Organizational Forms Sole proprietorship is statistically the most common business form for in the United State. The business is unincorporated owned and operated by one individual. An advantage of sole proprietorship is the business can be simple and inexpensive to start. A Disadvantage of sole proprietorship is being the only thinker for ideas for decision making‚ advertising‚ etc. 1. Liability- There is an unlimited amount of liability because nothing separates you from the business legally
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upper-level information technology management position in business‚ industry‚ and non-profit organizations. MBAITM Understanding the Competency-Based Approach Practically speaking‚ what does it mean when we say that WGU programs are competencybased? Unlike traditional universities‚ WGU does not award degrees based on credit hours or on a certain set of required courses. Instead‚ students earn their degrees by demonstrating their skills‚ knowledge‚ and understanding of important concepts through
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maximize an organization’s return on its human capital investment while minimizing financial risk. This is why labor laws and Civil Acts are placed in the work place and other felicities to insure the well fare of others are without risk and effective(WGU). Analysis of Situation A In every situation all bases need to be covered and all information gathered before any request is finalized. It is necessary to establish whether the employee qualified for the leave and whether the terms as stipulated under
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Why I chose WGU for my degree? WGU employs a competency-based model where a student may earn college credits based on their knowledge‚ work experience and skills. In order to speed up your preparation for each course‚ you would typically take a pre-assessment test of a specified domain of competency‚ based on the result of which your mentor would work with you to create a study strategy to prepare you for your final test. This way you would save precious time by not having to study through the entire
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(LIT1 Task 1) Sole Proprietorship: This is a type of business is where the business and the owner are one in the same. Sole proprietorship has its advantages and disadvantages just like every form of business. Sole proprietorship is one of the easiest types of business to create. You as the owner can name‚ organize and carry the business as far as you dream of it going. Sole proprietorship also can have risks; as the owner you cannot bring others into the business‚ so the responsibility of
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LIT1 – Task 310.1.2-01-06 Part A SOLE PROPRIETORSHIP: A sole proprietorship is the easiest of all the business types to start and take the least amount of start-up capital. This is also the most common form of doing business in the United States. With a sole proprietorship‚ the business and the owner are one in the same and it is not possible to bring someone into the business. Liability: The owner is responsible for the debt of the business. There is no differential made from the business
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LIT1 Task 2 Situation A The Family and Medical Leave Act sets regulations for job-protected leave related to family and medical reasons. FMLA applies to organizations with 50 or more employees working within 75 miles of the employee’s worksite (“Employment Laws‚” n.d.‚ para. 6). Employees who have been with their current employer for 12 months and who have worked 1250 hours of service in the previous 12 months are eligible for 12 weeks of unpaid leave through FMLA (“Eligibility Requirements
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LIT1 Task 310.1.2-01-06 Part A Sole Proprietorship: A sole proprietorship is owned by only one person. All profits and losses are the responsibility of the owner only. Liability – There is unlimited liability in a sole proprietorship. The owner is solely responsible for any debts that may occur. Income Taxes – The business files taxes as one single unit. Because profits are not shared‚ they are considered personal income to the sole proprietor. Longevity/Continuity – In a sole proprietorship
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Legal Issues for Business Org. (LIT1) TASK 310.1.2-01-06/ Part: A SOLE PROPRIETORSHIP: Sole proprietorship is an unincorporated business with one owner who pays personal income tax on profits from the business. The benefit of the sole proprietorship is the tax advantage. The disadvantage of a sole proprietorship is obtaining capital funding. * Liability – As the owner of a sole proprietorship‚ one is personally liable for all business debts‚ creditors may sue you personally to satisfy the
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business organization - there is no metric for brief description nor advantages/disadvantages. ------------------------------------------------- ------------------------------------------------- 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: •
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