Lit1 Task 1 Help

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SAMPLE FORMAT FOR TASK 1 PART A
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*Course Mentor Note on the interpretation/application of the Taskstream Instructions: According to the instructions in Taskstream, you may conclude the task is asking you to include 3 components for Part A of Task 1 which are: 1. -------------------------------------------------

Six of seven characteristics
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Advantages and disadvantages for each business organization 3. -------------------------------------------------
Brief description for each business organization
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But to clarify what is actually required, you only need to describe the 6 of 7 characteristics; you don’t need to list Disadvantages/Advantages nor a brief description. The reason: 1) the info for your advantages/disadvantages/brief description and bullet list essentially is the same so you'd see redundant work and 2) if you look at the rubric for Task 1, the only metric is that you have 6 of 7 characteristics for each business organization - there is no metric for brief description nor advantages/disadvantages.   -------------------------------------------------

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Thus, regarding the format for Task 1 Part A for LIT1, the Bullet/Listing approach (mentioned in the Task 1 Instructions) is below, which basically is you’ll describe each characteristic in usually about 1-2 sentences then move on. Example of how to apply this format:

SOLE PROPRIETORSHIP:
•         LIABILITY – (1-2 Sentence Description)
•         INCOME TAXES – (1-2 Sentence Description)
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•         LONGEVITY/CONTINUITY – (1-2 Sentence Description) -------------------------------------------------
•         CONTROL – (1-2 Sentence Description)
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•         PROFIT RETENTION – (1-2 Sentence Description) •         LOCATION – (1-2 Sentence Description)
•         CONVENIENCE/BURDEN – (1-2 Sentence Description)

As you will note, the subheading is the business form/organization and the bullets are the characteristics you need to describe. Once you’ve done this for Sole Proprietorship then you move on and do the same for the rest of the business organizations as well, which are:

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•         GENERAL PARTNERSHIP
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•         LIMITED PARTNERSHIP (NOT LIMITED LIABILITY PARTNERSHIP) -------------------------------------------------
•         REGULAR C CORPORATION (NOT CLOSED/CLOSELY HELD CORPORTION) -------------------------------------------------
•         S-CORPORATION
•         LIMITED LIABILITY COMPANY

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SAMPLE MEMO FORMAT FOR TASK 1 PART B
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*Content below is irrelevant to the task and used for example purposes only. -------------------------------------------------

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M E M O R A N D U M
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TO: Clients and Friends of the Firm
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FROM: Paul Smith
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RE: SEC Rule 404
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DATE: August 4, 2011
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_____________________________________________________________________________ -------------------------------------------------
The Securities and Exchange Commission has enacted a new rule under the Sarbanes-Oxley Act. This new rule is of potentially great importance to publicly traded companies,...
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