Employment Law Compliance Plan - 1327 Words

University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business? Discuss at least one of the advantages and one of the disadvantages of that form. Sole Proprietorship Advantages 1. A sole proprietor has complete control and decision-making power over the business.†¦show more content†¦Less Recordkeeping 2. Members are protected from personal liability for business 3. Sharing of Profits Disadvantages 1. In the eyes of the federal government, an LLC is not a separate tax entity, 2. Limited Life. In many states, when a member leaves an LLC, the business is dissolved and the members must fulfill all remaining legal and business obligations to close the business 3. Self-Employment Taxes. Members of an LLC are considered self-employed and must pay the self-employment tax contributions towards Medicare and Social Security. The entire net income of the LLC is subject to this tax. Summary A limited liability company is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. The owners of an LLC are referred to as members. Depending on the state, the members can consist of a single individual (one owner), two or more individuals, corporations, or other LLCs. Unlike shareholders in a corporation, LLCs are not taxed as a separate business entity. Instead, all profits and losses are passed through the business to each member of the LLC. LLC members report profits and losses on their personal federal tax returns, just as the owners of a partnership would. S Corporation Advantages 1. Limitation on Shareholders’ liability of shareholders 2. Pass through of losses to shareholders 3.Show MoreRelatedEmployment Law Compliance Plan1436 Words   |  6 PagesEmployment Law Compliance Plan Employment Law Compliance Plan This memorandum is in response to the request sent to Allen and woods consultancy company from Bradley Stonefield the founder of Landslide Limousines in Austin, Texas. The company is expected to employ around 25 employees during the first year of service. The memorandum will list different employment laws that apply locally, state wise and on federal level. These laws should be applied when hiring and employing employees in order toRead MoreEmployment Law Compliance Plan1439 Words   |  6 PagesEmployment Law Compliance Plan Donna Allaire HRM/531 July 8, 2013 Professor James Scholes MEMORANDUM TO: Traci Goldman FROM: DATE: Subject: Employment Laws Regarding your request, I am to formulate an employment law compliance plan for a Mr. Bradley Stonefield. It is my understanding that Mr. Stonefield is planning to open a limousine service in Austin, Texas. The limousine service will be made up of 25 employees within the first year. This memo will examine employment laws asRead MoreEmployment Law Compliance Plan Essays784 Words   |  4 Pagesï » ¿ Employment Law Compliance Plan of Bollman Hotels Kendre Adams HRM/531- Human Capital Management 11/13/2014 Professor Tanesha Graham Memorandum To: Traci Goldman, Manager From: Kendre Adams Date: November 13, 2014 Subject: Employment Law Compliance Plan – Bollman Hotels Per your request, I have formulated an employment law compliance plan for a Mr. Galvan. 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It will be reviewed yearly to ensure compliance to new laws and new business environment or requirement. The Human Resource will periodically review and assess the current and future human resource requirements. The Bradley Stonefield Limousine Service Company formal recruitment processRead MoreHrm 531 W2 Employment Law Compliance Plan Essay1141 Words   |  5 Pages Employment Law Compliance Plan HRM/531 Human Capital Management February 10, 2014 To: Bradley Stonefield Landslide Limousine Service Austin, Texas From: Atwood and Allen Consulting Date: February 10, 214 Subject: Employment Law Compliance Plan As per the conversation, the formulation of an employment law compliance plan is the request. Mr. Bradley is planning to start a limousine service in Austin, Texas. The goal is to have 25 employees within the first of the year of business. This memoRead MoreCompliance Plan for Riordan Manufacturing1635 Words   |  7 PagesCompliance Plan for Riordan Manufacturing Compliance Plan for Riordan Manufacturing Commitment To Compliance Standards of Conduct Riordan Manufacturing Company promotes adherence to the compliance plan as a key element in the evaluation of performance of all the officers of the business entity. Employees of Riordan Manufacturing are bound to comply, in all official acts and obligations, with all applicable laws, rules, and regulations, standards of conduct within but not limited to laws andRead MoreHuman Resources Laws Regulations1263 Words   |  6 PagesInternet Paper #2 Human Resources Laws Regulations HR590 – July 2007 INTRODUCTION There are many different functions and roles of law in the business society. When describing employment law, there is a broad area that governs how employers interact with their employees, former employees and applicants for employment. These laws and regulations are not meant to be described in a short paper. They are detailed laws that require application to an employee’s specific situation and shouldRead MoreFinancial Law Compliance Plan For Clapton Commercial Construction And Landslide Limousines Essay915 Words   |  4 PagesTeam B members proposed employment law compliance plans for Clapton Commercial Construction and Landslide Limousines. Clapton Commercial Construction, a Detroit-based medium business, is planning to expand into Arizona. Landslide Limousines, a small company of 25 employees, has plans to start operations in Austin, Texas. Prior to opening for business or expanding to another state, these companies must develop a compliance plan that conforms to nat ional and state labor laws. Concerns to be addressedRead MoreWeek 4 Assignment 2 Employement Law and Complaince Plan Paper951 Words   |  4 PagesEmployment Law and Compliance Plan Shawna Bronson HCA/260 March 2, 2013 Employment Law and Compliance Plan A medical office needs to be compliant with employment laws; this will ensure they do not have lawsuits that could patiently put a company out of business. This also helps the offices run smoothly and free from errors. There are several employment laws a few of them are the American with Disabilities Act (ADA), the Employee Retirement Income Security Act (ERISA) and the Health Insurance