LIT1 – Task 1 Part A SOLE PROPRIETORSHIP: A “for profit business” owned and operated by an individual. Owning a sole proprietorship allows an individual to run a business any way they see fit with few state/federal regulations and limited legal formalities. The owner of a sole proprietorship assumes considerable risks by without liability protection and therefore is held personally liable for any judgments against the company and is susceptible to loss of business assets‚ personal property and
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Cited: Page 1.Lau T.S. & Lisa J.A. (2013) The Legal and Ethical Environment of Business. New York: Flat World Knowledge Inc.
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Situation A Facts of Situation A as it pertains to the Family and Medical Leave Act of 1993 (FMLA). • Employee A has been employed for over 1 year • Employee A was on extended leave due to the birth of a child • Company X has more than 50 employees • New Manager agrees to return Employee A to previous job and pay‚ denying pay for time off The FMLA states that an employee can be on extended leave up to 12 weeks without pay as long as certain provisions are met. In reviewing the facts of this
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Part A SOLE PROPRIETORSHIP: LIABILITY – Sole Proprietorship caries a large amount of liability because your personal credit can be affected if business fails. INCOME TAXES – As a sole proprietorship you only file one income tax for yourself and your business combined. LONGEVITY/CONTINUITY – A Sole proprietorship can grow as fast or as slow as the owner chooses. CONTROL – Sole proprietor has complete control over every aspect of the business. The sole proprietorship can grow at fast or
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TASK 2 Situation A: An employee took time off due to his wife giving birth prematurely. His requested time off was approved by his original manager as the employee qualified for FMLA since he has been with the company for two years and was for the care of his spouse. Under (1)”FMLA rules certain employees can be provided up to 12 weeks unpaid‚ job-protected leave per year. The employee must work for the company at least 12 months‚ have at least 1250 hours during the 12 months and the where
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LIT 1 Task 2 1 Situation A Relevant Facts of Situation A: * Employee A has been with Company X for two years. * Employee A’s spouse gave birth prematurely to twins. He requested leave to be with his spouse‚ which was granted. * Employee A has been on leave for 11 weeks‚ and has asked to return to work‚ and to be paid the withheld salary from his 11-week leave. * Manager has agreed to Employee A’s return to the previous job‚ at the previous rate of pay. * The manager
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LIT1 - Task 2 Mark J. Fortenberry May 9‚ 2015 LIT1 - Task 2 Company X has reported three situations that have occurred that require investigating. Since employment and hiring practices are a part of my duties here at Company X‚ I have been charged with the investigation into these situations. In the subsequent report‚ the laws that companies must abide by will be outlined and how these laws affects the outcome in each of these three situations. The Family and Medical Leave Act of 1993
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Sharlene Johnson Student ID: 000344046 Western Governors University Task: LIT1 310.1.5-02‚ 11‚ 13 Situation A: Situation A involves an employee who requested and was granted 11 weeks of leave from work with the birth of his children. With 75 employees‚ the company meets the 50 employee and above requirement to implement the Family and Medical Leave Act (FMLA). Therefore‚ the company is required to allow up to 12 weeks per year of leave to eligible employees for medical issues affecting the
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LIT1 Task 310.1.2-01-06 Part A Sole Proprietorship - • LIABILITY – There is no separation between the individual and the business. As the owner and operator of a sole proprietorship‚ all of the profit and loss is the personal responsibility of the business owner creating unlimited liability. • INCOME TAXES – As a sole proprietor all business income or losses must be reported as personal income tax. The business itself is not taxed separately. • LONGEVITY/CONTINUITY – The sole proprietorship
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SOLE PROPRIETORSHIP: A business owned by a single person and that person is solely responsible for the debts (unlimited). It’s a business that is simple and easy to set up. LIABILITY: The owner of the business is solely responsible. The owner signs business contracts in their own name. INCOME TAXES: Income earned by the business is the owner’s income. The sole proprietor files at 1040 and schedule C & SE. LONGEVITY/CONTINUITY: The business dies with the owner unless there is a Last Will & Testament
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