Lit1 Essay

| A general partnership is comprised of a group of two or more individuals who enter into an agreement to start a business. The partners and the business are legally the same. The partners enter into an agreement called the articles of partnership and are typically equally active in the business and the business’s management, unless otherwise stated in the partnership agreement. All profits and losses are shared by the partners in a joint business venture.

The collection of private, commercially oriented organizations, ranging in size from sole proprietorships to large corporations is referred to as

There are several different types of business ownership which are most commonly used in business’ and company’s today, these include; Co-operative which is a business owned by its employees, Partnership which is a business owned by between 2 and 20 people, Private limited which is a business owner by a small groups of people who have shares and a Public limited business is owned by private individuals by shares bought and sold on the stock market. A charity is a business with the purpose to help the public, the government is a business owned by the government and lastly a sole trader which is a business owned by only one person.

The Chief Financial Officer (CFO) is a corporate officer responsible for managing the company’s financial operations. This officer is also responsible for all accounting functions including credit control, budgeting and financial reporting, coordination of financing and funding, expenditure and liquidity, monitoring and management of investment and tax issues, provide timely reports to the board, and providing timely financial data to the Chief Executive Officer (CEO). In some sectors the CFO is also responsible for analysis of data. CFOs with the current organization were limited mainly to provide financial data aggregation from senior management responsibility for external and internal organization. There is minimum part of the CFOs in

• LIABILITY – Stockholders personal assets are not subject to claims of creditors. The corporation itself is responsible for its actions and liabilities. • INCOME TAXES – Shareholders in a corporation are subject to “double taxation” as in first the corporation is subject to corporate taxation, then money is paid out in dividends. Which then is taxed again as personal income tax. • LONGEVITY - The life of a corporation is limitless as

Many believe that liability is a biggest issue in a general partnership than in a sole proprietorship. The owners of the company are still fully liable for any debts the company may accrue as well as the liability for any lawsuits that may be brought against the company. However, the bigger issue in a partnership is that now each partner can be liable for the other partner’s actions. If one partner is sued for malpractice, the other partner may suffer because of it.

Liability All liabilities are the responsibility of each partner. In the event of litigation, any creditors can go after the personal assets of each partner to recover any debt owed. But since liability is spread out between the owners, one may feel less risk is being taken. 2. Income Taxes General partnership may also benefit from pass-through taxation, meaning the partners are taxed like sole proprietors. Business income is reported on the personal tax filing while business losses can be deducted to reduce personal tax liability. The partnership itself is not subject to federal income tax. However the partnership needs to file an information return utilizing the IRS Form 1065. 3. Longevity or continuity of the organization Once the partnership agreement is fulfilled, the general partnership may dissolve. A buy/sell agreement may be included in the articles of the partnership to allow the

Control- The general partner(s) maintain control of the business. They have equal authority unless otherwise specified in a agreement. The limited partners do not maintain any control in the partnership.

Longevity/Continuity- The partnership would keep operating outside of the limited partner's death, as per usual, however, if a general partner dies, and the agreement hasn't covered the possibility of their death and also agreed that the business will keep running past the death of a general partner, the partnership will immediately dissolve.

* The liability does not fall on one individual instead it is assumed by the business in a corporation. Individuals representing the company can still be personally sued in some states.

that a company is either directly or indirectly, in part or in whole owned by some or all of its

Government Corporations are established by law and enforced under U.S code. They are developed for areas of special interests in the United States. These corporations can be completely owned by the government or partially. The corporation have Congressional over sight and are intended to generate more money that their operating cost. Structure in these agencies can vary depending on the type of service or designate purpose to the government.

Chief Information Officer (CIO): Role of Chief information officer is to provide leadership and vision for developing and implementing IT initiatives that align with focused mission. CIO is responsible for all aspects of information technology and systems of a company focus. CIOs can be represented as full-fledged members of senior executive team. CIO proposes budget for projects, purchases and equipment upgrade, monitors computer specialists and IT workers and manage IT-related projects. The CIO directs the planning and implementing sections of enterprise IT system in support of FOCUS operations to improve service quality, cost effectiveness, and mission development.

The Chief Operations Officer (COO) and the Chief Executive Officer (CEO) are the responsible individuals, which must make the appropriate decisions in order to protect the company’s wealth. As the COO, responsibilities include supervision of the three different product lines that

First and foremost, it is important to know exactly what a CFO does and how he or she goes about doing it. The chief financial officer position is accountable for the administrative, financial, and