Consequently, shareholders have no flexibility to alter their legal treatment with respect to one another, with respect to the corporation, and with respect to outsiders” (15-3). However, states provide default provisions for LLC’s and allow members the flexibility to alter arrangements based on their management style and desired outcomes. Corporations also require onerous fees and organizational requirements that must be met. LLC’s have fewer formalities, do not require board meetings and do not impose strict organizational reporting requirements. Tax considerations are also an important part of forming a business and play a significant part when choosing an entity.
All profits earned by the company are considered personal income of the sole proprietor. A schedule C is completed along with Form 1040 for the sole proprietor’s personal income tax return. The sole proprietor is also able to write off the cost of doing business on their taxes from actual expenses to losses to depreciation of business equipment. One of the biggest advantages in a Sole Proprietorship is that the sole proprietor has total and complete control. There are no executive boards, no partner, and more importantly no boss.
However it must be remembered that a successful trial balance is no guarantee that the accounts are error free and it only means that all transactions have been entered in balance. How to construct a trial balance To prepare trial balance accountants must follow these steps: 1. Close all ledger accounts by totalling up transactions. 2. Create a table with three columns – one for account titles, another for debits and the other for credits.
Business Regulation The United States Constitution and the United States legal system do play a role in regulating business in this country. The commerce clause and the equal protection clause from the Constitution both play a role in the regulation of business. Although businesses may have their own codes of conduct, the United States legal system and the Constitution regulate the way they do business. This process is done in several ways, one being how the Constitution does not allow monopolies, the other being how racial, sexual, and other areas of misconduct are kept out of the workplace thanks to how the U.S. legal system works. Within the way the United States runs all forms of commerce, the Constitution and the legal systems both regulate this process.
Smackey Dog Foods, Inc Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. The Securities and Exchange Commission has a significant influence on the audit of Smackey Dog Foods, Inc. by Keller CPAs. This influence can be detected in the audit standards as followed: In the audit of publicly listed companies including Smackey, auditors need to observe principles. Although the standards are enforceable for the audit of public companies, it can also be applied to the audit of non-public companies like Smackey Dog Foods, Inc. Independence is one of the six ethical principles of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct.
LIT1 Task 1 SOLE PROPRIETORSHIP: As the first word in the name suggests there is no distinction between the owner and the business, legally they are viewed as one entity. When it comes to starting a business this option is a perfect one because there is little to no start-up cost and autonomy since it is now your sole responsibility. The main disadvantage to this type of business is that financially the owner may find it hard to start up because any money that I loaned is a personal loan. • LIABILITY – The owner (proprietor) is liable for all debts and profits the business is and vice versa. The business and the owner are one entity so when the business owes on a debt the owner’s personal assets are liable to be taken as payment
Tracking this information ensures the Command is incompliance with regulation and all required training is current for the assigned users. The return on investment is that the Command remains incompliance with regulatory guidance. The Boston MEPS ITS has agreed to create and manage the database, which will cost the Boston MEPS nothing, but the additional man-hours used to create the database. Project Scope The scope of the project will be the creation of a database that collects information on users and required training. Considered outside the scope of the project is connecting the database to any user information that requires Common Access Card (CAC) authentication.
The Employer-Employee is the most prevalent form of the employment relationship. (Heneman III, Judge, & Kammeyer-Mueller, 2012, p.48) One aspect of an employer-employee relationship allows the management of Gourmet Blends to have all employees sign a written contract with all details related to the employment relationship basically set in stone. Thus, allowing no room for adaptability as clientele changes, economy changes, and/or the workforce changes. On the other hand, Gourmet Blends management can establish a relationship under the common-law principle of employment-at-will. Thereby, allowing each party to end the relationship at any time without notification.
This is important because employees have lives to maintain outside the work area and need to take good care of them to take good care of work responsibilities as well and at home. When it becomes notes that overtime is mandatory and you will lose your job, the union needs to step in, it is really needed my the management and the union representatives to be fair and partial to their employees because there is no limit on overtime and how much is too much and there are no regulations on it by law. It allows the workers to say “no but it also allows the employer to terminitate as well. (FLSA, 1938.) The United States is an “at will” employment opportunity for everyone, this leaves the door open for employers to terminate employment at any time for no reason at all or any reason except the following, race, age, gender or disability.
On top of this, vertical integration put all the money and power into the hands of a few people that controlled whole industries and there was no attempt to regulate or try to monitor the system (Vries, 03 25 2003). The government needed to regulate businesses. and TR tried to fix it but was demonized and called “un-American”. He didn't want to restore competition at a lower level but wanted to show JP Morgan and Carnegie that they also had to feel democracy and follow the rules, no matter how wealthy they were they weren't an exception to equality (Vries, 03 25 2003). Roosevelt believed that the government had the right and the responsibility to regulate big business so that its actions did not