Liability Essays

Liability is the kind of risk face in a small business because Liability is a major concern for sole proprietors; the reason is that the owner is liable personally for claims against the business. Unlike an LLC or corporation, if by any chance I find myself in a lawsuit as a sole proprietor, losses a lawsuit or otherwise find myself in debt, it’s not only the business that will be liable for the debt, but the owner which is the sole proprietor will be as well. And being a sole proprietor, one of

Advantage of LLPs. The major advantages of Limited Liability Partnership are listed below: a) Limited Liability: Unlike a general partnership, an llp is a separate legal entity from its partners. Thus the partners are not held liable for the liabilities of the llp. Any debts or liabilities against the company shall not be required to be paid at the cost of partner 's assets. Whereas in general partnership the partners share the profit as well as the losses of the partnership b) Flexibility: LLP enjoy

Corporate Shield of Liability For centuries business structures have been utilized for Asset Protection Planning. A corporation is normally a very effective way to shield one's personal assets from liability resulting from the operation of a business. Normally, the shareholders of the corporation are only liable to the extent of their investment in the corporation. However, officers, directors and employees can be personally liable for their conduct relative to the operation of the business and

Because there was more than one owner, a sole proprietorship was not appropriate. A general partnership would lead to individual member liability: Since the deli failed, this would have subjected the partners to significant personal liability. A limited liability company, closely held corporation, or S corporation would both protect owners from personal financial liability. As the deli failed, this would be a benefit. An S corp would offer additional tax benefits, such as allowing investors to deduct

have total liabilities of 37.51% with respect to the total asset of the company. It imply around the ratio of debt to assets is 3:10 in 2010. In 2009, the debt-assets ratio was 29.81%. It imply the debt-asset ratio of the company have an increase of 7.7% from 2009 to

Answers for Candy a) Type of information each financial statement provides • Balance sheet Balance sheet reported assets, liabilities and stockholders' equity. Assets represent all the elements that a company owns and uses to generate revenue. Liabilities include money owed to creditors of assets or other financing purposes. The assets include investments made in the business or the capital invested by the owners (Collier, 2015). • Income statement The income statement reports the profit of the

or loss by comparing the revenues with its expenses. The information listed on the income statement is mostly in relatively current dollars, and so represents a reasonable degree of accuracy. However, it does not reveal the amount of assets and liabilities required to generate a profit, and its results do not necessarily equate to the cash flows

“Breach of duty in negligence liability may be found to exist where the defendant fails to meet the standard of care required by law. Once it has been established that the defendant owed the claimant a duty of care, the claimant must also demonstrate that the defendant was in breach of duty. The test of breach of duty is generally objective, however, there may be slight variations to this”. While using the objective test also referred to as the reasonable man test to determine negligence in breach

However, LoF is not new. Previous literature on the domain of international business has recognized the concept of liability of foreignness (Gaur, Kumar, and Sarathy, 2011), which was initially conceptualized by Hymer (1960/1976) as the costs of doing business abroad. (Gaur, Kumar, & Sarathy, 2011.) According to Hymer (1976), companies engaging in international business

When being placed in the role of a manager, it is important to understand the finances of the organization and how to read and understand the recording of finances. It is also important to understand how all the different parts of the records fit together to give us the knowledge of where the business is financially. Knowing also the different responsibility centers related to financial recording and how they function is important as a manager. Once a manager understands what and where items belong

The purpose of this assignment is to give a close attention to the financial perspective of the Mdelic Wasatch Outerwear as we examine past and current financial data and evaluate company's performance and financial position. In order to evaluate a company, we need to go beyond the numbers mentioned in financial statements. Investors, managers, creditors and others need to analyze various aspects of financial statements so they can invest, manage and do business more effectively with

MARKETING MANAGEMEMT CASE 1 : OSCAR MAYER Group 2 ----------------------------------------------------------------------------------------------------------------------------------- INTODUCTION Oscar Mayer was founded in the year 1883 and was owned by Kraft’s food. It was famous for its red meat in United States. Oscar Mayer had also made a very recent acquisition of Louis Rich, a producer of White meat and this acquisition proved to be a success mainly because of the growing demand for white

In the movie titled “The Pursuit of Happyness”, there was a problematic family living in San Francisco in 1981. The main character, Chris Gardner worked as a salesman invested his entire life savings in portable bone density scanner to support his family including his wife Linda and a five years old son Christopher. However, Chris’ business is not doing well and his wife was forced to work. Day after day, Linda was suffering and she always quarrelled with Chris and blamed him didn’t play the role

Clients must keep records and books of accounts including cash book, sales ledger, purchases ledger and general ledger. Supporting documents such as invoices, bank statements, pay-in slips, cheque butts, and receipts for payments, payroll records and copies of receipts issued should be retained. A valuation of the stock in trade should be made at the end of the accounting period and the appropriate records maintained. Company should record sufficient to explain each transaction and to enable a true

Solution : Introduction: A budget is an estimation of particular commodity, quantity etc. It can be prepared for any number of days but generally it is prepared wither for a year or quarter... A budget may or may not become the actual outcome. A sales budget can be defined as a projection of how much a particular business or organization will be able to sell its product within a Year. It is always an anticipated. Budgets serve as a framework and help managers to estimate likely incomes and expenditures

Let's face it, wedding photography is one of the most challenging industries to get involved in not to mention one of the most competitive. My first words of advice to you will be -- "why would anyone want to enter wedding photography"? There are way too many things that can go wrong and you simply cannot re-shoot the day without redoing the whole event. But I have good news for you because the two solutions are using green screen with chroma key technology to eliminate the errors and learning digital

Budget: The budget will be based on $25,000.00 for the GED program. The GED program will be funded by a non-profit organization with a budget of $25,000.00. Out of this budget for the GED program, it will pay for staff salaries, fringe benefits, traveling expense, equipment for the program, materials and supplies, consultant and contractual services, and miscellaneous, which should equal to $25,000.00. Salaries & Wages (Director, Asst. Director & Secretary). $17,000.00. Fringe Benefits (Stipend)

Steve Dunleavy was invited to come up to the podium to speak on behalf of the Republic Services Update stated in the agenda. Republic Services is a waste service company who collects trash and recycling around Morgantown. Previously a soldier in Iraq and a Special Olympics coach who resided in Boston with his family, Dunleavy has been with the company for 90 days, and started by explaining the progresses in the company has made within that time. These advances include stabilization of their world-class

on the loan, payment record for the account of overall loan time limit. Operating lease record for operating expenses, no relevant expenses. In the review, in a capital lease, the equipment has been booked and the corresponding assets, long-term liabilities and operating leases, it is recorded as expenses. Lease equipment advantage, most enterprises, do one of two ways, either through the financing lease or an operating lease. Through with capital lease, the lease payment facilities with the passage

Furthering this discussion, Harvard Law argues that previous to the mid-1960s, liability for product-related injuries was determined by reference to other generally applicable causes of action, especially negligence, breach of warranty, and fraud (Goldberg, J. & Zipursky, B. 2006). In 1965, The adoption of section 402A of the Restatement (Second) of Torts, was a turning point for this in product liability. RESTATEMENT (SECOND) OF TORTS § 402A (1965). Section 402A provides: (1) One who sells any