Description Of Business Entities

Description of Business Entities
Business entities Q1. Sole proprietorship: With a sole proprietorship, the entity owner is personally
responsible for all of the organization's actions, including the financial obligations of the entity. The
advantage is that the profits of the organization are not 'taxed twice' as part of the requirements of
the entity. The disadvantage is that the owner can lose his or her personal assets if the organization is
in debt or has legal problems. General partnership: Under a general partnership, the owners of the
business share equally in the responsibilities of the business and are equally liable for the
obligations of the organization. The profits may be divided equally on a 50–50 basis between the
partners, or in accordance with the original agreement contracted when the business was set up
(General partnership, 2012, Quick MBA). Depending on the state, the partners may be jointly liable
for one another's debts, which means if one partner is liable for a financial obligation and cannot pay
the debt; the other partner is liable for the debts of the partner (General partnership, 2012, Quick
MBA). Other states merely have several liability, meaning that the partners are individually liable
for their debts that they gain over the course of doing business, but not personally liable for the
partner's debts (General partnership, 2012, Quick MBA). LP: A limited partnership divides the legal
obligations of partnership. The general partner has unlimited liability, just as if he
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Factors Determining The Form Of Legal Business Entity
Factors Considered In Deciding the Form of Legal Business Entity
When starting a new business, it is very important to decide the form of legal entity which may be
appropriate based on a number of factors. The legal entity can be sole proprietorship, partnerships
(general and limited liability partnerships), limited liability companies, or corporations. One of the
most important factors to consider when deciding the appropriate form of legal business entity is
complexity. If one has limited capital and wishes to start a simple business unit, then sole
proprietorship is the most appropriate. The second factor is the need for protection from the risk of
liabilities. If the new business operates in a volatile industry where it is possible to experience huge
financial losses, then a limited liability company or partnership can be considered appropriate. The
ease of formation is another factor. It is easy to form a sole proprietorship as opposed to other forms
of businesses. The issue of taxation may also influence the form of business entity that a person or
group of people may choose. The aim is always to minimize tax as much as possible. According to
Chiappinelli (2006), another important factor that should always be considered is the ease with
which capital can be raised. It is easier to raise capital in limited liability companies or in
corporations than it is in sole proprietorship.
i. Taxation of various forms of business entity
In sole proprietorship, the business entity

The Relationship Between A Corporation And A Private...
Introduction Today's world is full of corporations doing business in every industry and sector that
we can imagine. These corporations are set up to separate the business from its owners and insulate
their assets. There are times, however, in the interest of equity when the corporate veil is allowed to
be lifted and the assets of the owners are exposed. (Dignam) Throughout this paper, I will discuss
the difference between a corporation and a private entity and when the corporate veil can be lifted
according to the cases in the UK law.
Private Entities Versus Corporations In the United Kingdom, different business structures are
available to those who wish to establish a business. There are four forms that a company can take in
the United Kingdom. These forms are as follows:
1) A private company limited by shares (members' liability is limited to the unpaid share capital
except where any personal guarantees have been given).
2) A private company limited by guarantee (members' liability limited to the amount undertaken to
be contributed by members.
3) A private unlimited company (unlimited liability of members).
4) A public limited company (members' liability is limited to the unpaid share capital and at the time
of incorporation a plc must have ab allotted share capital of 50,000.00 pounds)" (Rosenfalck).
The minimum requirements for setting up a private limited company is that you must have one
director, registered in the United Kingdom, and have at least one

Choosing A Business Entity : Case Study
Choosing a Business Entity After extended negotiations, May of 2001, Mr. Henry Phillips agreed to
acquire the franchises, assets, and assume the liabilities of Telecable Communications. In order to
make the purchase, he sought the help of six investors, two which were appointed by a friend, Mr.
Carter. His ultimate goal was to choose a business entity that would accommodate the different
interests of the different parties. A limited liability company (LLC) is Mr. Phillips' best option; a
majority of the objectives is met when compared to the alternatives. This business entity allows for
the six investors to be free from personal liability and to take advantage of tax losses. Furthermore,
the entity allows for the three partners to control day to day operations, and repay the requested
finder's fee to Mr. Carter.
The Form of the Transaction
Meeting the Objectives of the Investors Mr. Phillips believed that the limited partnership and S
corporation were very similar. The tax advantages and disadvantages of each form seemed to be of
equal weight. As a result, Mr. Phillips requested that the decision be made based on the form that
would best fit the various interests of the groups involved. The outside investors wanted to insulate
themselves from any possibility of personal liability. The LLC allows for limited liability, as profit
and losses are allocated to mirror the economic risks of each LLC member. LLCs offer greater
flexibility in allocating profits and losses, when

Business entity summary
COMPARISON OF THE FORMS OF BUSINESS ORGANISATIONS Definition Sole–
Proprietorship A business owned by one person Partnership An association of two or more persons
carrying on business in common with a view to profit Limited Partnership (LP) A partnership
consisting of two or more persons, with at least one general partner and one limited partner Limited
Liability Partnership (LLP) A partnership where the individual partner's own liability is generally
limited Company A business form which is a legal entity separate and distinct from its shareholders
and directors Owned by One person Generally between 2 and 20 partners. A partnership of more
than 20 partners must incorporate as a company under the ... Show more content on Helpwriting.net
...
Singapore citizen/ Singapore permanent resident/ Employment Pass/ Dependent Pass holder. If
owner not resident in Singapore, he must appoint a local manager who is ordinarily resident in
Singapore Registration Requirements Undischarged bankrupts cannot manage business without
court or Official Assignee's approval Undischarged bankrupts cannot manage business without court
or Official Assignee's approval Undischarged bankrupts cannot manage business without court or
Official Assignee's approval Undischarged bankrupts cannot be a director and cannot manage a
company without court or Official Assignee's approval Quick and easy to set up Quick and easy to
set up Quick and easy to set up Quick and easy to set up More costly to set up and maintain Easy to
administer and manage Easy to administer and manage Easy to administer and manage Fewer
formalities and procedures to comply with than a company More formalities and procedures to
comply with Registration cost is minimal Registration cost is minimal Registration cost is minimal
Registration cost is relatively minimal and fewer regulatory

Business Entities : A Business Entity
Business Entities:
Each business entity is structured differently and, as a result, has unique tax implications. The types
of business entities covered in this course were: sole proprietorships, partnerships, C Corporations, S
Corporations, and Limited Liability Companies (LLC). The entities were differentiated by the
number of owners and/or shareholder, whether they are a pass–through entity or not, and the level of
liability the shareholder(s)/ owners(s) are responsible for. A sole proprietorship, which is a business
with one owner who assumes unlimited liability, as well as general and limited liability partnerships,
which have at least two owners (with potentially some of the owners assuming liability only to the
extent of their ... Show more content on Helpwriting.net ...
When a C Corporation is authorizing and paying dividends, it needs to consider the amount of debt
currently being carried, in order to ensure enough funds are being maintained to pay these debts.
However, there are not any percentage or dollar limitations imposed on the amount or frequency of
such distributions. Having said this, the IRS does regulate the recording and reporting of such
activity, since it does have tax implications. Specifically, when dividends are given to C
Corporation's shareholders, the company is passing money onto the owners. This is different from a
traditional pass–through because in a pass through entity, all of the company's annual income,
expenses, deductions, etc. are required to be listed on the shareholders tax return. In contrast, the
IRS only requires that the amount of the total annual dividend distribution is recorded as income on
the shareholders filing. Having said this, it is important to note that all income is first taxed at the
corporate rate, which can be more favorable than an individual's tax rate, and then upon dividend
distribution, the distributions are taxed again at the individual's tax rate. This concept is known as
double taxation and is one of the main disadvantages of this type of entity (Everett, Hennig, &
Nichols, 2013).
In contrast, to a C corporation an S corporation is subject to single taxation, since it is a pass–
through entity. Having said this, an

Customer's Contract With An Entity
Customer's contract with an entity, to acquire the output of goods/services (Telstra's: bundle–
contracts) of entities ordinary–activities in substitute for consideration. Thus, the contract either
expressed/implied with the customer, becomes recognised as a customer–contract by the provider
when each parties rights regarding the transfer of goods or services stand identifiable; the
probability of the consideration of good/services will be collected and has commercial substance
(AASB 15.9). b) Identifying performance obligations Contracts consist of promises in which are
known as "performance obligation", when "goods/services" are distinct (AASB 15.22). Thus, a
good/service stands distinct when they are beneficial to the customers and are ... Show more content
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However, if the stand–alone price cannot be observed, entities must estimate the price. e)
Satisfaction Accordingly, when performance obligations of transferring goods/services to customers
transpire, an entity then recognizes revenue (AASB 15.46). Correspondingly, performance
obligations may be satisfied at a point in time or over time.Thus, for performance obligations
satisfied over a period time , an entity recognizes revenue for the measuring the entities progress
towards complete satisfaction of the performance obligation (AASB 15.B15). 2. Reason for new
standard Diversification of revenue recognition practices have arisen due to AASB 118 and 111
providing insufficient guidance, consequently repeatedly leading to different accounting
arrangements for similar transaction, such as a multiple line elements. Accordingly, the limited
guidance provided, fosters a sense of uncertainty among prepares of financial statements and
difficultly in application of standards to complex transactions. Thus, consultation was undertaken
internationally/domestically by the IASB and the AASB to rectify inconsistences/weaknesses with
standards. Accordingly AASB 15 was issued intending to facilitate a single recognition framework
for all contracts with

Aggregate vs. Entity Approach Essay
Lesson 1. Aggregate vs. Entity Approach
1. Aggregate approach: the partnership as a separate entity is disregarded and each partner is viewed
as directly owning an undivided interest in the partnership's assets operations.
If the tax law used only aggregate concepts, the partnerships and their partners would be treated:
– Each partner would be taxed on share of partnership income and would be viewed as owning a
direct interest in each partnership asset.
– Contributions and distributions would be viewed as taxable transfers.
2. The portions of Subchapter K that reflect the aggregation approach: taxation of partnership
income to the partners and the nonrecognition provisions for contributions to and distributions from
partnerships. ... Show more content on Helpwriting.net ...
– Partner has flexibility to withdraw or transfer his interest
– Partner can elect to adjust the bases of partnership assets in connection with certain distributions
of assets and transfers.
6. Outside of Subchapter K, however, determining which of the two theories should apply is much
more uncertain.
Provisions Outside of Subchapter K Certain provisions outside of Subchapter K affect the amount of
loss that an individual partner can deduct in any given year. Two major provisions are the at risk
limitations and passive loss rules which are next. At risk limitations Although a partner may have
sufficient basis to claim a loss, at risk limitations may restrict a partner from deducting losses where
there is no financial risk of loss. IRC Sec. 465(a) A partner's at–risk amount generally includes his
adjusted basis in the partnership taking into account only those liabilities for which the partner has
personal liability. This is in contrast to a partner's outside basis computation which may include the
partner's share of all partnership liabilities without regard to any personal liability on the obligations,
Thus, a partners outside basis may include both recourse and nonrecourse liabilities,

Company as a Separate Legal Entity
COMPANY AS A SEPARATE LEGAL ENTITY Definition: A legal entity, typically a business, that
is defined as detached from another business or individual with respect to accountability. A separate
legal entity may be set up in the case of a corporation or a limited liability company, to separate the
actions of the entity from those of the individual or other company. Meaning: If a business is a
separate legal entity, it means it has some of the same rights in law as a person. It is, for example,
able to enter contracts. In New Zealand, a company is a separate legal entity from its owners
(shareholders) and can, for example, be sued, and enter into contracts in the name of the company,
not the shareholders. Sole traders and partnerships ... Show more content on Helpwriting.net ...
The government wanted to diversify its supply base to avoid the risk of its few suppliers being
crippled by strikes. His warehouse, as a consequence, was full of unsold stock. He and his wife lent
the company money, and he cancelled his debentures, but the company needed more money, so they
sought £5,000 from a Mr. Edmund Broderip. Mr. Salomon assigned Broderip his debenture, the loan
with ten per cent interest and secured by a floating charge. But Salomon 's business still failed, and
he could not keep up with the interest payments. In October 1893, Broderip sued to enforce his
security. The company was put into liquidation. Broderip was repaid his £5,000, and the debenture
was reassigned to Salomon, who retained the floating charge over the company JUDGMENT High
Court: When the company went into liquidation, the liquidator argued that the debentures used by
Mr. Salomon as security for the debt were invalid, on the grounds of fraud. The judge, Vaughan
Williams J. accepted this argument, ruling that since Mr. Salomon had created the company solely to
transfer his business to it, the company was in reality his agent and he as principal was liable for
debts to unsecured creditors. Court Of Appeal: The Court of Appeal also ruled against Mr. Salomon,
though on the grounds that Mr. Salomon had abused the privileges of incorporation and limited

Description Of A Business Entity That Ms. Growne
BACKGROUND: Sue Growne, client G14159, is looking to purchase a tavern, which would
include both realty and personality. So ReaLand CPA's could better serve this client, I, Bobbi
Paternico was tasked with researching the legal and tax options available to the client, based upon
the entity utilized for the purchase and the method of purchase. ANALYSIS: The type of business
entity that Ms. Growne selects can have both legal and tax implications. Having said this, there are
some tax and legal considerations to examine regardless of the type of purchasing entity.
Specifically, one of the first decisions that Ms. Growne should make, is whether she wants to
acquire the assets of the tavern or the stock/interests in the business ... Show more content on
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The statement of reserves should be reviewed, since the acquisition of the tavern, through the
purchase of the seller's interest, results in the buyer, Ms. Growne accepting both known and
unknown liabilities of the business prior to her ownership. In addition, by reviewing the financial
statements to look at the net operating gain or loss, Ms. Growne can determine if there is a loss she
can offset against her other sources of income. For some individuals, the idea of being able to offset
other income with these losses incurred prior to ownership is appealing, due to the tax benefit that
may result. However, if the buyer does not have significate income to be offset or is not in a higher
tax brackets, this benefit of the acquisition through interest becomes less attractive. In addition, if
the sellers basis in the assets are significantly less than the assets fair market value, the buyer is
likely to incur greater gains on the assets in the future, resulting in a higher taxable income and
leading to negative tax implication. In contrast, if the assets of the business were purchased, the
buyer would not be susceptible to prior liabilities and the seller must examine their basis for each
asset, compare it with the assets current market value, and incur any applicable gains or losses,
intern shifting the tax consequences of an increase in

What Is Separate Legal Entity?
The veil of incorporation state the company is a separate legal entity from its members such as
shareholders, directors and employees. (Lawyr.it, 2014) Separate legal entity defines a company can
employ its own members, limited liability and ability to hold property in its name. Normally, the
courts would not look behind the veil of incorporation because it is separate legal entity. The courts
agree to lift the veil of incorporation where 'justice of the case demands' or if the veil has been
misused. (Legalserviceindia, 2014) Once the courts lift the veil of incorporation, there are no more
separate legal entity, so who are using the veil of incorporation as a protection to escape from legal
responsibility after they go against the law and now they can be sued by innocent party. The courts
will lift the veil of incorporation when it is in a certain of circumstances. There were some
circumstances need to remove the veil of incorporation and it were supported by some case law.
Firstly, the main purpose of promoter set up a company is to avoid or dishonestly evade an existing
legal duty or to commit fraud. From the case law of Gilford Motor Co. Ltd. V Horne (1933)
(Economictruth, 2013)as a mirror to reflect the circumstances of dishonestly evading the promoter's
existing legal duty. Mr Horne was a car salesman for Gilford Motor Co.Ltd and he left the company.
He was personally bound by a contract which mentioned after he left the company, he wasn't
allowed trade with his

Characteristics Of A Business Entity
=Characteristics of Business Entities=
Before we can review each type of business entity, we need to cover a few characteristics that may
differentiate each business structure:
' ' 'Liability ' ' ': Liability refers to how much financial responsibility will be held by a business or
individual in the event of business losses. In business terms, this often means who will be held
financially responsible in the event that debts cannot be repaid or the business suffers losses from an
action by a court of law. This issue brings about two distinct concepts called unlimited liability or
limited liability. Unlimited liability means that the owners of the business will be held financially
liable for loses incurred by the business. What this ultimately means is that creditors or a court of
law can seize an individual's personal assets (their personal home, personal car, personal bank
accounts etc.) in order to pay debts that were incurred by the business. Limited liability, on the other
hand, means that often times the owners or investors will only be held liable up to the extent of their
investment. However, courts can still seize personal assets of investors if fraud has occurred that
lead to the failure of the business.
' ' 'Double Taxation ' ' ': For certain business structures, primarily corporations, the profits of the
entity will be taxed a minimum of two times. When a corporation earns profit, the corporation will
be levied a corporate income tax on those profits. If the

Special Purpose Entities or Variable Interest Entities:...
Variable Interest Entities
One topic that has generated much discussion and even some "bad blood" in the accounting
profession and business community as a whole is variable interest entities, formerly known as
"special purpose entities." One common definition of a variable interest entity is a legal business
structure which does not have enough capital to support itself due to its lack of equity investors. The
financial support for the variable interest entity is provided by an outside source, such as another
corporation. A variable interest entity is often created by a corporation to serve as a holding
company, which will hold assets or debt for the creating corporation. A corporation can use such a
vehicle to finance an investment ... Show more content on Helpwriting.net ...
Often times, these types of agreements result from a contract between two companies that is created
to change with identified "triggers" in the market. The most common types of contractual
arrangements that result in the creation of a variable interest entity are options, leases with guarantee
of value, guarantees of asset recovery values, and guarantees of debt repayment. These contractual
agreements may exist simultaneously with a less than majority ownership interest in a variable
interest entity. Most variable interest entities are special purpose entities, which are legally
structured entities which are created to serve a specific, predetermined, limited purpose. A special
purpose entity may legally exist as a corporation, partnership, trust, or any other legal entity. Under
FIN 46, the primary beneficiary of a variable interest entity must consolidate the VIE in its financial
statements. The primary beneficiary of a VIE is the entity that; will absorb a majority of the VIE's
expected losses (more than 50%), and (or) will receive a majority of the VIE's expected residual
returns (more than 50%). In certain situations, expected losses are given more weight than expected
residual returns.
In general, an entity is subject to consolidation if, by design, any of three conditions exist. (1) Equity
investment at

The Legal Entity System Has Profoundly Affected The...
1.0 Introduction The legal entity system has profoundly affected the process of human economic and
social development. Needless to say, the connotation of the legal entity system is very rich, and that
the company has an independent personality and shareholders bear the limited liability is the two
basic features (Tweedale, G., Flynn, L., 2007). Of course, the company 's independent personality is
based on the separation of corporate property and shareholder property. Under this circumstance, the
company shall enjoy their rights, fulfil obligations, and independently bear civil liability in its own
name (L.C.B., 1992). However, with the development of commodity economy, and the deepening
and extensive use of the legal entity system, the ... Show more content on Helpwriting.net ...
3.1.1 Fraud or misrepresentation Fraud or misrepresentation is one of the most frequent factors in
piercing the corporate veil. Fraud is a deliberate concealment of the truth and a false statement
leading the other party to engage in certain acts and causing loss or injury, which can be seen in the
case" GILFORD MOTOR Co. v HORNE Ltd. (1933)". Fraud includes civil fraud and criminal
fraud, and fraud is often associated with misrepresentation. Inaccurate statements in the litigation of
piercing the corporate veil generally include misrepresentation of the company 's assets and
financial conditions, as well as misrepresentations of paying to the parties. Professor Thompson is of
the opinion that when the act is found to be "fraud" by the court, the act is often used as evidence to
support the "misrepresentation" if the fraud claim cannot be substantiated (Hodge, L., Sachs, A.,
2008). 3.1.2 Shareholders' control and domination In order to pierce the company veil, the plaintiff
needs not only to prove the "domination and control" behaviour, but also to prove that there is fraud
or abuse unfair form of corporate. In order to pierce the company veil, that shareholders only
control/dominate the company is not enough, and there must be "fraud or misrepresentation"
evidence. In this regard, the standard of piercing the veil of the company is also particularly
stringent. If there is only the fact that the shareholder is a

How Choosing The Right Entity Can Save You Case Study
How choosing the right entity can save you
Written by Janet Gershen–Siegel
Business entities can seem confusing. Choose the right one from the very beginning and save on
taxes and company liability.
First, here are the more common business entities.
Types of business entities
Sole Proprietorship
The SBA says a sole proprietorship is an unincorporated business owned and run by just one person.
There is no difference between the owner and the business. That means you, the owner, get all of
profits, but you are also responsible for all your business's losses, debts, and liabilities.
Partnership
The SBA defines a partnership as a single business with two or more owners. Partnerships then
divide into three types.
General Partnership ... Show more content on Helpwriting.net ...
An eligible domestic corporations can avoid double taxes (once to the corporation and again to the
shareholders) if they opt to be treated as S corporations.
In an S Corporation, profits and losses can pass through to your personal tax return. The business
itself is not taxed. Only shareholders are taxed. However, any shareholder employees must pay
themselves reasonable compensation. The shareholder has to get fair market value, or the IRS could
reclassify additional corporate earnings as wages.
Limited Liability Company
A limited liability company is as a type of hybrid legal structure. It has the limited liability features
of a corporation with tax efficiencies and operational flexibility enjoyed by partnerships. The
owners of an LLC are called members. Depending on the state, members can be one person (one
owner), two or more people, corporations, or even other LLCs.
Unlike corporate shareholders, LLCs are not taxed as a separate business entity. Instead, all profits
and losses pass through the business to each member of the LLC. Then LLC members report all the
profits and losses on their personal federal tax returns, just like the owners of a partnership would.

There are two great reasons why it matters which business entity you choose.
Taxes
Here are the specifics:
Sole proprietorship – since the single owner and the sole proprietorship are the same; the owner
pays taxes on the sole proprietorship's

Entity-Relationship Diagrams and the Relational Model
Review Entity–Relationship Diagrams and the Relational Model
CS 186, Fall 2007, Lecture 2 R & G, Chaps. 2&3
A relationship, I think, is like a shark, you know? It has to constantly move forward or it dies. And I
think what we got on our hands is a dead shark.
Woody Allen (from Annie Hall, 1979)
Why use a DBMS? OS provides RAM and disk
Review
Why use a DBMS? OS provides RAM and disk
– Concurrency – Recovery – Abstraction, Data Independence – Query Languages – Efficiency (for
most tasks) – Security – Data Integrity
Data Models
DBMS models real world Data Model is link between user's view of the world and bits stored in
computer Many models exist We think in terms of..
– Relational Model (clean and common) – ... Show more content on Helpwriting.net ...
– Owner entity set and weak entity set must participate in a one–to–many relationship set (one
owner, many weak entities). – Weak entity set must have total participation in this identifying
relationship set. name ssn lot cost pname age
Basically means "at least one" name ssn Employees lot Manages since did dname budget
Departments
Works_In
Means: "exactly one" since Employees
Policy
Dependents
Weak entities have only a "partial key" (dashed underline)

Binary vs. Ternary Relationships ssn name lot Covers pname age
Binary vs. Ternary Relationships (Contd.)
Previous example illustrated a case when two binary relationships were better than one ternary
relationship.
If each policy is owned by just 1 employee:
Employees
Dependents
Bad design
Key constraint on Policies would mean policy can name ssn only cover 1 dependent! Think through
all the constraints in the 2nd diagram! policyid lot
Policies cost pname age
Employees Purchaser
Dependents
Beneficiary
An example in the other direction: a ternary relation Contracts relates entity sets Parts, Departments
and Suppliers, and has descriptive attribute qty. No combination of binary relationships is an
adequate substitute. (With no new entity sets!)
Better design policyid Policies cost
Binary vs. Ternary Relationships (Contd.) qty Parts Contract Departments
Summary so far
Entities and Entity Set (boxes) Relationships and Relationship sets

Business Entities, Laws, and Regulations Paper
Running Head: Business Entities, Laws, and Regulations Paper
Business Entities, Laws, and Regulations Paper
Abstract
The following paper includes the consideration of control, taxation, and liability issues for two
hypothetical businesses as well as legal, regulatory, and risk issues each of the two businesses may
face. Also included in this paper is a hypothetical hiring manager scenario in which the hiring
manager must choose from numerous applicants who possess various levels of qualification,
experience, and education. An applicant must be chosen from the pool of applicants based on the
advertisement placed for a jackhammer operator and any legal or regulatory issues to be considered
for each applicant.
Restaurant/Bar ... Show more content on Helpwriting.net ...
Professional Practice Scenario According to the scenario, Akiva and Tara want to open a birthing
clinic and take out large loans to finance the business, which is a medical practice. The business
would be a partnership of two medical professionals that would allow Akiva and Tara to form a
limited liability partnership or LLP. An LLP is beneficial for the partners because each partner is
only liable for debts or obligations up to the capital contribution or investments in the partnership
(Cheeseman, 2010, p. 274, pp. 1). Forming an LLP begins with filing articles of partnership with the
secretary of state of the state in which the LLP is organized. The LLP laws of the state where the
LLP performs business govern the partnership. The partnership must follow the state laws and
regulations to continue performing business in that state. Many states require an LLP to carry a
minimum of $1,000,000 in liability insurance covering negligence, wrongful acts, or misconduct by
partners or employees. Taxation of the LLP is the same as in a general partnership. Each partner is
required to file their profits or losses on their personal income tax return. As with a general
partnership, an LLP is required to file an information return with the government so the income or
losses are traceable to the individual partners. Because Akiva and Tara want to open a birthing
clinic, they must prepare for liability issues.

A Company Is A Separate Legal Entity
The concept of a company being a separate legal entity is the most striking illustration in separating
the company from its owners. A paramount principle of corporate law is that no shareholder or
member of a company is made liable for the obligations incurred by such incorporations A company
is different from its members in the eyes of law. In continuations to this the opposite also holds true
in the sense that neither can the company be held liable for the acts of its members. It is a
fundamental distinction that a company is distinct from its members. The words, "corporate entity is
not imaginary or fictitious but quite real, whereas corporate personality is a fiction whose origin is
to be found in the psychological tendency towards personification" gives an idea that the legal
doctrine of corporate personality was built around the idea of a sovereign grant of certain attributes
of personality to a definable group, which was engaged in an enterprise. When a company is
incorporated it is treated as a separate legal entity distinct from its promoters, directors, members,
and employees, which confers the benefit of not being responsible for the companies debt on the
members on the company. However even though a company is a separate legal entity and it attains
the advantage of not laying the responsibility of company's debt on the ... Show more content on
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Unlike partnership, a company is distinct from the members and is capable of enjoying rights and
duties in its own capacity, which is not the same as those of its members. As Lord Macnaughten in
Solomon v Solomon & Co Ltd case quotes "the company is at law a different person altogether from
the subscribers and the company in law is not the agent of the subscriber or trustee for them. Nor are
the subscribers as members liable, in any shape or form, except to the extent and in manner provided
by the

Separate Entity Research Paper
Separate Entity
An incorporated business is a separate entity from its owner or shareholders. This means you'll need
separate bank accounts and credit cards for your business. You may need to provide business
identification –– rather than just personal identification –– when withdrawing money from the bank.
You'll also sign business contracts as a representative of your business rather than as yourself. Some
new business owners are accustomed to signing business contracts and documents as themselves,
but if you continue to do this after you incorporate, these documents might not be legally binding or
could leave all parties unclear about who is responsible for the document –– you or your business.
Limited Liability
Incorporation greatly limits

Choosing the Right Business Entity
Choosing the Right Business Entity
By
Rosa Martinez
Professor Smith
English 315
February 24, 2012
TRANSMITTAL
TO: Small Business Owners
FROM: Rosa Martinez
DATE: February 24, 2012
–––––––––––––––––––––––––––––––––––––––––––––––––
SUBJECT: Choosing the Right Business Entity
–––––––––––––––––––––––––––––––––––––––––––––––––
Enclosed is the Justification Report covering information related to different types of entities that
could be chosen to establish a business. Furthermore, the report explains in full details the
advantages and disadvantages of each business entity, and how those factors could fulfill the needs
of each particular individual.
To ensure that the right structure is selected, I will be glad to further ... Show more content on
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The IRS stated that the sole proprietorship is much more likely to underreport its income. Sub–
Chapter S Corporations Advantages * Limited Liability to the shareholders (owners) personal assets.
* Investors are more likely to invest in this type of entity due to its protection, and easy acquisition
of the company stocks. * Pass through entity: This simply means that in most circumstances all
income pass to the shareholders to be reported under their personal income tax returns; therefore,
profits are being taxed once vs. a C corporation where it is first taxed as the corporate level, and
then in the shareholders personal return as dividends. Tax as dividends are tax max at a fifteen
percent rate (15%) but it is still a double taxation. Most businesses have losses at the beginning of
their operations. Having this type of entity can save in personal income tax against other income the
shareholders report. Losses can be carried backwards during two (2) years, and or forward for
twenty years if not fully used.

Disadvantages * Very complex to keep in compliance with federal and local government. * Active
shareholders compensation is required in a payroll. This requirement can be very expensive for a
micro company since payroll taxes matching FICA (Federal Insurance Contribution Act) would be
required. * Additional reporting in business records, in order to keep track of

Importance Of Choosing A Business Entity
Monique Desir– Choosing a Business Entity The Importance of Choosing a Business Entity As an
accountant and Tax Preparer in New York, Monique Desir works with many tax payers who require
a business entity. There are many factors that go into the choosing of a business entity, and the
implications for the business can be large. If you are working towards a new business, find a tax
professional who knows the ins and out of business entities in your area. What is a Business Entity?
A business entity is not only the identity of the company you are creating, but also determines the
type of legal structure your new business will have. This decision is complicated, and possibly the
most important item you will decide when you start a new business venture. There is no single type
of entity that is better than the rest. Your choice will have to be made based upon your requirements
and future desires. There are five commonly used business entities; partnerships, sole proprietorship,
C corporations, S corporations, and Limited Liability Companies. To pick the business entity that
will suit your needs, you should consult a local Tax Preparer or accountant. What Your Entity Will
Effect Choosing a business entity has long reaching considerations. One of the most important
aspects of this choice is the resulting taxes that your business (and you) will have to pay. Each type
of business entity is subject to a different form of taxation. Some entity forms have better
opportunities to

Singular Entity
As I am skimming through the numbers etched on my report card, I am disappointed by the decrease
in my grades, and the reason is not ambiguous to me. The age of adolescence is a time where
teenagers are exposed to development and it is also an age where they become vulnerable to the first
negative streaks of reality. The disintegration of my parents' marriage contributed to my lowered
grades. My natural love for my parents couldn't accept their relationship falling apart, and this led to
a distraction from studies and an inability to concentrate on things. I viewed "parents" as a singular
entity, if they separated, that single entity would have been shattered. I understand however, that I
should have been motivated nonetheless. I recall ... Show more content on Helpwriting.net ...
Obstacles are placed before us to determine how much we really want to achieve something; the
obstacles should not prevail over our desires and motivations unless we lack perseverance. Allowing
this dream of mine to evolve into reality will be time consuming and difficult, but I have to input a
great deal of effort. Although my dad no longer asks me what I want to be when I grow up, it is still
an inquiry that wanders in my mind more than ever. I am certain that my dream will be fulfilled as
long as I continue to follow the correct side of the

A Business Entity Structure Like Limited Liability Company
In today's era they're many business structures like sole proprietorships, partnerships, limited
liability companies (LLC), and corporations in which individuals uses to start their own business.
Any types of business structure that you may choose will have legal and tax implications (SBA,
2016). If I were to start my own business, I would choose a business entity structure like Limited
Liability Company (LLC). A limited liability company is a mix type of legal structure that provides
the limited liability features of a corporation and the tax efficiencies and operational flexibility of a
partnership (SBA, 2016).
Types of Business Structure
There are several business structures that one could use to start a new business and to make a
present business much more operative and inclusive. The business structures that will be talked
about in the paper are:
Sole proprietorship
Partnerships
Limited liability companies (LLC)
Corporations
Sole Proprietorship
A sole proprietor is the most modest and common structure chosen to start a business (SBA, 2016).
Someone who owns an independent business is usually a sole proprietor. They are no legal action
needed to form a sole proprietorship. Sole proprietors are entitled to all profits and are responsible
for all your business's debts, losses and liabilities (SBA 2016).
Steps to form: Sole proprietorship is a popular business form due to its simplicity; ease of setup and
at minimal cost (Staff, 2016). You must obtain required

Entity Relationship Diagrams
An entity relationship diagram is the basic design model for any database. It is the major deliverable
for a conceptual database design. It is the logical organization of any data in the database and is
usually made up of three components namely; entities, attributes and relationships. Entities are the
major categories of data in the database and are usually represented by rectangles. Attributes are the
characteristics of the entities and are usually written in the rectangle. Relationships are the
connections between entities and are usually represented using lines joining the rectangles. Entities
that share major characteristics are known as entity types, and are also referred to as classes. An
entity instance is the individual occurrence of one entity type. It is important to define entity types as
it makes it easier to determine the requirements of the database and how it will be structured.
In defining an attribute, the analyst must state the importance of the attribute, the value of the
attribute and whether the value of this attribute can change. When drawing an entity relationship
diagram, the analyst must be aware of the following types of attributes; multi–valued attributes,
required attributes, optional attributes, composite attributes and derived attributes. When showing
relationships, an analyst must be aware of three types of relationships; unary (between instances of
one entity type), binary (between instances of two entity types), and ternary (between

Web Api Using The Entity Framework
Chapter 5: "Creating Applications using AngularJS, Entity Frameworks, and ASP.Net MVC",
focuses on how to connect to database using Entity Framework. In this chapter we will discuss how
to create Web API using ASP.Net MVC and how to consume these Web API with AngularJS. This
chapter organized as follows.
Using Entity Framework o Creating a data model from existing database
Creating Web API using Visual Studio o Working with JSON Object in ASP.NET MVC using
Angular
Using Angular JS with ASP.NET MVC o Sending and Receiving JSON Object to Angular JS
Using Entity Framework
ActiveX Data Objects (ADO), in .Net framework ADO.Net is a set of classes to expose the data
access services for .Net framework developer. ADO.Net contains the set of components to create
distribution and data–sharing applications. Using ADO.Net we can create front–end database clients
and data access layer to use by the application. ADO.Net frequently used the application developer
to access database in relational database systems such as SQL, Oracle and so on.
ADO.Net is very powerful framework to use for accessing data. It has been in the market since
many years. ADO.Net Entity Framework is an enhancement to traditional ADO.Net, which enable
developer to develop data access application by using a conceptual data model instead of directly
connecting to the relational database. With Entity Frameworks, the amount of code and the
maintenance required for data oriented application significantly will be

Entity Relation Diagram
Contents ERD (Entity Relation Diagram) 2 2.1 History of ERD 2 2.2 Building Blocks 2 2.2.2
Relationship 2 2.3. Diagramming Conventions 3 MS ACESS TABLE 5 3.1 Parts of Table 6 3.2
Creating Tables in Access 6
Chapter No 2
ERD (Entity Relation Diagram)
2.1 History of ERD
An entity–relationship model (ERM) is an abstract and conceptual representation of data. Entity–
relationship modeling is a database modeling method, used to produce a type of conceptual schema
or semantic data model of a system, often a relational database, and its requirements in a top–down
fashion. Diagrams created by this process are called entity–relationship diagrams, ER diagrams, or
ERDs.
This technique was developed by PETER CHEN in 1976 since ... Show more content on
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If an entity set participates in a relationship set, they are connected with a line.
Attributes are drawn as ovals and are connected with a line to exactly one entity or relationship set.
Cardinality constraints are expressed as follows: * A double line indicates a participation constraint,
totality or subjectivity: all entities in the entity set must participate in at least one relationship in the
relationship set; * an arrow from entity set to relationship set indicates a key constraint, i.e.
infectivity: each entity of the entity set can participate in at most one relationship in the relationship
set; * A thick line indicates both, i.e. objectivity: each entity in the entity set is involved in exactly
one relationship. * an underlined name of an attribute indicates that it is a key: two different entities
or relationships with this attribute always have different values for this attribute.
Attributes are often omitted as they can clutter up a diagram; other diagram techniques often list
entity attributes within the rectangles drawn for entity sets. Chen's notation for entity–relationship
modeling uses rectangles to represent entities, and diamonds to represent relationships appropriate
for first–class objects: they can have attributes and relationships of their own.
Chapter No 3
MS ACESS TABLE
Microsoft Office Access, previously known as Microsoft Access, is a relational database
management system from Microsoft that

Business Entities : Advantage And Disadvantages
Business Entities: Advantage and Disadvantages
Dwayne M. Morris
BUSN 370: Business Law
Regent University
Clement Abrams
April 17, 2016 Abstract
The four legal business entities are reviewed and compared to outline the advantages and
disadvantages of each type for business owners. The Sole Proprietorship, Partnership, Limited
Liability Company, and Corporation will all be outlined. Furthermore, details regarding ownership
structures, options for raising capital, taxation, and the impact an owner's role in day to day
operations and management can have in establishing individual liability limits are factors that are
addressed. This eventually results in finding that the Limited Liability Company
(LLC) appears to provide the ... Show more content on Helpwriting.net ...
(Johnson, 2015, p 161). In addition, all business profits and losses are reported on the owner's
personal tax return and are taxed at the owner's effective tax rate. The business entity, itself, is not
taxed separately. Given, that there are no formal requirements to establish this entity, a business
license, an idea, sufficient startup funds and the desire to be a business owner are effectively all that
are needed to become operational. This is no doubt why 70 percent of U.S. businesses are owned
and operated by sole proprietors (Beesley).
However, despite their large numbers, ease of formation and the entity not being taxed, sole
proprietorships have the disadvantage of its owner having unlimited liability for business losses.
While the Sole proprietor owns all the assets, he/she also owes all business liabilities in their
entirety (Chow, 1942, p.157). This means that the owner's personal assets can be used to satisfy
business liabilities. However, business owners do have the option of purchasing a liability or
umbrella insurance policy to offset or potentially eliminate the need to use personal assets to cover
business losses. This liability insurance should include worker's compensation, auto, general
liability, and property and casualty coverage. Insurance costs will vary from business to business

Entity-relationship Model and Mountain View Community
Turgut Tezir TEZIR–1 CS 504.2354 Mountain View Community Hospital Project Case 3 Project
Question: 1. Why would Mountain View Community Hospital want to use entity–relationship
modeling to understand its data requirements? What other ways might the hospital want to model its
information requirements? This hospital wants to use E–R modeling to understand data
requirements. E–R modeling is very easy to understand and shows all the business rules. Entity–
relationship modeling is logical representation of the data for an organization or for a business area.
The E–R model is expressed in terms of entities in the business environment, the relationship among
those entities, and attributes of both entities and their ... Show more content on Helpwriting.net ...
Make any additional assumption you consider necessary in order to represent this situation. Yes, it
allows the same treatment to be performed more than one on the same patient by the same
physician. Turgut Tezir TEZIR–5 CS 504.2354 Mountain View Community Hospital Project Case 3
Project Question: 1. Is the ability to model supertype / subtype relationships likely to be important in
a hospital environment such as Mountain View Community Hospital? Why or why not? A supertype
/ subtype relationship is important. For example: Hospital might supply different kids of items for
the patients and for the general needs for the hospital Another Example is Patient. Patient can be in
patient and out patient. We can give lots of different kinds of example about supertype / subtype like
this. 2. Can the business rules paradigm and the ability to easily define, aliment and maintain
business rules be used as competitive advantage in a hospital environment such as Mountain View
Community Hospital? Why or why not? If the Mountain View Community Hospital wants to be
successful in the future, they have to change their business rules depend on the environment.
Therefore business rules allow business to change its processes. In this case Business rules paradigm
can be used for competitive advantage 3. Do there appear to be any week entity in the description of
the data requirements in

Salomon V Salomon And The Legal Entity
Salomon Doctrine According to Companies Act 2006, once incorporated a company have its own
legal personality. By all means, it is separated from its shareholders or directors. The separate legal
entity principle is well–known and causes many debates. Throughout the years the fundamental
doctrine established by the historical case Salomon v Salomon went through many subsequent
developments. Since the enactment of Limited Liability Act 1855, the case was the first that
explored the effects of the separate legal entity. At first instance and Court of Appeal the Salomon's
appeal was rejected, th erefore the company was an agent. The reasoning of trial judge, Vaughan
Williams J concluded that Salomon was an agent of a company that was formed ... Show more
content on Helpwriting.net ...
The key problem was that according to Otto Kahn–Freund the 'courts had failed to give ... protection
to the business creditors', which is the result of the principle. Limited liability is an instrument that
basically encourages the process of development of the economy. Lack of limiting the liability, the
risks of investing would be significantly higher and the obligations will expand. The separation of
the corporate entity, is a protection and overall, without its establishment the results will be lower
activity in the entire economy. However, on the creditors' point of view regarding the liability, there
is a restriction of the assets and they cannot exceed company's assets, which in case of wound up the
unsecured creditors' claims could not be fully met. Development of the separate legal entity
principle Since ninetieth century, the Salomon principle has been reviewed by series of cases and
through its development, the common law implemented different approaches regarding the
circumstances of upholding the doctrine. Although there are critiques and attempts of disregarding
the principle of corporate personality the courts affirmed the Salomon doctrine. Except the common
law there are also statutory exception and it should be also noted that in certain circumstances such
as disclosure of

Selecting A Form Of Entity For Doing Business
Selecting a form of entity for doing business.
Tax payers, who are business owners, including the self–employed, have choices regarding how to
set up their entity for tax purposes. Generally, the following options are available for tax payers:
Sole Proprietorship
Single Member Limited Liability Company
"S" Corporation
"C" Corporation
Sole Proprietorships do not file any documents, including annual reports, with the Secretary of
State. Accordingly, they do not have legal or creditor protection.
Sole Proprietorships prepare Schedule C as part of their Individual Income Tax returns, with
exception to farmers who must file Schedule F. The Schedule C is the most simplistic form for tax
filing purposes, when it comes to business. Sole Proprietors may need to file Schedule SE.
Generally, self–employed business owners can set up fringe benefits (i.e. self–employed health
insurance deduction and retirement plan) for their business. Self–employed health insurance and
retirement deductions are reported on page 1 of the individual income tax form as an adjustment to
gross income. Discrimination tests have to be met for the self–employed health insurance if the sole
proprietorship has employees.
Under the family member 's rule, as stated in Circular E of the IRS: "Child employed by parents.
Payments for the services of a child under age 18 who works for his or her parent in a trade or
business aren 't subject to social security and Medicare taxes if the trade or business is a

In the 15th section of The Worldhood of the World,...
In the 15th section of The Worldhood of the World, Heidegger writes about the how we can
experience things phenomenologically if we pay attention to our everyday environment. He calls
this "Being–in–the–world" or our "dealings". Each entity that we encounter has a Being, and in
order to investigate those Beings, we must closely investigate how we deal with the environment.
Entities that we encounter are not object, but what gets used, produced and more, such as a tool.
Entities are not defined as "Things" rather, the way in which humans interact with them changes
their meaning, and transform these entities into something that can be manipulated. Heidegger calls
the entities which we encounter "equipment" however, he also ... Show more content on
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He ends the section by asking whether people are able to grasp the concepts of phenomenology.
In section 16, Heidegger first talks about the possibility that if the Dasein, humans, are able to
phenomenologically experience Being–in–the World (such as objects and consciousness)
instinctively, phenomenon could be "held at bay" and studied. He then goes on talking about the un–
usability of "ready–to–hand" objects. He begins by talking about equipment being conspicuous,
something that might be damaged or broken. By losing its usability, the tool also loses its usefulness
and character as "ready–to–hand" and is now pure "presence at hand". However, the equipment isn't
perceived differently than before. For instance, a broken hammer isn't perceived as a piece of steel
and wood, but it would still preserve its identity as a hammer. He then talks about obtrusiveness. He
explains that equipment can be unusable because of missing pieces. The more important the missing
piece is, the more unusable the equipment is. Lastly he explains that unusability can characterized as
something that "stands in our way". Heidegger calls this obstinacy. Conspicuousness, obtrusiveness,
and obstinacy are capable of bringing presence–at–hand characteristics to ready–at–hand objects
through modifications of the equipment. However, even if this is the case, we don't lose sight of the
identity and function of the tool, because we are so

Unit 1 Assignment 1 Legal Entity Selection
Assignment 1 – Legal Entity Selection My advice for this scenario would be to form a Limited
Liability Partnership (LLP). I believe it would be the best suited for all future partners and their
situations, especially Friend 1 and Friend 3. (All friends will be referred to as Partners 1, 2 & 3). My
choice for an LLP revolves around the involvement of Partner 1 & Partner 3. Partner 1 is stated to
have a full–time job and will not be able to participate in the daily operations of the newly formed
entity. However, it will be their initial investment that earns them an equal stake of ownership as
Partners 2 &3 (this reasoning discards the possibility for a Limited Partnership). Partner 3 will only
be able to participate partially due to their commitments of another part–time job. This leads the
need to ensure proper legal ... Show more content on Helpwriting.net ...
Working only partly with Partner 3 and minimally with Partner 1 means without proper legal
protection, any unethical business dealings could have a massive impact on the other partners. An
LLP would provide such protection for all partners. Finally, Partner 3 is forward thinking and would
like to ensure a transition of their stake in the business to their children. While this is possible, it
may result in a dissolution and reestablishment of the partnership for the children to inherit a stake,
combined to equal that of their parent. However, while forming the business, I would suggest adding
to the partnership agreement a mechanism to transfer the interest of one partner to another, or
multiple persons. This would have to be agreed upon during the formation to avoid a dissolution of
the partnership in the future. In order to form this entity, the partners must file with the New Mexico
Secretary of State and provide/acquire the following (Information taken from the website of the
New Mexico Secretary of

The Foreign Entity
There are a few significant tax considerations of which you should be aware if you decide to take
Tout Suite, Inc. global. It is important to first decide how you will structure the foreign entity. You
have a few options available to you, and the details of each alternative are described below. We have
also included information on tax consequences of your move to Belgium. It is important to note that
the United States currently has an income tax treaty with Belgium which may impact both Tout
Suite's income and your individual income in an attempt to minimize double taxation.
The first option for organizing Tout Suite's foreign entity is to structure it as a foreign subsidiary.
This form will create a separate legal entity that will be subject to the laws of Belgium and will
allow the company to defer U.S. taxation on the foreign–source income until the income is
repatriated to the U.S. In addition, by choosing to be structured as a foreign subsidiary, the
subsidiary will have more control over when to recognize income, which also affects the timing of
the foreign tax credit. However, any losses incurred by the foreign subsidiary will not be deductible
on Tout Suite's U.S. tax return.
Since Tout Suite will be a 100% owner of the foreign entity, it will be considered a "controlled
foreign corporation" (CFC). As such, it will be subject to Subpart F rules, which would require Tout
Suite to recognize some of its income each tax year as foreign base company income, regardless

The Five Types Of Business Entities
Choosing between the many business entities offered can be a challenge for some and finding the
different pros and cons to each entities. In this essay, I will examine and analyze each business entity
that is discussed in our class textbook. The book displays five types business entities. These entities
include corporations, limited liability companies, limited liability partnerships, partnerships and
lastly, sole proprietorships. For each business entity, I will go in–depth and define each usage and
develop some pros and cons ideas. A business entity can be defined as an association that launches
itself as a distinct presence for devotions with taxes.
The corporate structure can be quite complex and expensive than most of the business entities. A
corporation is an impartial legal unit that is discrete from the proprietors. It entails obeying with
guidelines and tax requests. One of the major advantages for a business holder that ... Show more
content on Helpwriting.net ...
Partnerships come in two categories, general and limited. With a general partnership, associates
succeed the company and undertake accountability for the partnership's debts and other
responsibilities. In a limited partnership, partners serve as only investors. The partners have no
power over the company and they are not focused with the similar liabilities as general partners
have. A general partnership would be easier to practice if two or more partners who strive to be
vigorously convoluted in the company. One of the major advantages of a partnership is the tax
treatment it entails. A partnership does not pay tax on its earnings but passes through any profits or
losses to the individual partners. During tax season, the partnership has to file a tax return that
accounts for its income and losses. Personal liability is a main distress if you use a general
partnership to develop your

Huffman Trucking Entity-Relationship Model
The Entity–Relationship Model ––––––––––––––––––––––––––––––––––––––––––––––––– Top of
Form Bottom of Form Database Design Goal of design is to generate a formal specification of the
database schema Methodology: 1. Use E–R model to get a high–level graphical view of essential
components of enterprise and how they are related 2. Then convert E–R diagram to SQL DDL, or
whatever database model you are using E–R Model is not SQL based. It 's not limited to any
particular DBMS. It is a conceptual and semantic model – captures meanings rather than an actual
implementation The E–R Model: The enterprise is viewed as set of * Entities * Relationships among
entities Symbols used in E–R Diagram * Entity – rectangle ... Show more content on
Helpwriting.net ...
Lines have no arrows. Use straight lines only] Relationships Relationship: connects two or more
entities into an association/relationship * "John" majors in "Computer Science" Relationship Type:
set of similar relationships * Student (entity type) is related to Department (entity type) by MajorsIn
(relationship type). Relationship Types may also have attributes in the E–R model. When they are
mapped to the relational model, the attributes become part of the relation. Represented by a diamond
on E–R diagram. Relationship types can have descriptive attributes like entity sets Relationships
tend to be verbs or verb phrases; attributes of relationships are again nouns [Drawing tips:
relationship diamonds should connect off the left and right points; Dia can label those points with
cardinality; use Manhattan connecting line (horizontal/vertical zigzag)] Attributes and Roles An
attribute of a relationship type adds additional information to the relationship * e.g., "John" majors
in "CS" since 2000 * John and CS are related * 2000 describes the relationship – it 's the value of
the since attribute of MajorsIn relationship type The role of a relationship type names one of the
related entities. The name of the entity is usually the role name. e.g., "John" is value of Student role,
"CS" value of Department role of MajorsIn relationship type (John, CS, 2000) describes a
relationship Problem: relationships

Entities and Attributes for Fleet Truck Maintenance Essay
At the request of the Huffman Trucking Maintenance Department, Smith Consulting developed
entities and attributes for their Fleet Trucking Maintenance database. Unfortunately, the creator of
the database was not available and the development of the database system was not able to be
completed. D Team realizes that the development of a reliable database system is needed to provide
for the tracking of scheduled and unscheduled maintenance for their fleet. Therefore, a database
along with forms, tables, queries, and reports that tracks information gathered by maintenance
records, inventory of parts and purchases from vendors is proposed. Huffman Trucking desires to
advance and make certain that maintenance is performed and tracked for ... Show more content on
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The coming maintenance of a vehicle should also trigger an event to ensure that the parts anticipated
to be needed for that maintenance are on hand. If the anticipated parts are not in inventory, then an
order should be recommended by report or automatically initiated. Based upon the original content
provided by Smith consulting, a database design was obtained by first analyzing the key subjects,
entities, and attributes. The key subjects are the following: Parts Inventory Purchases, Parts
Inventory Issues, Parts Catalogue, Vendors, Parts Purchasing History, Vehicle Maintenance, Tire
Maintenance, Maintenance Descriptions, Vehicle Types, Vehicles, and Maintenance Work Orders
along with several entities to support each of the subjects. The tables were then normalized to third
normal form (3NF). Accordingly, each of the tables will be joined by a series of primary and foreign
keys thereby creating relationships among them. This approach will allow the design to be broken
into smaller pieces, thus focusing on one entity at a time. Eventually, these smaller designs were
merged into a cumulative design for the entire database. If this project is not implemented, it will not
be possible to automatically share data for each of the trucking hubs. Parts ordering and settlement
will continue to be done in an inefficient and decentralized way. Parts inventory will not be able to
be shared between hubs and maintenance schedules will be inconsistent between hubs. There

Business Entities: Corporations Vs. Partnerships. The...
Business Entities: Corporations vs. Partnerships The business entities of corporations and
partnerships share many similarities, however key difference exist, primarily in terms of formation,
taxes and liability. This section will largely address the issue of liability, in terms of the effects of
damages, disclosure requirements and personal liability for both corporations and partnerships.
Additionally Amazon will be examined as a partnership rather than a corporation to further illustrate
these differences.
Damages Estimate
According to the FASB, guidance on contingent liabilities applies to all entities, therefore
corporations and partnerships should approach damage estimates similarly. FASB specifies that
contingencies be measured at ... Show more content on Helpwriting.net ...
While requirements for reporting debt estimates and other contingent liabilities remain the same for
corporations and partnerships, the implications of damage are far more severe for partnerships.
Disclosure Requirements Publicly traded companies are subject to the reporting and disclosure
requirements of the Securities Exchange Commission (SEC). The laws that govern the securities
industry were established to provide transparency to investors, creditors and shareholders alike.
According to Hoyle, Schaefer & Doupnik, (2015) there are seven major disclosure requirements, the
first being a five–year summary of operations to encompass sales, assets, income from continuing
operations. Followed by a description of business activities, a three year summary of industry
segments to include foreign and domestic operations, a list of company directors and executives,
quarterly market price of common stock for the last two years, restrictions on the company's ability
to continue paying dividends, and finally, an analysis of the company's financial condition, changes
in the conditions and results of operation.
In contrast, private entities such as partnerships and companies with less than $10 million in assets
and under 500

Essay on Continuous Disclosure
Important notice: ASX has published this abridged guide to assist listed entities and their officers to
understand and comply with their continuous disclosure obligations under the Listing Rules.
Nothing in this guide necessarily binds ASX in the application of the Listing Rules in a particular
case. In issuing this guide, ASX is not providing legal advice. Listed entities and their officers
should obtain their own advice from a qualified professional person in respect of their obligations.
ASX may withdraw or replace this guide at any time without further notice to any person. More
detailed guidance on the issues covered in this guide can be found in ASX Listing Rules Guidance
Note 8 Continuous Disclosure: Listing Rules 3.1 – 3.1B, ... Show more content on Helpwriting.net
...
Yes Is the information within one of these categories? 1. It would be a breach of law to disclose the
information 2. The information concerns an incomplete proposal or negotiation 3. The information
concerns matters of supposition or is sufficiently definite to warrant disclosure 4. The information is
generated for internal management purposes 5. The information is a trade secret Yes No Is the
information confidential? Yes Yes Has ASX advised that in its opinion the information is no longer
confidential? No Yes Would a reasonable person expect the information to be disclosed in the
circumstances?
No
No
No
The information must be disclosed immediately under Listing Rule 3.1
The information is not required to be disclosed under Listing Rule 3.1
Yes
Can I make the announcement about the information straight away? No Yes
Is the market currently trading? No Yes Will the announcement be ready

Types Of Business Entity For A Business
Of all the choices you make when starting a business, one of the most important is the type of
business entity you select for your company. Not only will this decision have an impact on how
much you pay in taxes, it will affect the amount of paperwork your business is required to do, the
personal liability you face and your ability to raise money. It 's not a decision to be entered into
lightly, either, or one that should be made without sound counsel from business experts. "Kalish says
it 's important for business owners to seek expert advice from business professionals when
considering the pros and cons of various business entities". The business entity I have chosen for my
business is sole proprietorship. I don't want to be responsible if someone else makes a bad chose for
the company. I want to run my business my way. If anything goes wrong it is completely my fault
not anyone else's. Types of Business Entities The type of business entity you choose will depend on
three primary factors: liability, taxation and record–keeping. Here 's a quick look at the differences
between the most common forms of business entities: A sole proprietorship is the most common
form of business organization. It 's easy to form and offers complete managerial control to the
owner. However, the owner is also personally liable for all financial obligations of the business. A
partnership involves two or more people who agree to share in the profits or losses of a business. A
primary

Description Of Business Entities

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Description Of Business Entities