LUT1 Task 2 Situation A: In 1993‚ the FMLA act‚ which serves the needs of families trying to balance work life and the needs of the families their working for‚ was established. This act was amended on October 8th‚ 2009 to extend entitlement rights of military caregivers. The FMLA entitles eligible employees the ability to take off up to 12 weeks of unpaid time off within a 12-month period with the benefit of job protection upon returning to the company. The time off is subject to specific
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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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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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------------------------------------------------- SAMPLE FORMAT FOR TASK 1 PART A ------------------------------------------------- *Course Mentor Note on the interpretation/application of the Taskstream Instructions: According to the instructions in Taskstream‚ you may conclude the task is asking you to include 3 components for Part A of Task 1 which are: 1. ------------------------------------------------- Six of seven characteristics 2. ------------------------------------------------- Advantages
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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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310.1.2: Organizational Forms Task A SOLE PROPRIETORSHIP: This is the most common form of business as it is owned by one person‚ so there is no distinction between the business and the owner. Liability – Because there is no distinction between the business and the owner‚ all liability falls on the owner/sole proprietor. If the business fails‚ both personal and business worth and assets are at risk as they are the same. Income Taxes – Filing for income taxes are an advantage as the owner
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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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A. SOLE PROPRIETORSHIP: This is the simplest business structure of which the owner has total control. The owner can make up a fictitious name or use the same name for the business. Sole proprietorship is easy to set up at a minimal cost. The business owner does not need to follow rules or regulations of others but their own and can set up their own schedule. Proceeds can be directly deposited into the owner’s bank account and the funds are freely allocated between business and personal accounts
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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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