

trustworthy, because if you have any problems you can either send it back or contact them and they will help you through any of your problems. Five Stages of Consumer Decision Making Process: Post Purchase Evaluation Negative Purchase Evaluation 1. Amazon Fire TV is missing a lot of apps. Some of the majors apps include HBO Go and Spotify. 2. Even though it does have voice control, it does not work in Netflix or any of the other non-Amazon apps. 3. If you do not have Amazon Prime, you do not…

Words 2443 - Pages 10

Human Factors In Aircraft Design (Aviation Displays)

causing pilot safety concerns. An interruption during high workload or at a critical moment can cause a delay in the user’s ability to respond to a malfunction, leading to a potential failure. If the user is attending to a malfunction in an automated task and is interrupted, the interruption depletes the user’s mental resources causing him to be less capable of averting the potential failure. Certain automation functions might be stopped from interrupting during the takeoff and landing portions of flight…

Words 2901 - Pages 12

Essay on ASSESSMENT 1 Implement and monitor marketing activies

ASSESSMENT 1 – REPORT Implement marketing strategies and tactics a) Summaries stake holder briefings regarding their implementation roles. The following are the key points which will play vital in implementing the roles of all the stake holders. Stewardship, all of them try to leave the company in better shape for your successor than it was handed over to you by your predecessor. To adhere to the professional and moral standards of conduct in all the acts performing by them. They always are encouraged…

Words 1396 - Pages 6

Memory: Memory and Short Term Memory Essay

participants are asked to silently mouth irrelevant speech while encoding a list This is known as: Articulatory suppression silently mouthing words while performing some other task. Developed by Baddeley Baddeley found that recall of word lists from STM is reduced for longer words and affected by articulatory suppression Span tasks involve two components: a phonological store and a rehearsal mechanism based on subvocal articulation that refreshes the memory store ALSO KNOWN AS: the phonological loop…

Words 3041 - Pages 13