Essay about Lit1 Task 310.1.2-01-06

| A sole proprietorship is easy to create; there is minimal creation cost and time.The single owner has autonomy in decision making; sole owner makes all decisions related to the business and has complete ownership of business’s finances.

Sole proprietorships are the most common type of business in the U.S. They are most commonly chosen because they are the easiest type of business to set up and give the sole owner of the company complete control of the company. There are many benefits to a sole proprietorship in regards to control, profit retention, and convenience.

The Age Discrimination in Employment Act (ADEA) passed in 1967. It was intended to protect the older half of the workforce from age discrimination in the workplace. Several of the major provisions of the ADEA include: protecting what a worker has earned in his/her tenure, allowing workers to oppose practices that are considered unlawful by the ADEA without consequence, and prevent employers and employment agencies from discriminating

The Family and Medical Leave Act sets regulations for job-protected leave related to family and medical reasons. FMLA applies to organizations with 50 or more employees working within 75 miles of the employee’s worksite (“Employment Laws,” n.d., para. 6). Employees who have been with their current employer for 12 months and who have worked 1250 hours of service in the previous 12 months are eligible for 12 weeks of unpaid leave through FMLA (“Eligibility Requirements,” Revised 2013). FMLA covers the following leave reasons:

Unfortunately, this company has violated the Americans with Disabilities Act of 1990 due to the fact that they advised the applicant that they could not make the necessary adjustments to accommodate her needs. The American with Disabilities Act of 1990 does require that companies make necessary adjustments to accommodate the needs of qualified applicants. The key words to me are qualified applicants. They did use the words undue hardship in their response for denial but they would have to prove that modifying 2 elevators is actually a hardship to their company. Now, if they can prove that there may be no violation but the proof of burden is on them. Also, they may also say that the applicant is

Sole proprietorship: Is the simplest and most common business structure. There is no legal distinction between the proprietor and the business, which means it is autonomous. You are entitled to all profits and responsible for all your business's losses and liabilities.

Based off of the information provided, Company X is in clear violation of the ADEA. Employee B is over 40 and therefore in a protected job class. Unless they have reason to justify their decision, employee B

Control- A limited partner has no say in the running and management in the business. The general partners will have the ability to run the business as they see fit.

| In order for employee to be eligible, company must have a minimum of 50 employees working within a 75 mile radius of the plant.

In contrast, if a partner decides to leave the business, the owners will no longer be classified as partnerships and the business will end. When you are set as partnership, the decisions of every shareholder will have to be honoured and if they do not have enough experience, the business could be having troubles. An example of a partnership can be H&M, M&S...

Then the agreement can include clauses about Interest on Capital, Financial Decisions, Profit and Loss would be an important one to include, Books of the Account (since in one of the case studies one of the partners was mismanaging their books), Annual Reports, Management, Transfer of Partnership Interest, or Voluntary/Involuntary Withdrawal of a Partner. Also, this agreement should include liability, governing law, definitions, and miscellaneous.

A partnership is a business organization where the partners own the business together and are

There are a number of forms of ownership that the business can take. The main forms are sole proprietorship, partnership, Limited Liability Corporation, corporation and S corporation. There are advantages and disadvantages to each of these forms that will be discussed in this section. A sole proprietorship essentially has the person as the business. In this situation, the proprietor bears all of the risk involved in the business. Business income flows through to the proprietor's personal taxes. For some individuals there are tax advantages, but for many the appeal of the sole proprietorship is its simplicity. The IRS defines a partnership as a relationship existing between two or more individuals who joint to carry on a business. Partners divide income according to their own agreement and that income flows through to their personal taxes. Partners also have a high level of liability for any legal action that befalls the company.

Firstly, even though there are different types of partnership such as general, limited and limited liability partnership. This three different type has its advantages and disadvantages however we will be mainly focused on general partnership. One advantage of the general partnership is raising capital due to the nature of the business the partners will raise capital to start-up the business. Therefore more partners mean more capital can be put to the business, this allows the business to have more potential for growth and profitability. Another advantage is that a partnership is less complicated to form and run than a company they don’t have legal filing requirements, this means they don’t have to file accounts and documents with Companies House.

A partnership according to Burrow and Bosijevac (2011) "is a business that is owned and operated by two or more people who share in the decision making and profitability of the company." There are several pros and cons of this form of business ownership. To begin with, one of the pros of this form of ownership according to Burrow and Bosijevac (2011) has got to do with the pooling of both the skills and knowledge of partners. By bringing together their diverse skills, partners in this case enhance the success of the enterprise. Secondly, a partnership may be able to access more funding than a sole proprietorship. This is more so the case given that in addition to the ability of partners to pool resources, banks are more likely to advance loans to businesses that have more people responsible for the repayment of the same (Burrow and Bosijevac 2011). Lastly, a partnership form of business may continue operating