Product liability

Corporation is a business separated from its owners. Corporations can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes. Advantages of a corporation is it is a limited liability that protects owners from losing more than they invest. The business can achieve large sizes due to marketability of stocks. It receives certain tax advantages. Has greater access to financial resources allows growth within the company. Attracts employees with specialized…

Introduction There are three main business entities can choose to form in Malaysia which are Sole Proprietorship, Partnership and Limited and Unlimited Company. It is not so difficult to understand these types of entities and the owner can know which entities is more preferable to the owner. There are few steps in forming a sole proprietorship and a partnership entity. Firstly, determine the name of the organization which is unused by any business establishment or other entities. Register the…

A taxpayer is able to choose from three different tax structures upon forming his or her business. These three different businesses are known as partnerships, “C” corporations and “S” corporations. For methods of incorporation, the internal revenue code dictates a business entity on how they can benefit the taxpayer in the most tax efficient way. The main objective for a business entity and its owners or shareholders is to start a business that fits the owner’s needs and to avoid paying more…

business, it can only have one owner no shareholders etc. The business is not transferrable, it cannot be passed on to family. If the owner dies the company dies with them. Liability In Sole Proprietorship it is unlimited liability. Meaning that the owner is responsible for any and all…

profits, losses of the business equally. Unfortunately, with this type of entity, Jeb and Josh would need to be concerned at the fact that they will be personally liable for any lawsuits filed against their business. Another option would be Limited Liability Company (LLC). This type of business entity is an unincorporated form of business…

believe your points are well founded and valid. However, I am not sure I would rather gain 10 pounds to give up coffee. I agree with your assertion that the best option for Shania is to form an LLC. In addition to the characteristics of protected liability and tax benefits you discussed, this business structure has becoming so widespread in the domestic market that almost two LLCs were formed for every one corporation (Chrisman, 2010, para. 19). I firmly believe that the LLC structure is best…

Because of Pete’s fear of “going it alone,” we can take sole proprietorship out of the equation. I would advise Pete to choose the limited liability partnership. Primarily because it is pretty much just a partnership expect that an LLP partner has no liability for most LLP obligations, however, an LLP partner retains unlimited liability for his own wrongful acts. In addition, it is the preferred form of business for professionals (pg. 956). As an LLP, Pete gets exactly what he wants. Pete and…

Nevada Restaurant Association is a non-profit organization, which makes the accounting quite different from other organizations. To get the details and more specific information regarding the financial aspect of the organization, I interviewed my supervisor Scott Olson, who is a Director of Accounting and Administration in Nevada Restaurant Association. To cover the main aspects of accounting and finance of the company, I have divided my questions into three groups: reporting procedures, payroll…

Obtaining federal tax-exempt status is somewhat of a mystery for my incorporated business owners. Gaining tax-exempt status for your nonprofit 501(c)(3) organization is necessary to reap the majority of the real benefits, such as access to grant money, income exemptions, property exemption, and tax-deductions for donations received. Therefore, it’s important to understand the steps to successfully apply for tax-exempt status. Planning and Forming a Nonprofit When forming a business that you…

1. What type of innovation is Go Pro? Explain your rationale. The GoPro Hero4 Session is an example of product innovation (Gorchels, 2012, pg. 164). GoPro is known for its innovative cameras that can record any activity you are doing, such as surfing, snowboarding, skateboarding, and more (Mac, 2013). It is an improved version of previous goods such as regular cameras and even earlier GoPro models. The Session is working to make the GoPro smaller and more portable, as opposed to the previous…