Starting and Naming a Business Essay Example for Free

Starting and Naming a Business Essay Betty Wilson’s venture of opening a Christian Coffee House in Belmont, NC, presents her with abundant opportunities in selecting a business form. She is considering the following types of entities: 1) franchise, 2) sole proprietorship, 3) partnership of some sort, 4) corporation of some sort, 5) LLC, or 6) even as a joint venture. We will briefly explore each business option and give Betty concise recommendations as to what business form to pursue as well as what business partners to engage. Franchise A franchise is a legal agreement between franchisers and franchisees that consents use of the franchise’s trademark and trade name or marketing plan to sell products or services (Kubasek, Brennan, Browne, 2012, p. 791). Through a franchising arrangement franchisee can profit from implementing another’s efficacious business model. One of the most attractive advantages is the high probability of success of 90 % as compared to 20 % for small businesses (Staring and Naming a Business Presentation, 2012, Slide 9). Other advantages include established franchise reputation, operational support and training, product research and development, and better access to financing. On the downside, business plan rigidity can deprive the quality of customer service and hinder a creative business owner. Thus, both the Clayton Act regulates business competition and price discrimination (15 USC  §Ã‚ § 12-27; 36 Am J1st Monop etc  §Ã‚ § 141, 142) and the Sherman Act is a federal antitrust act (15 USC  §Ã‚ § 1 et seq; 36 Am J1st Monop etc.  § 141) protect the public and small business owners from monopolization and market power. Sole Proprietorship Sole proprietors own an unincorporated business on their own and this type of business constitutes the most predominant form of business enterprise in the United States (Kubasek, et al., 2012, p. 758). Advantages of a sole proprietor include complete decision-making power, flexibility, easiest and inexpensive to start, enjoyment of all profits, no corporate tax payments, and reporting losses and income on personal tax returns. A sole proprietorship is treated as one entity with the owner. The most significant disadvantage is total personal responsibility for all debts and liabilities, which constitutes the element of risk that drives away investors to more solid business ventures (Kubasek, et al. 2012, p. 758-759). Partnership General. Similar to sole proprietorship, this type of entity is uncomplicated and less costly to create. This is an association of two or more individuals who contribute labor, money, property, and skills and consequently share in the profits of the business. A general partner exists only if the profits are shared and do not only receive a wage or salary (Kubasek, et al., 2012, p. 759). Some of the most enticing features are sharing in the decision-making control, authority different aspects of the business (i.e., management, capital, etc.), and simplified taxing. As with a sole proprietorship, a disadvantage is that each partner has unlimited personal liability for all debts, contracts, and torts. And similarly to any conglomerate of people, differences in views, standards, performance, and expectations can undoubtedly clash and encumber profitable business management. Limited. Limited partnerships consist of both general and limited partners (Staring and Naming a Business Presentat ion, 2012, Slide 4). The main difference of limited partnership to general partnership is that limited partners are not liable in sharing the debts outside the funds they contribute to the partnership. A limited partner is vastly disengaged in management decisions and operations and function solely as contributors of capital. One of the main advantages of this business structure is that they enjoy direct contact to the flow of income. In North Carolina, limited partnerships are strictly controlled by the Uniform Partnership Act (1941, c. 374, s. 1; 2000 140, s. 101(j); 2001 487, s. 20.) administrates the creation, operation, and liquidation of all partnerships formed. Finally, at any time a limited partnership agreement is breached, the business entity is treated as a general partnership. Corporation A corporation is a separate legal entity that possesses distinctive liabilities and privileges than that of their members or shareholders. As an investor, a corporation’s advantage is liability for their own investments especially in risky investments (Kubasek, et al., 2012, p. 760). Among the various types of corporations for Betty to select from, an S corporation is an enticing venture for new entrepreneurs given that it grants limited personal liability for debts, sharing of corporate profits, and taxation relief. Double taxation is a main disadvantage of C corporations but not for S corporations. The General Corporation Law (Corp C  §Ã‚ §100-2319) treats S corporations similarly to partnerships for taxation purposes. Limited Liability Company (LLC) As a hybrid of partnerships and corporations, LLC’s provide limited liability for debts and flexibility to be taxed as a partnership or corporation (Staring and Naming a Business Presentation, 2012, Slide 5). Some specific advantages include being empowered authorities in the management of the business, diversity of members, limited liability, pass-through taxation, and less paperwork (appreciated by many). A drawback of this business structure is the need for a tailored operating agreement that specifies the specific needs of the company. Joint Venture A joint venture is a business partnership that usually involves a specific purpose or goal for its formation and the partnerships dissolve after the goal is attained. The Internal Revenue Service (IRS) normally does not recognize a joint venture as a legal entity so it is treated as a partnership (Staring and Naming a Business Presentation, 2012, Slide 8). This is advantageous in that the partners equally distribute authority to govern, share profits and losses, and contribute labor, money, property, efforts, and skills to expand the success of the business project (Kubasek, et al., 2012, p. 759). According to the Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28), the only type of qualified joint venture that cannot be treated as a partnership it that of an unincorporated business between a husband and wife. The main disadvantages of joint ventures are uneven collaboration, expertise, management styles, and research to reinforce sound decisions. Recommendation Business name. To determine corporate name availability, Betty must comply with statutory requirements to allow her to name the coffee shop â€Å"Gathering Place.† After utilizing the search engine for the Department of the Secretary of State North Carolina to determine the name availability â€Å"Gathering Place,† generating fifteen results. The businesses range from motels, publishers, books stores, churches, and pastry and coffee shops. Under the hospitality industry, two food service businesses resulted that are Gathering Place Cafà © Sweet Treats, Inc. located in Archdale, NC and The Gathering Place and Bake Shoppe of Fayetteville, NC. Some of the basic apprehensions to the name is that it is confusingly similar and it doesn’t target the desired consumer market. Because it is in a town with no businesses with the same title, Betty can definitely brand her business with the â€Å"Gathering Place† title. Business type. In hindsight, a LLC would grant Betty needed flexibility given the diversity of interested business partners. This business structure is well suited for individuals who can invest into a new venture and have many interested parties as well as needed beneficiaries of taxation privileges. The Delaware Limited Liability Company Act (C  § 18-1101(b) set precedent to the freedom of contract of LLC’s and obligations set forth in operating agreements. Betty would be legally well protected if she entered business with John (husband), Alice (sister), or Erma (neighbor). My recommendation would be for Betty to include John and Erma in the business endeavor and keep Alice outside the endeavor given the strong opposition of her husband. Final Thoughts We can find numerous Bible passages that warn against unequal yoking (i.e., 2 Corinthians 6:14). I would advice Betty to enter into an LLC with her husband John and Neighbor Erma. In spite of her confused perfection of her â€Å"Christian† worldview, Erma can prove to be a good business partner and profit from being in business with a mature Christian such as Betty. References Clayton Act (15 USC  §Ã‚ § 12-27). Corporations Division for Department of the Secretary of State North Carolina (2012). Retrieved from http://www.secretary.state.nc.us/corporations/searchresults.aspx?onlyactive=OFFWords=ALLsearchstr=gathering%20place Delaware Limited Liability Company Act (C  § 18-1101(b). General Corporation Law (Corp C  §Ã‚ §100-2319). Kubasek, N. K., Brennan, B. A. Browne, M. N. (2012). The legal environment of business: A critical thinking approach (6th ed.). Upper Saddle River, NJ: Prentice Hall. Liberty University (2012, Spring). Staring and naming a business. Legal Issues in Business class presentation. Retrieved from http://bb7.liberty.edu/bbcswebdav/pid-15354309-dt-content-rid-74512567_1/courses/BUSI561_D10_201220/presentations/Module%207/index.html Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28). Uniform Partnership Act of North Carolina ( §Ã‚ § 59-31).

Religious Concerns during Colonial Period Essay -- essays research pap

â€Å"Throughout the colonial period, economic concerns had more to do with the settling of British North America than did religious concerns.† According to this statement, both economic and religious reasons contributed to the founding of the thirteen colonies by the British in North America. The many people who settled in New England came there in search of religious freedom. Their hope was to escape the religious persecution they were facing in England, worship freely, and have the opportunity to choose which religion they wanted to take part in. The Southern colonies were developed for economic motives. They had goals for mercantilism and increasing the prosperity of England. Finally, the Middle colonies were founded upon diverse religions because their primary focus and purpose was to make money or to populate the country. Overall, every colony was colonized due to specific reasons or concerns. However, England’s religious conflicts had grown full-blown, resulting in the colonization of nearly all the American colonies. During the religious upheavals of the sixteenth and seventeenth centuries, one group of radical Protestants was known as Puritans because they wanted to â€Å"purify† the established Church of England. Essentially, their program called for a more complete protestantization of the national church, particularly insofar as church responsibility for individual conduct was concerned. Their reformist ideas threatened to divide the people and to undermine royal authorit...

China: The Advantages And Disadvantages of International Trade Essay

International trade has always been an attractive idea for merchants and businessman since time immemorial. There is always an opportunity to sell more, make more profits, increase the market share, remove seasonality fluctuations of demand and supply, increase in productivity, and of course a business or even a country learns a lot on the product development technologies and strategies from doing business with other countries or regions. Trade also leads to higher GDP, better and more choices of products for consumers, increase in competition in domestic market leads to competitive prices which is good for consumers, competition also leads to better quality in goods and services, and reduces unemployment and poverty. Thus, this leads to growth and maturing of a countries economy as a whole and also the businesses involved. Trade also leads to some problems that are not that obvious at the onset of trade. Even though trade tends to increase employment in one nation it may lead to job cuts in another. As businesses shift manufacturing for instance from richer nations to third world or developing nations, they take advantage of the cheap labor, weaker labor policies, weaker environmental policies, and support of the governments in these countries. They are able to recruit more and thus produce more for less. But this leads to job cuts in the parent rich nations. Trade also leads to job cuts in the developing and third world countries due to competition with multinationals from developed nations and also due to exposure to automation and modernization. Many businesses cannot put up with high productivity and competitive pricing of stronger businesses from richer nations and thus finally may lead to closing down of weaker businesses and unemployment in the face of competition. But we also have to realize that employment also increases through the new businesses from the richer nations. Overall there is a potential increase in employment. There is a problem of increasing income inequalities in China. As the business houses tend to take advantage of weaker policies in labor and environment, there will be environmental pollution leading to health and environmental complications; further labor discrimination leading to weaker social well-being. Businesses particularly also need to realize that protection of Intellectual property rights may not be recognized or understood or at least weak in some of the nations thus, leading to piracy, copyright violations, patents violations, product copies etc. This may well erode the competitive advantage, and the brand image of businesses. The above comments on international trade can be closely associated with the international trade involving China. China has become the manufacturing hub of the world. Substantial part of the economy of China depends on international trade. The advantages it gives for other countries to setup manufacturing plants in China is its strong government support for FDIs, Infrastructure development, cheap labor, weak environment and labor laws, new strong market reach which includes China, India, Japan, Russia, Korea, Thailand, Vietnam, Indonesia, Malaysia etc, access to cheap Chinese supplier base, thus larger sales and profits, seasonality of product supply and demand can be managed (one can always sell the product in China and the markets close to it if the demand is lower in North America or Europe). US has profited considerably through trade with China. Sales of products from US have grown in popularity in China boosting US multinationals (Expanded trade with China has, in fact, been a b lessing for large U.S. multinationals like Boeing, Caterpillar, and Cargill, which had trumpeted the prospect of a massive Chinese market for American products and services. China is the world’s fastest growing market for commercial aviation, and needs billions of dollars worth of airplanes from Boeing. Its growing infrastructure has been a boon for companies like Caterpillar, which produces tractors and other heavy equipment. And it is importing billions of dollars worth of farm products, a boon to companies like Cargill. Last year, China bought $2.9 billion worth of soybeans — the top U.S. export crop to China. China also has proven to be a growing market for U.S.-made fertilizer and chemicals.). China’s benefits were as follows: its economy has been growing at a very rapid rate (for instance, China’s economy grew at an average rate of 10% per year during the period 1990-2004, the highest growth rate in the world.), the resulting increase in business activity drastically reduced poverty (China has been credited for greatly lowering the percentage of East Asian population living in poverty in a recent World Bank report â€⠀œ from 80% to 18% in a span of 20 years), created employment (Foreign investment remains a strong element in China’s rapid expansion in world trade and has been an important factor in the growth of urban jobs.), saw a large growth in cities (population: 30% urban in 1950, estimated 60% urban in 2030, 19 mega-cities > 10 million, 22 cities with 5 with 10 million, 370 cities with 1 to 5 million, 440 cities with 0.5 to 1 million), increased the technology and business exposure of domestic firms and the countries technological expertise (China has acquired some highly sophisticated production facilities through trade and also has built a number of advanced engineering plants capable of manufacturing an increasing range of sophisticated equipment, including nuclear weapons and satellites.); Making the firms and the country more competitive, increased the variety of products available to the consumers, domestic manufacturers matured and increased competition in local market (e.g. Shanghai motors), prices became competitive, Chinese suppliers matured enough to support the big multinationals (e.g. Toyota, GM) in Japan and China, trade has helped Chinese government earn huge revenues due to trade that helps to increase investment in public welfare and social infrastructure, thus increasing the overall well being of China, China is also exporting and importing to and from many countries respectively thus, it is able to manage seasonality in the supply and demand of the products involved by diverting exports (Cheap Chinese goods export to South Asian, and South East Asian markets) and switching sources of imports (Crude oil from African (e.g. Chad and Darfur), South America (e.g. Venezuela) and Middle-east (e.g. Iran) countries) as and when required, in the process China is a lso able to reduce dependence on any single country. Chinese exports is around $1216 billion (2007) to countries as US 21.0%, EU 18.1%, Hong Kong 17.0%, Japan 12.4%, ASEAN 7.2%, South Korea 4.7% (2004) while its imports is around $953.9 billion (2007) from Japan 16.8%, EU 12.4%, ASEAN 11.2%, South Korea 11.1%, US 7.9%, Russia 2.2% (2004). However, in spite of the many positives of international trade there have been less obvious problems in the form of labor discrimination (86 percent said discrimination exists in China’s employment market; 51 percent see the discrimination as serious. ; China’s employee market is woefully inefficient and small foreign companies are very well positioned to take advantage of this., even multinationals like Reebok have been found guilty of labor discrimination and of taking unfair advantage of weak labor policies. Even local firms are taking such advantages), environmental problems (State Environmental Protection Administration (SEPA) announced that 130 foreign companies did not comply with current environmental laws. In fact, many multinationals see weak environmental laws as a means for cost reduction and therefore maintain different environmental standards in China than in their home countries. Multinationals can pollute more in China mainly because of an incomplete regulation system and loose supervision with few penalties that lead to a low incentive for keeping to the environmental law.), and legal problems for firms in the areas of protection of Intellectual Property Rights in China (There is little awareness that infringement is a crime in China. Growth of new businesses has outpaced the government’s ability to regulate them). Trade has fired competition which in turn has pushed many of the multinationals and domestic firms to take advantage of limited media rights, weak labor policies and implementation, and weak environmental policies and implementation (90 multinationals that have been found by the environmental protection authorities to have violated water pollution regulations since 2004, Forbes reports. General Motors, Samsung, Unilever, Pepsi and Yum Brands chains Kentucky Fried Chicken and Pizza Hut are just a few of the companies on the list, according to the article.). Both the US and China has suffered job cuts. China is losing millions of manufacturing jobs due to automation and the adoption of new business systems and production techniques, according to The Conference Board in New York. Between 1995 and 2002, 15 million manufacturing jobs were lost in China, or about 15 percent of the total manufacturing workforce, The Conference Board found after working with China’s National Bureau of Statistics. Manufacturing employment in China fell from 98 million in 1995 to 83 million in 2002. By comparison, the United States now has 14.5 million workers in the manufacturing sector, about 3 million less than in 1999. Trade does have enormous benefits but not without some corrections required and some inevitable losses in the form of job cuts. The job cuts can be corrected though with appropriate training of the unemployed to take up jobs requiring higher skills. Countries belonging to the OECD have attempted methods and policies to reduce the unemployment created through the effect of trade. Denmark for instance cut its unemployment from about 10 percent in the early 1990s to less than 5 percent now. The main ingredient for the Danish success is a system called â€Å"flexicurity,† a set of liberal policies for hiring and firing, allowing relatively frictionless adjustment to shocks caused by international trade. A generous system of carefully monitored unemployment benefits and funding for retraining displaced workers complement Denmark’s labor-market flexibility. Governments have a range of policies to expand trade while minimizing the loss of jobs. However, a complete solution to the losses from trade is inconclusive and like always not fully repairable.

Vertical Violence And Its Effects On The Nursing Profession

Nursing is a profession that is based on the principles of caring and ethics. For years nursing has been continuously ranked as the most trusted profession (Riffkin, 2014). Nurses advocate for patients even if it means standing up to doctors and hospital administrators. Shockingly, for a job rooted in compassion, horizontal violence is a devastatingly common occurrence in the nursing profession. Horizontal violence, or workplace bullying, is defined as repeated incidences of aggressive behaviour intended to intimidate, degrade, humiliate, and offend a person or group of people (Ontario Nursing Association, 2012). Nurse-to-nurse aggression can range from yelling, withholding information, refusing to help, undermining a fellow nurse s work ability and threatening unnecessary disciplinary action (Rocker, 2008). In Canada, 50% of nurses reported being verbally abused and 46% experienced hostility or conflict with colleagues (Statistics Canada, 2005). While many nurses are victims of bull ying, many do not report the incidents and develop poor coping strategies. When a nurse does not report a bully, they are putting their mental health at risk. Nursing programs must implement educational programs for student nurses. They rely on safe clinical placements to develop and practice essential nursing skills. However, the toxic environment that bullying creates jeopardizes not only their education but their mental health as well, spurring on ramifications that last a lifetime. A safeShow MoreRelatedBullying in Nursing838 Words   |  3 PagesIn a profession where caring is the epicenter of the job, it is disconcerting to see a high occurrence of bullying in the nursing environment. Lateral bullying and lateral violence are terms used to describe bullying, uncivil behavior, disrespect, social devaluing, peer control and verbal, physical and emotional abuse occurring between nurses and or colleagues (Ceravolo et al., 2012). 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