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Hub You - Legal Structures
Where Do You Start?So you want to go paperless? Not sure where to start? The answer is literally right under your nose. If you have plans to eliminate or reduce your business’s paper consumption and records storage, the best place to start looking is on your desk. The typical desk is loaded with paper - mail, file folders, notebooks – you name it. Chances are the paper that is filling your file cabinet, the file room or the third floor – whatever the case may be – passed over your desk or the desks of your colleagues.Start with the “live” paper in your office. Try not to think about how you are filing your records now. Traditional, paper-bound records management options are very limited by nature. Therefore, modeling after the “old way” is only going to prevent you from realizing all the benefits of a paper
-Maximum authority
-Income tax advantages
-Social Security advantages
Disadvantages
-Unlimited liability
-Death or illness endanger business
-Growth limited to personal energies
General Partnership
A partnership can be formed by simply making an oral agreement between two or more persons, but such informality is not recommended. It is
When Is The Disciplinary Procedure Used?Managers have a right to discipline employees for inappropriate behaviour or conduct, where the mutual trust and confidence necessary for the employment relationship to exist is threatened.Examples of inappropriate behaviour· Timekeeping and unauthorised absence· Misuse of company facilities· Failure to follow instructions· Failure to meet targets and deadlines· Breaches of company policies· Attitudinal problems· Personality clashes· Breaches of confidentiality· InsubordinationPerformance or capability problems may arise because of:· Long-term absence due to sickness· Frequent short-term sickness absences· A lack of proper qualifications to do the job· Incompetence Disciplinary procedur
The initial choice of a business form, even if it achieves optimum results in the start-up phase, may require adjustment or alteration as the business matures. It is important to periodically re-examine the appropriateness of the type selected. Below is a description and a comparison of the advantages and disadvantages of each form of organization.
Sole Proprietorship
For an individual who wants to keep the operation small and simple, this is the easiest, least costly, and least regulated type of business to enter into. A sole proprietorship can be formed by just finding a location and opening the door for business. There are the usual fees for registering your business name and for legal work in changing zoning restrictions and obtaining necessary licenses. Attorneys' fees will be less than for other forms of incorporation because less document preparation is required.
The sole proprietor has total responsibility and control, and can hire any number of employees who may even be paid a percentage of the profits as wages. The owner is personally liable for all claims, taxes and debts against the business, as well as for any injuries caused by or to employees during their employment. The sole proprietor is entitled to all profits made in the business, which must be included in the individual income tax return. If a person has assets, or is developing an asset base, this form of business exposes the individual to litigation.
Advantages
-Easiest to get started
-Greatest freedom of action
-Maximum authority
-Income tax advantages
-Social Security advantages
Disadvantages
-Unlimited liability
-Death or illness endanger business
-Growth limited to personal energies
General Partnership
A partnership can be formed by simply making an oral agreement between two or more persons, but such informality is not recommended. It is
Free small business grant is a viable option, where financing of your business expansion presents a problem, especially when running a company or an organization that offers some important benefits to the society at large. What exactly do you have to loose if you lodge an application for a free small business grant? Nothing, but gain some free money. But in case you actually obtain one of the grants for starting a small business, you can consider yourself quite lucky. Basically, such a federal loan can help you fund the company to the stage you have always been dreaming about. In addition, you can expand your commercial activity internationally.In case you are already interested in obtaining a free small business grant, there are a few facts you must know of first. Let’s start with telling you that there are two different things
Sole Proprietorship
For an individual who wants to keep the operation small and simple, this is the easiest, least costly, and least regulated type of business to enter into. A sole proprietorship can be formed by just finding a location and opening the door for business. There are the usual fees for registering your business name and for legal work in changing zoning restrictions and obtaining necessary licenses. Attorneys' fees will be less than for other forms of incorporation because less document preparation is required.
The sole proprietor has total responsibility and control, and can hire any number of employees who may even be paid a percentage of the profits as wages. The owner is personally liable for all claims, taxes and debts against the business, as well as for any injuries caused by or to employees during their employment. The sole proprietor is entitled to all profits made in the business, which must be included in the individual income tax return. If a person has assets, or is developing an asset base, this form of business exposes the individual to litigation.
Advantages
-Easiest to get started
-Greatest freedom of action
-Maximum authority
-Income tax advantages
-Social Security advantages
Disadvantages
-Unlimited liability
-Death or illness endanger business
-Growth limited to personal energies
General Partnership
A partnership can be formed by simply making an oral agreement between two or more persons, but such informality is not recommended. It is
The title Design Risk Assessment in Six Sigma beckons to be likened with Poka Yoke or Mistake Proofing. But without going deeper into the comparison part of it, what we can say is that both of these do not have any similarities whatsoever, even though Poka Yoke appears to be the next logical step of Design risk Assessment in Six Sigma.So What Is Design Risk Assessment In Six Sigma?As the name suggests, design risk analysis is the procedure to determine potential risks in designs and design processes. In Six Sigma, the assessment for design risks is not a ritual that is done at the end but it is an inherent step in the design process itself. It begins from the point of conceptualizing designs where the evaluation exercise continues throughout the designing till the prototype is tested.The design assessment for pote
The sole proprietor has total responsibility and control, and can hire any number of employees who may even be paid a percentage of the profits as wages. The owner is personally liable for all claims, taxes and debts against the business, as well as for any injuries caused by or to employees during their employment. The sole proprietor is entitled to all profits made in the business, which must be included in the individual income tax return. If a person has assets, or is developing an asset base, this form of business exposes the individual to litigation.
Advantages
-Easiest to get started
-Greatest freedom of action
-Maximum authority
-Income tax advantages
-Social Security advantages
Disadvantages
-Unlimited liability
-Death or illness endanger business
-Growth limited to personal energies
General Partnership
A partnership can be formed by simply making an oral agreement between two or more persons, but such informality is not recommended. It is
Have you ever been to a seminar that was on your favorite topic and came home with pages of notes, all written in scribble scratch, because you were devouring all the speakers’ words and writing notes lightning fast?You loved the stories and powerful illustrations that set your mind on fire with ideas.Remember those break-through moments you experienced when you sat at the bar and bought your favorite Guru or Idol a drink and listened intently as they shared with you the specialized knowledge that got them to ‘legend status?’Have you experienced a seminar, so powerful your life was never the same and it changed your business for the better?I must confess, I am a seminar junkie and I love to attend seminars and meet and network with people there.But I don’t just go to any seminars. For me I attend mar
Advantages
-Easiest to get started
-Greatest freedom of action
-Maximum authority
-Income tax advantages
-Social Security advantages
Disadvantages
-Unlimited liability
-Death or illness endanger business
-Growth limited to personal energies
General Partnership
A partnership can be formed by simply making an oral agreement between two or more persons, but such informality is not recommended. It is
These are some of the fees that a merchant will pay when they process credit cards through a typical merchant accunt…Address Verification Fee The fee charged to the merchant to perform address verification. This usually happens when a merchant has to key in a transaction if the mag stripe does not work.Chargeback Fee This is the fee charged by a bank when a chargeback is issued to a merchant. This varies from $15.00 – 30.00 per transaction. (Plus the actual amount of the chargeback sale)Check Guarantee Fees Check Guarantee fees are basically structured similar to credit card processing fees. There is usually a percentage rate, transaction fee, statement fee, monthly minimum, and application fee.Check Verification Fees Check verification does not guarantee checks. Check verification chec
-Maximum authority
-Income tax advantages
-Social Security advantages
Disadvantages
-Unlimited liability
-Death or illness endanger business
-Growth limited to personal energies
General Partnership
A partnership can be formed by simply making an oral agreement between two or more persons, but such informality is not recommended. It is wise to have an attorney draw up an agreement among all partners, clearly stating the specific duties and rights of each of them, to help resolve any future disputes. Almost any type of management and profit-sharing arrangement can be agreed upon.
Each partner is an "agent" for the partnership and can individually hire employees, borrow money and operate the business. A partnership is not a separate legal entity, even though required to report its income on a separate, informational tax return (Form 1065), but profits made must be included in each partner's individual tax return.
The important thing to keep in mind regarding a general partnership is that each partner is personally liable, just as in a proprietorship, for debts and taxes to the extent that personal assets can be subject to attachment and liquidation if the partnership itself cannot satisfy creditors' claims.
Advantages
-Two (or more) heads better than one
-Additional sources of venture capital
-Better credit rating than corporation
Disadvantages
-Hazy line of authority
-Difficult to get rid of bad partner(s)
-Death, withdrawal or bankruptcy of one partner endangers business
Corporation
Think of a corporation as legally separate from its shareholders. This is the most important feature distinguishing it from a partnership or proprietorship. It is definitely best to get an attorney to take care of the formalities of setting up a corporation, even in the case of a small family corporation where an attorney can help prevent hard feelings and squabbles. This type of business is usually the most costly to form, especially if organizational problems are complex.
People usually incorporate to limit personal liability for
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