SOLE PROPRIETORSHIP: A business owned by a single person and that person is solely responsible for the debts (unlimited). It’s a business that is simple and easy to set up. LIABILITY: The owner of the business is solely responsible. The owner signs business contracts in their own name. INCOME TAXES: Income earned by the business is the owner’s income. The sole proprietor files at 1040 and schedule C & SE. LONGEVITY/CONTINUITY: The business dies with the owner unless there is a Last Will & Testament
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Western Governors University LIT1: Task 310.1.5-02‚ 11‚ 13 Situation A In this scenario‚ the employee had the right to request unpaid leave to help out the spouse. He has been with the company for two years and the request was to be with his spouse. Under the FMLA Act‚ he is allowed up to 12 weeks of unpaid leave. The leave can be used all at one time or spread out over the span of 12 months to help care for the newborns and/or his wife. He was allowed to return to the same job with the
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The Family and Medical Leave Act of 1993 provide protection for employees who need to take leave for family or medical reasons. It provides 12 weeks of unpaid leave while the employees’ job and group health benefits are protected. All public agencies‚ public and private elementary and secondary schools and companies with 50 or more employees are required to provides eligible employees the 12 weeks unpaid leave for : Birth and care of their newborn child Placement with the employee of a child
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TASK A Sole Proprietorship A sole proprietorship is an unincorporated business owned by one person. It is the simplest and most common type of business. It is attractive to a business owner because it is simple and offers the owner the freedom to make the business decisions and keep all of the profits. That may also serve as a draw back because the owner has to rely on themself for capital‚ knowledge and liability. A sole proprietorship does not need to meet any requirements to start.
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from personal liabilities‚ meaning that the personal assets of a sole proprietor is at risk in the event of litigation. If the business fails‚ any creditor can go after the business assets of the business as well as the personal assets of the owner. 2. Income Taxes The business owner is responsible for paying taxes on all profits generated by the business as personal income and does not need to do a separate corporate tax filing. The proprietor can also reduce his or her taxable income by charging
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• LIABILITIES – If the business incurs debt that can not be covered by the profit of the business the owner will be personally liable. You can be sued to satisfy the debt of the company and your personal property can be seized to satisfy company debts. • INCOME TAXES – Forming a Sole Proprietorship allows the owner to avoid the high tax rate that corporations pay due to it not being separate from the individual. • LONGEVITY/CONTINUITY – The business is the same as the owner so the business will
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Memorandum To: Owner From: RE: Business Type Date: October 8th‚ 2012 Changing the type of business structure is not a small consideration. You have operated for years as a Sole Proprietorship‚ but it appears that you have outgrown that particular business type and may benefit from changing to a different type of business. Based upon our previous conversation‚ I will summarize my interpretation of your business concerns in the bullets below: • Liability. You are concerned
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1 Part A Sole Proprietorship A sole proprietorship is a form of business that is owned by a single individual. • Liability – Due to the lack of legal distinction between the owner and the business‚ the owner is fully responsible and liable for all debts that the business incurs in the same manner that an individual is fully responsible and liable for all debts that they incur. There is no legal distinction between the assets of the owner of the sole proprietorship and the business; this
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Written Task 2 ONLY HL Written tasks One of the tasks submitted for external assessment must be based on a literary text studied in part 3or part 4 of the course. (The Awakening‚ Katherine Mansfield short stories‚ Sylvia Plath Poetry‚ A Doll’s House‚ Interpreter of Maladies ss and Pride and Prejudice) The other must be based on material studied in the language option ( Media and Advertisement). Formal requirements for tasks 2 One of the tasks submitted for external assessment must be a critical
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WRITING TASK 2: People nowadays work hard to buy more things. This has made our lives generally more comfortable but many traditional values and customs have been lost and this is a pity. To what extent do you agree or disagree? You should write at least 250 words. [Đề này lấy từ quyển CAMBRIDGE INSTANT IELTS‚ trang 95] I. INTRODUCTION: Phần mở bài‚ nên có: 1. Topic sentence(s): viết lại y của đề bài. Nhưng quan trọng là không copy y chang từ của đề‚ mà phải ‘biến tấu’
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