Tinker And Tailor's Home Security Service: Case Analysis

Great Essays
Register to read the introduction… Those involved in a limited partnership are in a unique situation in that they are only legally responsible for their investment in the partnership interest. In certain companies, “the limited partner may be subject to special tax liabilities… individual limited … partners include their allocable share of partnership income or loss on their individual income tax returns and pay taxes on that share based on their tax bracket” (Entrepreneur, 2014).

Corporation
Tinker & Tailor’s Home Security Service, Inc.: “A corporation is viewed as a separate entity from
…show more content…
(2014). Chapter 2: Personal Liability Concerns. LLC or Corporation? 45-57. Retrieved from http://eds.b.ebscohost.com.proxy library.ashford.edu/eds/pdfviewer/pdfviewer?sid=b9e9e201-3d60-4be0-833c e13d6c0ba197%40sessionmgr114&vid=7&hid=126

Miller, D.J. (2002). Limiting liability for a small business Also: Plan ahead for business continuation. American Chemical Society, Modern Drug Discovery. Retrieved from http://pubs.acs.org/subscribe/archive/mdd/v05/i07/pdf/702money.pdf
Pakroo, P. (2014). CHAPTER 5: Understanding and Choosing a Legal Structure. Women's Small Business Start-Up Kit (pp. 147-186). Nolo. Retrieved from http://eds.b.ebscohost.com.proxy library.ashford.edu/eds/pdfviewer/pdfviewer?sid=ea2aeb70-0419-410d-a0c9 936fc717a44d%40sessionmgr111&vid=4&hid=126
Seaquist, G. (2012). Business law for managers. San Diego, CA: Bridgepoint Education, Inc.
Stim, R. (2010). Sole proprietor. Contracts: The Essential Business Desk Reference, 434-435. Retrieved from http://eds.b.ebscohost.com.proxy library.ashford.edu/eds/pdfviewer/pdfviewer?sid=b9e9e201-3d60-4be0-833c

Related Documents

  • Improved Essays

    Firstly, an LLP would be the best option, because I would be starting this business and operating it with my sister. An LLP allows for a certain amount of liability and protects one…

    • 1698 Words
    • 7 Pages
    Improved Essays
  • Great Essays

    Residential Burglars

    • 1703 Words
    • 7 Pages

    Richard T. Wright and Scott Decker attempt to explain the motivations and decision-making processes of residential burglars. Their research is focused on current burglars in the St. Louis area. This study attempted to do what had not been done before, which is to study the criminal in his/her own environment. By using a snowball sampling method they were able to gather 105 residential burglars (henceforth referred to as “hustlers” as they preferred to be called) that encompassed different races, genders, arrest history, and ages. Burglars on the Job: Streetlife and Residential Break-ins is a compilation of their findings and theories on the matters.…

    • 1703 Words
    • 7 Pages
    Great Essays
  • Improved Essays

    Hrm/531 Week 2

    • 802 Words
    • 4 Pages

    The earnings go through to its bondholders where it is taxed. This organization secure the owner's personal assets from financial liability and provides some protection against personal liability. There are situations where an LLC owner can still be held personally responsible, such as if he intentionally does something fraudulent, reckless or illegal, or if she fails to adequately separate the activities of the LLC from her personal affairs. In a limited partnership, one partner is responsible for decision-making and can be held personally liable for business debts. The other partner merely invests in the business.…

    • 802 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Unit 1: Sole Contractorship

    • 2286 Words
    • 10 Pages

    LIT1 Task A SOLE PROPRIETORSHIP: • LIABILITY – The owner and the business are considered as one and so the owner has unlimited liability for the business. Therefore the all of the owner’s personal assets, the business’s assets and the business’s future earnings may be at risk. • INCOME TAXES – All income for the business goes on the owner’s personal income tax returns whether federal, state or local. One advantage of the sole proprietorship is that the business is not a separate entity and therefore is only taxed once on this income, and another advantage is that all business liabilities may be written off as expenses to offset income. Asset depreciation is an example of this.…

    • 2286 Words
    • 10 Pages
    Improved Essays
  • Improved Essays

    Wgu Est1 Task 2

    • 752 Words
    • 4 Pages

    We have chosen to form our business as a Limited Liability Partnership primarily because of its equal right to management, limited liability, and the fact that it will exist until we cancel or revoke it. When choosing which business structure would best fit our company, we looked at six…

    • 752 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    In Hooper vs. Yoder, David Yoder sued Steven Hooper for half of the company’s assets and half of salary previous paid to Mr. Hooper. The decision reached was in Mr. Yoder’s favor and was reaffirmed upon appeal (Hooper v. Yoder, 1987). The case was heavily influenced by the Uniform Partnership Act, which governs the business dealings of partnerships. This case in particular highlights the legal cadence of dissolving and forming businesses and partnerships as well as places an emphasis on the preferred legal structure for companies where sales and production are managed by two separate individuals, a common structure when companies start.…

    • 701 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Arcadia Sports Case Study

    • 1678 Words
    • 7 Pages

    Case Study Three: Arcadia Sports In the case of Jeb and Josh in the formation of Arcadia Sports, there are issues concerning the business entity and liability to Jane, who suffered an accident during an excursion with Arcadia Sports. It is unclear what type of business has been formed between Jeb and Josh and what liability each may have for the accident and what personal assets would be involved considering Jeb’s bankruptcy. Therefore, the main types of business entities, including advantages and disadvantages, will be discussed before providing a recommended business entity for Jeb and Josh. Further, an assessment will be made of the type of business that would result in personal liability for Jeb and Josh for Jane’s accident, and how each…

    • 1678 Words
    • 7 Pages
    Improved Essays
  • Improved Essays

    As home security technology advances, the methods that criminals have started using have become increasingly creative. Kim Fleming Cernigllaro, a mom from Texas, had a close encounter with one of these burglars. After being home alone, she heard this loud and urgent banging on her door. It sounded similar to someone who might be in distress, but as much as she wanted to help, Kim had a rule that she never opens the door for people she does not know. In this, however, she was lucky that she continued letting the stranger knock until he walked away.…

    • 500 Words
    • 2 Pages
    Improved Essays
  • Superior Essays

    Limited liability companies provide a perfect blend of the basicness of a sole proprietorship, with the legal coverage of a…

    • 1138 Words
    • 5 Pages
    Superior Essays
  • Great Essays

    Case Study: Acme Fireworks

    • 1757 Words
    • 8 Pages

    Under an LLC, John can breathe a little easier knowing that the business is a legal entity; personal assets are protected in the event of a lawsuit. The biggest advantage for John, an LLC can be formed under one ownership, or he can choose to work with several partners. Personal liability is offered under an LLC, meaning partners is not liable for the actions of others, and only company assets are at risk, in the event of a lawsuit. Advantage, if any partner is involved in a lawsuit due to actions, they had no control of, limited liability protection is offered. However, the courts will have to look at a negligence claim to determine if John meets the criteria that will either find him responsible or not.…

    • 1757 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    A limited liability company is a hybrid business organization that takes the limited liability aspects of a corporation and merges them with the tax benefits and operational flexibility associated with a partnership. The Commonwealth of Virginia defines a Limited Liability Company or LLC as an entity that is an unincorporated association having two or more members that is organized and existing under the Virginia Limited Liability Act. § 13.1-1002. In the Commonwealth, the first step in forming a limited liability company is choosing a name.…

    • 860 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    US Taxation System

    • 814 Words
    • 4 Pages

    The taxation system for the individuals and the businesses is different as the incomes generated from the sole proprietorship business is charged as the personal income of the individual, the income being generated from the partnership form of a business is also charged as the personal income of the individual partner, as the tax is levied down on the partner’s income and not on the partnership. Partnerships are required to file a return, but it is just an informational return. Corporations are a separate legal entity and are charged different tax rate from the personal tax rates. Corporate taxation is subject to a double taxation system, which means that the corporations pay their taxes on the earnings and then what is left after the payment of taxes is then distributed as dividends to the stakeholders and then the taxes are charged on the capital gains.…

    • 814 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Partnership vs. Corporation Eric R. Gant Advanced Federal Taxation 317 Strayer University Brenda Adams May 20, 2017 Compare and contrast Partnership and Corporation and their Tax treatment In a general sense, a Partnership is a business entity that is basically establish and owned by two or more owners with the sole purpose of increasing profit. A partnership meanwhile is the organization of an entity that is more structure and has many owners that are refer to as shareholders, with the sole purpose of increasing their wealth and expanding their business. A partnership is not a legal entity and as such the business is separate from its owners which mean that if the business incurred a lost or have court proceeding,…

    • 901 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    The key word in that is limited. Roger Miller definition of limited liability partnership is “a hybrid form of business designated mostly for professionals who normally do business as partners in a partnership.” In a limited liability partnership the chance to share or express opinions and suggests are accepted on a limited basis. All partners involve having little voice; therefore, they can limit their interaction with the business. In other words, limited liability partners’ total assets, including their personal belongings are not in jeopardy if the business faces losses or hardships.…

    • 1033 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Everybody values his or her valuable possessions. This is the reason why most homeowners optimize the security of their homes. There are many ways through which you can optimize the security of your home. You can actually rekey your locks, install electric gates, install alarm systems and so on. It is important that you ensure your loved ones remain safe at home.…

    • 971 Words
    • 4 Pages
    Improved Essays