Pros and Cons of Partnership as a Form of Ownership Essay Example for Free

Pros and Cons of Partnership as a Form of Ownership Essay Q.1 Identify the pros and cons of the partnership as a form of ownership? A partnership is formed when two or more people engage in a business activity and share investment, profit and loss. Just like any other form of ownership, it has its advantages and disadvantages. Following we discuss some of the pros and cons of a partnership. Pros of the Partnership (1) Ease of Formation: Partnership is comparatively simple to form. All you need to form a partnership is an agreement. A verbal agreement is enough to start a partnership however it is much recommended that partnership be formed based on a written legal partnership agreement. (2) Funding: Partnerships generally have a low startup cost. With two or more people investing capital in the company, the business will have a much stronger financial ground. Two or more people can also have better access to outside funds needed to run the business (3) Divided Responsibility: In a partnership responsibilities of running a business are shared by the owners. Shared responsibilities ease the work load on individuals and can also increase productivity by splitting responsibilities in a way that individuals can use their special skills to maximize the output. (4) Support: Owning and running a business can be very demanding, challenging and stressful. Having a business partner can give you a little peace of mind because a partner can provide moral support when needed. (5) Taxation: The income profit/loss in a partnership flows through the business to individual partners for taxation. In other words the partners are taxed only on the basic of personal income i-e how much loss or profit a partner endured. Cons of Partnership: (1) Liability: In a partnership both partners have un-limited liability (not in LP and LLP). Both partners are responsible for not only their own actions but also the actions of their partners. So, if your partner fails to pay a debt, you personally are responsible for paying that debt and vice versa. If someone sues the partnership and the business doesn’t have enough money to cover the expenses than the partners personal assets will be at stake. (2) Conflicts and Disagreements: Partnerships are for the long term and over the course of time conflicts arise and disagreement happens. Whether these are personal or management style conflicts. They can adversely affect the business. When general partners don’t agree it can delay the decision making time of the company and a bad conflict is enough to dissolve a partnership. (3) Dependence on Partners: The success of any partnership depends heavily on contribution from all partners. If a partner withdraws the business will be crippled, if a partner dies the partnership can die with him. Moreover you can’t make any business decision on your own you’re dependent on your partner. (4) Difficulty Withdrawing: It is not that easy to get out of a partnership. Whoever needs to withdraw will be personally liable for any monetary obligations due at the time of withdrawl. Q.2 Discuss funding options for small business? In order to run a business you need capital. Getting the money together to start a new business is the top priority of any entrepreneur. There are several ways to finance a small business. Following are some options for financing a small business. (1) Personal Resources: Using your own assets is the most common form of small business financing. You can use money from your saving, ask family or friends for capital or use a credit card. (2) Loans: In order to startup a new business, entrepreneur borrows money from the banks. The banks charge an interest rate on the money lent. The business owner must pay the original money borrowed plus the accumulated interest over the life of the loan. In today’s economy it is not easy to secure a commercial loan with the bank. A better and easier way for a new business to get a bank loan is with loan guarantee from the SBA. (3) Angels Investors: Another way to fund a small business is by private investors. Angel Investors are individuals who have a lot of money and are looking to invest a large amount into a profitable business for financial gain and profits. (4) Venture Capital: The companies who fund promising and high potential companies in exchange for ownership shares are known as venture capital firms. Venture capital is the money provided by venture capital firms to startup businesses that are perceived to have a long term growth potential. It has a high risk for investor but also has potential for above average profit returns. 3. Determine and discuss how managerial accounting can help managers with product costing, incremental analysis and budgeting? Managerial accounting provides accounting information needed by managers inside an organization to run its day to day operations. It provides managers with financial information’s needed to make sound business decisions. Managerial accounting information includes budgeting, product costing, performance reports, variance analysis and financial ratios. Following we look at three managerial duties that rely on information received from managerial accounting: (1) Product Costing: Product costing is the process of accurately determine the cost of a single product, by analyzing all the expenses that accrued from the beginning (raw material) to the end (sale). In traditional costing method indirect costs are applied to products, based on an overhead rate that is predetermined. The traditional costing system is easier and much simpler but fails to add the cost of non-manufacturing goods that are associated with the production of that item. (2) Activity Based Costing: Activity Based Costing is a new method in costing. It’s much more complicated that the traditional costing system. ABC gives a much more accurate product cost. Under activity based accounting associated with production of an item is determined and priced. This priced activity is than assigned to every product that requires the prices activity for production. Managerial accounting provides managers with the financial information needed to determine the cost of a manufactured product. (3) Incremental Analysis: Incremental Analysis is a decision making tool. It is used for the analysis of financial information needed to make an informed decision. In incremental analysis two different alternatives are weighed out in terms of cost/profit and the impact of the outcome of this analysis will have on a particular decision. It basically points our related cost and revenue of each alternative and the impact this alternative will have on future income. After using incremental analysis and choosing one alternative over the other. The cost change that occurs due to choosing the alternative is called incremental cost. Managerial accounting provides us with the numbers needed to compare two different alternatives, pick the right one and analyze the difference in cost. Budgeting: It helps managers plan and control costs and revenues. Budgeting is a tool for managers to determine how much money needs to be spent in order to generate a certain level of income. Budgeting in simple terms can be called forecasting; in budgeting we prepare a very detailed statement of financial results that are likely to happen in a time period to come. Companies use budget to plan for a future period based on financial statements. Managerial accounting provides managers with the financial statement for budgeting. Q4. Discuss the basic components of the marketing process using the product or service of your choice as an example? Marketing strategy can be described as an activity to position a product, attract customers while promoting the interest of stakeholders in a business. Marketing makes it possible to communicate the value of a product or service to consumers. Following the basic components of marketing process is explained briefly using artificial jewelry as a product. (1) Product Strategy: Methodologies, tools and technology used by a business to differentiate and distinguish its product from its competitors, is called product strategy. In terms of artificial jewelry my strategy would be to describe my product in full detail including where it was made, who it was designed by and what metals were used in its formation. I would also set my product apart by choosing appealing packaging and I would back the quality of my product by giving guarantees. And above all I would provide exemplary product designs and excellent customer service. (2) Pricing Strategy: Pricing Strategy is very important in marketing because it generates a turnover for the company and it’s also important because it affects other components of marketing as well. In terms of artificial jewelry first I would do a thorough research on competition prices, than I would calculate my final cost and select a pricing objective. I would compare my sale price with that of my competitors, and make sure that my price is lower than the competitors and value of my product is higher than the competition. Initially, I would keep my profitability low and will try to build clientele base by providing unbeatable prices. (3) Distribution Strategy: Distribution plays a very important role in marketing strategy. It involves how well the final product is delivered to the consumer. The product must be delivered to the end user in the right quantity, at the correct date and time. In terms of artificial jewelry most of my sales will be distributed at shows and festivals organized by different entities and a major part of my sales is also going to be web based. I will contact different shipping companies to find out the best courier in terms of price and value. And ship my jewelry through the best medium, at minimum amount of tie. (4) Promotion Strategy: Promotion Strategy is also vital part of marketing. A promotion strategy includes all the ways used by companies to provide information about their product in such a way that it would ultimately increase the company’s sale. In terms of artificial jewelry I would offer some sort of coupon and advertise my discount. Offer free shipping (when possible), maintain customer relations and send out promotional information to existing clients. Q.5 Discuss the role of social responsibility and technology in the marketing function. Social Responsibility in Marketing: Being socially responsible for an organization means that it cares and shows concerns about the people and environment in which they conduct business. Marketing can be described as promotion, selling and distribution of a product. Social responsibilities in marketing would first of all include truth telling about their product , all the information about the product should be correct and up to date. Companies should be concerned about their environment and take steps to make a cleaner. Companies should also show support for social causes in marketing. Company should market their product in a way that it doesn’t offend any group of people. Technology in Marketing: The technological boom in the past years had definitely revolutionized marketing. The internet has created numerous marketing opportunities for businesses. Now days there are numerous marketing firms that work exclusively on the internet. At first radio changed marketing, than TV and now it’s the age of hand held devices and internet. Marketers now days know that constant technological advances require evolution in the marketing process. With technological advances it’s much simpler and quicker to get customer feedback. It is much simpler to deliver the product to the customer and to do market research and maintain your brand reputation. Technology had had a great impact on marketing.

Testing and the Problem with Exams Essay -- Argumentative Persuasive E

The Problem with Exams June first--the last exam is today. There has been one exam every day since Monday, which seems as if it was an eternity ago. Every class at school requires homework, quizzes, tests, and finally, a final exam. We take exams to prove ourselves--to prove we have advanced our education during the past nine months. In one and a half to two and a half hours, nine months of homework, quizzes and tests must be summed up. How are the nine months summed up? Usually by a series of written questions that were probably compiled from the homework, quizzes, and tests we have already completed. There are better ways of proving knowledge. First of all, no one looks forward to the week of exams. Some people look forward to noon on Friday, but not to the previous four days. Even the week before is dreaded. Stress has hit an eleven on the one-to-ten scale during the last few weeks. Stress is not healthy, and it makes everyone angry. The last thing I remember when I go back to school is exams. Is the school trying aversion therapy on its students? Of course no...

Comparison between FAIR and AIM

Fairness and Accuracy In Reporting (FAIR) and Accuracy In Media (AIM), are two of the most active media watch groups, who seeks to influence and encourage members of the media to deliver fair and objective information to the people, without injecting biases and personal opinions. FAIR considers themselves as a national media watch group who â€Å"offers well-documented criticism of media bias and censorship† ever since they started with the cause in 1986 (F.A.I.R., 2007). On the other hand, AIM sees themselves as a grassroots citizens’ watchdog, which â€Å"critiques botched and bungled news stories and sets the record straight on important issues that have received slanted coverage† (A.I.M., 2007). Simply put, they are both against the misinformation that the media sometimes deliver to the people because of personal reasons, like biases, opinions and more. But scrutinizing this two properly, the question would then be on who is able to convince more people regarding the slanted news and information of some media practitioners and agencies. Looking closely on FAIR’s characteristics, they say that they seek both the opinion of the journalists and the activists. They present the side of the journalist, whenever they have presented a bit of a biased article or information. They give the journalist a chance to defend themselves and be able to explain further why they have resorted to writing such article. They also present the side of the activists and the critics who notices the mistakes and the points where the journalists went out of line. This is to provide a point of argument for the people, who usually wouldn’t realize that they are receiving biased commentaries from the people they would often think to deliver an unbiased report of the facts. Because of this, FAIR keeps the line open between the journalists and the activists. Through them, they can keep a constant dialogue so that they could be able to work things out for them. This then leaves a room for improvement for the journalists, especially if they consider what the activists say. With the help from FAIR, they would know whether what they are doing is right or wrong. Through constant communication, they are able to sharpen their senses to bring about truthful, unbiased pieces of information for the public. Another characteristic of FAIR is that they are encouraging the people to ask for the person responsible to change their ways, say, the media who gave biased information to the public. They are having a part where they propose a possible solution to a problem and then ask the people to act in order to solve that problem by following what they have suggested. An example would be asking them to call the person involve by giving that person’s contact number. They would encourage the people to ask for an explanation why that media practitioner made such a biased comment regarding a certain topic. AIM on the other hand, sees that the media needs a watch dog, which is why they exist. They said that the news media don’t seem to always give out the right information, wherein they could be misleading the people or giving out biased information shadowed by their personal opinions. But looking closely at AIM’s works, they are more on the political opinions of the media. They are more into scrutinizing that these people should not reflect their political belief in what they are writing. This has become a distinguishing characteristic, since most of their discussions are on whether some media personnel are for the democratic or the liberal side. In addition to that, they tackle on some publications that they see to â€Å"stir people’s minds† with what they publish. They say that these publications exist to deliver straight, hard hitting facts and information, and not to promote a certain belief or side they represent or endorse. In comparing the effectiveness of both FAIR and AIM, it can be seen that both of them are getting feedbacks from people, saying that what they are doing are really helping out in delivering the appropriate, unbiased information. This means that both of them prove that they are effective. But comparing them FAIR is able to communicate more with the people with regards to the wrong-doings of the media. This is because of the wide range of topics and information that FAIR gives and they are not as much as shadowed by the political stand of the media, as compared to that of AIM. In an article in the New York Times last July 3, 2007, writer Sheryl Stolberg has somewhat infused her thoughts in what she has written. The article was about President Bush deciding to commute the sentence of I. Lewis Libby Jr. who has committed a crime by lying to the FBI regarding an Iraq war issue (Stolberg, 2007). With Stolberg saying that the President seem to find the 30-month imprisonment for Libby as harsh, and that the case was a test of will, she was clearly sympathizing with what President Bush is feeling, whether what she said was factual or not. She mentioned that President Bush was forced to give the decision, a statement clearly implying of her, injecting her own opinions. This article was taken by some media watch group negatively, saying that Sheryl Stolberg was violating the media ethics of delivering a truthful, unbiased news and information to the people. What she did was an act of showing her biases, which she was siding and sympathizing with President Bush. As a media practitioner, doing as such reduces her credibility to give truthful, untainted information to the people. Conclusion Democracy includes the people’s freedom to freely speak their minds, the freedom to voice out their opinions whenever they want. But democracies freedoms also have limitations. This is applicable to media, where in order to get a true grasp of a story, the media practitioner, journalists or reporters should be able to give the unbiased face of the story. In order to do so, they must set aside their own opinions and interests in order to give the appropriate information to the people. The media’s role in democracy is the freedom of all people to access information. This information must be untainted with the media people’s opinions or biases, in order not to mislead the recipient of these pieces of information, which are the masses. References: A.I.M. (2007). What is Accuracy In Media(AIM)?  Ã‚   Retrieved July 4, 2007, from http://www.aim.org/static/19_0_7_0_C F.A.I.R. (2007). Media Views.  Ã‚   Retrieved July 4, 2007, from http://www.fair.org/index.php?page=11 Stolberg, S. G. (2007, July 3, 2007). For President, Libby Case Was a Test of Will The New York Times.      

“The labor of women in the house, certainly, enables men...

â€Å"The labor of women in the house, certainly, enables men to produce more wealth than they otherwise could; and in this way women are economic factors in society. But so are horses.† Stated by Charlotte Perkins Gilman. She compared the labor of women to a horse because just as a horse has no say neither did women. She states that men could be wealthier if women were to work instead of doing only house work but they are entitled to keep up the house and that is there economic function in society. Charlotte Perkins Gilman was a huge feminist in her time and influenced women through her literature such as The Yellow Wallpaper which displayed the struggles of women through her mind of being forced to listen to the orders of a man of what would†¦show more content†¦Ã¢â‚¬Å"I was put to bed and kept there. I was fed, bathed, rubbed†¦ after a month of this agreeable treatment he sent me home, with this prescription: Live as domestic a life as possible†¦ And neve r touch pen, brush or pencil as long as you live. She returned home, followed Dr. Mitchells instructions, and came perilously near to losing my mind†¦ I would crawl into remote closets and under beds – to hide from the grinding pressure of that profound distress.† She later divorced her husband seeing that, that was the only cure to her mental state and took her daughter to California to live there life. She took all that she had gone through with â€Å"the rest cure† and created The Yellow Wallpaper (Group, Telegraph Media 2). When her daughter had reached the age of nine she moved back with her father because Gilman believed it to be best. This caused people to accuse her to be an unfit mother and stated to have abandoned her child. To cope, she left California in 1895 and from that time through 1900 Gilman lived a somewhat nomadic life as a voracious lecturer and writer. In 1900 she married her first cousin George Houghton Gilman. The two lived in New York until 1922 when they moved to Norwich, Connecticut where she wrote His Religion and Hers. George died in 1934, and two years later Gilman was diagnosed with inoperable cancer. Following her husband’s death, she returned to Pasadena, California to be near her daughter. They were also joinedShow MoreRelatedEssay On Gender Equality In The Yellow Wallpaper1175 Words   |  5 Pagesthe world. 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