Relating Saint Leo Core Values to the United Nations Declaration of Human Rights Essay Example

Relating Saint Leo Core Values to the United Nations Declaration of Human Rights Essay Name: Instructor: Course: Date: We will write a custom essay sample on Relating Saint Leo Core Values to the United Nations Declaration of Human Rights specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Relating Saint Leo Core Values to the United Nations Declaration of Human Rights specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Relating Saint Leo Core Values to the United Nations Declaration of Human Rights specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Relating Saint Leo Core Values to the United Nations Declaration of Human Rights Indeed, it is evident that the tenets embedded within the United Nations Declaration of Human Rights emulate the Core values embedded in Saint Leo University. The principles within the United Nations Universal Declaration of Human Rights coincide with the Core Values of Community of Saint Leo University in various ways. This is based on the primal assertion exemplified by the ethics and morals exalted in both institutions regarding the individual and the society. Irrespective of the differences in the objectives of the two institutions based on the stakeholders, it is still clear that both principles and values within the United Nations Declaration of Human Rights and Saint Leo University relate to provide equality, fairness and respect of human dignity within the community and society. In accord with the Prelude of the United Nations Universal Declaration of Human Rights, emphasis is put on the development of aptitudes, character and knowledge by Saint Leo University for the sole purpose of maintaining its excellence. Saint Leo University ensures that it sets a general standard of accomplishment for all students in order to allow them to develop their skills, personalities and understanding and as such, acquire appropriate and effectual acknowledgment nationwide and globally. This relates considerably to the overall overture of the Declaration of Human Rights, which also acts as a general standard of accomplishment for all persons and countries for ensuring the protection of rights and liberties and recognition locally and universally for all peoples through instruction and education. Consequently, with respect to the United Nations Universal Declaration of Human Rights’ principles, Saint Leo University endeavors to promote the development of sociable and cordial learning communities countrywide and worldwide. Furthermore, to fulfill this objective, Saint Leo University attempts to nurture a sense of belonging, interdependence and unity without political, sex, color, language or racial distinctions. As such, Saint Leo University plans to build a communally responsible environment for learning that excludes discrimination that arises from a country’s international status regarding the specific community receiving service from the University. This is in line with the United Nations Universal Declaration of Human Rights, which strives to ensure that every individual receives education and learning irrespective of ideological, physical and terrestrial distinctions. Alternately, Saint Leo University strives to ensure that the exclusive talents and aptitudes innate within an individual receive value or appreciation and reverence. Regarding the United Nations Universal Declaration of Human Rights, the University attempts to promote friendship and lenience, indulgence among various stakeholders of institutions such as groups and students. The objective of this is to ascertain the provision of an abundant scope that will support the liberated trade of thoughts and innovations among persons. This specific statement correlates to the United Nations Universal Declaration of Human Rights, which endorses and fosters the delivery of opinions without intrusion and restriction and the reception and exchange of innovations, ideas and information among individuals through various forms of media irrespective of any boundaries. Furthermore, Saint Leo University strives to promote personal development for all individuals. Based on this value, Saint Leo University urges the development of every individual’s body, soul and mind in order to acquire balanced lives. As such, members within the community must express their obligation towards individual development in order to reinforce the disposition of the community. As such, Saint Leo University ensures that personal development is exalted through education in order to ascertain decent development of the individual personality. This is in accordance with the United Nations Universal Declaration of Human Rights, which ensures that every person within the community possesses communal duties aimed at complete development of personality. Furthermore, the communal duties should make it possible for personal development. Finally, Saint Leo University facilitates communal development on a global scale by ensuring that it provides the require resources. As such, the University nurtures a force of service in order to facilitate the provision of resources that will assist in the development of communities. Saint Leo University ensures that resources are optimized and applied within the community in order to adhere to the goals and mission of the institution. This is in accordance with the United Nations Universal Declaration of Human Rights, which ensures that every person and community are entitled to receive resources in order to ascertain full development of individual personalities and the development of the community as a whole. In conclusion, the principles in the United Nations Universal Declaration of Human Rights and Saint Leo’s Core Values of Community indeed relate to a considerable degree. Both doctrines ensure that peoples and communities live with each other cohesively. Consequently, the doctrines for both institutions stress on the full development of personality among individuals regardless of the distinctions and as such, negate the use and support of discriminative and biased tactics. Restricting such practices based on the principles and the values upheld by both codes propels the objectives of the institutions, which involves the facilitation of equality and fairness in the provision of intrinsic needs for every person in every community nationally and internationally.

The Definition and Purpose of the Zero Article

The Definition and Purpose of the Zero Article In English grammar, the term  zero article  refers to an occasion in speech or writing where a noun or noun phrase is not preceded by an article (a, an, or the). The zero article is also known as the  zero determiner. In general, no article is used with proper nouns, mass nouns where the reference is indefinite, or plural count nouns where the reference is indefinite. Also, no article is generally used when referring to means of transport (by plane) or common expressions of time and place (at midnight, in jail). In addition, linguists have found that in  regional varieties of English known as New Englishes,  omitting an article is often done to express non-specificity. Examples of the Zero Article In the following examples, no article is used before the italicized nouns. My mothers name is Rose. I gave her a rose on  Mothers Day.Every mile is two in winter.This plant grows in  sandy soil and on the edges of swamps.David Rockefeller was authorized to hold the position of director of the Council on Foreign Relations. The Zero Article in American and British English In American and British English, no article is used before words such as  school, college, class, prison  or  camp  when these words are used in their institutional sense. The students start school in the fall.College provides opportunities for students to learn and meet new people. However, some nouns that are used with definite articles in American English are not used with articles in British English. When I was in the hospital, I often wished there were fewer hours in the day.[American English]When Elizabeth was in  hospital, she was occasionally visited by her parents.[British English] The Zero Article With Plural Count Nouns and Mass Nouns In the book English Grammar, Angela Downing writes that the loosest and therefore most frequent type of generic statement is that expressed by the zero article with plural  count nouns  or with  mass nouns. Count nouns are those that can form a plural, such as dog or cat. In their plural form, count nouns are sometimes used without an article, especially when they are referred to generically. The same is true when the noun is plural but of indefinite number. Dogs love to run around outside.The boy loves to play with toys. Mass nouns are those that cannot be counted, such as air or sadness. They also include nouns that are not usually counted but that can be counted in some situations, such as water or meat. (These nouns can be counted using certain measurements, such as some or much.) Clean air is important for a healthy environment.The man was overcome by sadness when he lost his home. Sources Cowan, Ron.  The Teachers Grammar of English: a Course Book and Reference Guide. Cambridge University Press, 2011.Downing, Angela.  English Grammar. Routledge, 2006.Platt, John T., et al.  The New Englishes. Routledge and Kegan Paul, 1984.

Generational Names in the United States

Generational Names in the United States Generations in the United States are defined as social groups of people born around the same time who share similar cultural traits, values, and preferences. In the U.S. today, many people readily identify themselves as Millennials, Xers, or Boomers. But these generational names are a fairly recent cultural phenomenon and they vary depending on the source. The History of Naming Generations Historians generally agree that the naming of generations began in the 20th-century. Gertrude Stein is considered the first to have done so. She bestowed the title of Lost Generation on those who had been born around the turn of the century and bore the brunt of service during World War I. In the epigram to Ernest Hemingways The Sun Also Rises, published in 1926, Stein wrote, You are all a lost generation. Generational theorists Neil Howe and William Strauss are generally credited with identifying and naming the 20th-century generations in the U.S. with their 1991 study Generations. In it, they identified the generation that fought World War II as the G.I. (for Government Issue) Generation. But less than a decade later, Tom Brokaw published The Greatest Generation, a best-selling cultural history of the Great Depression and World War II, and that namesake stuck. Canadian author Douglas Coupland, born in 1961 at the tail end of the Baby Boom, is credited with naming the generation that followed him. Couplands 1991 book Generation X: Tales For an Accelerated Culture, and later works chronicled the lives of 20-somethings and came to be seen by some as defining that eras young. Did You Know? Generational theorists Neil Howe and William Strauss suggested the name Thirteeners (for the 13th generation born since the American Revolution) for Generation X, but the term never caught on. Credit for naming the generations that followed Generation X is less clear. In the early 1990s, the children following Generation X were often referred to as Generation Y by media outlets like Advertising Age, which is credited with first using the term in 1993. But by the mid-90s, as buzz about the turn of the century grew, this generation was more often referred to as Millennials, a term Howe and Strauss first used in their book. The name for the most recent generation varies even more. Some prefer Generation Z, continuing the alphabetical trend begun with Generation X, while others prefer buzzier titles like Centennials or the iGeneration. Generation Names While some generations are known by one name only, such as the Baby Boomers, names for other generations is a matter of some dispute among experts.   Neil Howe and William Strauss define recent generational cohorts in the U.S. this way: 2000 to present: New Silent Generation or Generation Z1980 to 2000: Millennials or Generation Y1965 to 1979: Thirteeners or Generation X1946 to 1964:  Baby Boomers1925 to 1945: Silent Generation1900 to 1924: G.I. Generation The Population Reference Bureau  provides an alternate listing and chronology of generational names in the United States: 1983 to 2001: New Boomers1965 to 1982: Generation X1946 to 1964: Baby Boomers1929 to 1945: Lucky Few1909 to 1928: Good Warriors1890 to 1908: Hard Timers1871 to 1889: New Worlders The Center for Generational Kinetics lists the following five generations who are currently active in Americas economy and workforce: 1996 to present: Gen Z,  iGen, or Centennials1977 to 1995:  Millennials  or Gen Y1965 to 1976: Generation X1946 to 1964: Baby Boomers1945 and before: Traditionalists or Silent Generation Naming Generations Outside the United States Its worth remembering that the concept of social generations like these is largely a Western notion and that generational names are often influenced by local or regional events. In South Africa, for example, people born after the end of apartheid in 1994 are referred to as the Born-Free Generation. Romanians born after the collapse of communism in 1989 are sometimes called the Revolution Generation.   Sources Brokaw, Tom. The Greatest Generation. 1st Edition, Kindle Edition, Random House, February 23, 2000. Carlson, Elwood. 20th-Century U.S. Generations. Population Reference Bureau, March 4, 2009. Coupland, Douglas. Generation X: Tales for an Accelerated Culture. Paperback, St. Martins Griffin, March 15, 1991. Generational Breakdown: Info About All of the Generations. The Center for Generational Kinetics, 2016. Hemingway, Ernest. The Sun Also Rises. Hemingway Library Edition, Reprint Edition, Kindle Edition, Scribner, July 25, 2002. Howe, Neil. Generations: The History of Americas Future, 1584 to 2069. William Strauss, Paperback, Reprint edition, Quill, September 30, 1992.

Success of small farm Essay Example | Topics and Well Written Essays - 500 words

Success of small farm - Essay Example The paper will also suggest regarding the significance of the concept of economies of scale. To begin, as much as organic farming has gained a promising market niche over the years, there are numerous challenges facing the small and medium growers. While this has been valid for a few producers, many small farmers have likewise experienced significant difficulties regarding marketing and selling their products. While rivalry from bigger producers is obviously an essential component, past examination led by the California Institute for Rural Studies has documented a scope of extra marketing difficulties confronting little and moderate sized organic cultivators. This examination tried to acquire in depth data about these difficulties through meetings and surveys with producers, purchasers and specialists acquainted with the organic sector. Secondly, in microeconomics, economies of scale are the expense points of interest that firms earn because of size of operation and yield, with expense every unit of yield for the most part decreasing with the growing scale as fixed costs are spread out over more units of yield. Many people support local food and it is creating a vibrant new economic laboratory for the organic farmers in America. Probably, the results are enormous in terms of the increasing demand for small-scale organic farming by focusing on dollars as a reworking of old models regarding how farmers get financed and their produce marketed. Finally, issues particularly influencing organic farmers incorporated the development of the organic farming sector, authorization and rivalry with different other large farmers selling the same produce. Successful small-scale organic farmers are using a system of quality-based advertising to address these difficulties. They are laying much emphasis on the qualities that make their farms extraordinary and are competing on these qualities, as opposed to low

History of Art 101 Movie Review Example | Topics and Well Written Essays - 250 words

History of Art 101 - Movie Review Example The most evident elements include the Baths of Caracalla and the matching of soldiers led by the eagle ‘king of the sky’ curved or molded from metal The town setting built and developed with aspects of the Trajans Column, Circus Maximus and Curia Hostilia (Senate House) was always utilized to pass laws and decision to the military activities. The ancient assembly bell is featured as an art and architectural piece, which sermons people to Verona Arena an architectural element, where announcements were made (Veronus). Winding stairs in ancient Rome was common especially in Villas and Domus. The series uses Alyscamps in its development of the war activities between Rome and France. Daily activities are full of ancient civilization approaches and feature the Roman watermill, Antonine Wall in Scotland and Limes Germanicus in the military soldier activities of the day. The Rome series opens with soldier going out to defend the kingdom with their eagle mess always before them. In the film, the soldiers; Titus Pullo and Lucius Veronus spend time in the Domus that winds up with stairs and small window openings light the rooms (Veronus). The Titus Pullo and Lucius Veronus appear in one scene being in Egypt when in an incident of war, their fellow soldiers were killed and decided to escape. Art and architecture brought out in scenes in the right mix of the ancient setting of the movie. Together with clothing and the color, mixes specifically red for the soldiers, brown for the protagonists, white for inhabitants of the empire leadership

Factors Affecting Financial Reporting Quality

Factors Affecting Financial Reporting Quality Financial Reporting Standards Financial Reporting Standards (FRSs) and Accounting concepts influence the production and presentation of financial statements. The FRSs that influence the production of financial statements are: FRS 3 Reporting Financial Performance The FRS sets out the basis for presentation of general purpose financial statements in a manner that ensures comparability. As the FRS requires reporting entities to highlight financial performance to aid the users in understanding the performance achieved, it sets out the overall framework for the presentation of financial statements. It also lays down the guidelines for the structure of financial statements and defines the overall considerations for financial statements, such as fair presentation, accrual basis of accounting, consistency of presentation, materiality and aggregation, and comparative information. This impacts the way profit and financial performance is reported and also the valuation of the assets and liabilities. It helps the users of accounts compare financial statements both with the entitys financial statements of previous periods and with the financial statements of other entities. FRS 15 Tangible Fixed Assets FRS 15 sets out the principles of accounting for initial measurement valuation and depreciation. It ensures that tangible fixed assets are accounted for on a consistent basis. It requires residual values to be reviewed at each balance sheet date. This impacts the valuation of tangible fixed assets. IAS 2 Valuation of Inventories This accounting standard sets out the accounting treatment for inventories. It provides guidance for determining the cost of inventories. It is due to this standard a loss due to damaged goods is excluded from inventory cost. The three concepts that have influenced the production of the financial statements are: Accrual concept The financial statements have been prepared on an accruals basis. The accrual concept, also known as matching principle, requires that transactions are reflected in the accounts of the period to which they relate to and not in the period in which payments are made or received. Impact of Accrual Concept on Profit When a trading and profit loss account for a period is compiled, the cost of goods sold relevant to the sales made during the period should be recorded accurately and in full in that account. Costs and incomes concerning a future period such as prepaid expenses and pre-received income must be carried forward as a prepayment for that period and not charged in the current profit statement. For example, prepaid general administrative expenses would be carried forward to the period they relate to. Similarly, expenses accrued or income accrued will be included in the current periods profit statement by means of an accruals adjustment. For example, manufacturing wages accrued will be added to manufacturing wages for the current period. Impact of Accrual Concept on Assets / Liabilities All prepaid expenses and accrued income will be treated as assets and accrued expenses and pre-received incomes will be treated as liabilities. Going Concern Concept Going concern concept is a part of UK statute law. This concept assumes that the business under consideration will remain in existence for the foreseeable future. Without this concept, accounts will have to be drawn up on the basis of what the business is likely to be worth if it is sold gradually at the date of the accounts. Impact of Going Concern Concept on Profit When an entity has a history of profitable operations and has a ready access to financial resources, one can conclude that the organisation will remain in existence for the foreseeable future. For example, as Appleby Oakley and Company has regularly been making profits, one can comfortably draw a conclusion on going concern concept. Impact of Going Concern Concept on Assets / Liabilities Going concern concept impacts the valuation of assets and liabilities. Due to the going concern concept, the values placed on continuing business assets and liabilities are different from the value placed on the assets and liabilities of a closing business. For example, stock is normally valued at cost price but if business were about to close down trading then it will be more relevant to use resale value of stock. Impact of Going Concern Concept on Users of Accounts Going concern concept impacts the decision making of users of accounts. For example, management may need to consider a wide range of factors relating to current and expected profitability, potential sources of replacement financing etc. while taking decisions. Consistency Concept The concept of consistency has been applied because the methods employed in treating certain items such as depreciation within the accounting records may be varied from time to time. According to consistency concept, once a business has decided which accounting methods it is going to apply and how it is going to interpret the various rules of accounting, it should be consistent in all matters from year to year. This is necessary to enable comparison of the results of the business from year to year. Impact of Consistency Concept on Profit If the consistency concept is not there, a business can merely change an accounting method to vary the profits. For example, if a business wishes, it may vary the depreciation rates or method of depreciation at and alter the reported profits. Consider the effects on profit of charging depreciation at 15% this year on  £10,000 worth of fixed assets and then charging depreciation at 10% next year on the same  £10,000 worth of fixed assets. This year you would charge  £1,500 against profits and next year it would be only  £1,000, using the straight line method of providing for depreciation. Impact of Consistency Concept on Assets / Liabilities If there is no consistency in the accounting methods, the assets and liabilities reported in different years will not be comparable. Impact of Consistency Concept on Users of Accounts Users of accounts including investors, management etc. can make more meaningful comparisons of financial performance of the organization from year to year. Partnership Salaries All partners have a right to work in and manage the partnership business. The partners may make arrangements amongst themselves whereby a partner may be entitled to a salary. Partnership salary includes remuneration drawn by a partner from the partnership funds for acting in the partnership business. An agreement to pay a partnership salary to a partner for a special project is an internal arrangement. The effect of the arrangement is that the partner receives a fixed part of the profits of the partnership before the remaining part falls to be divided among the partners in the appropriate proportions. The impact of partnership salary is only on the way the partnerships funds are applied as between the partners. A partner drawing a salary is not an employee and any salary paid to the partner cannot be claimed as a deduction from net profits. Therefore, one can neither treat a partnership salary as a true salary, nor an expense of the partnership, but only as a distribution of partners hip profits to the recipient partner. If Appleby suggests that he receives a salary, he will still be a partner and cannot be treated as an employee of a partnership. This implies that the partnership will not be able to claim a deduction for Appleby’s salary. Similarly, Appleby’s salary cannot create or increase a partnership loss. In reality, Appleby’s salary will be a mere allocation or advancement of profits prior to general distribution and will not be taken into account in calculating the net partnership income or loss. Appleby will need to show the amount received as salary as his income on his tax return. The amounts distributed to Appleby will be brought into account in computing his interest in the profits or assets of the partnership. However, the amount paid as salary is still regarded as constituting part of the profits of the partnership If Appleby gets a salary of  £2,500 per month, profit share of Oakley will reduce from  £85915 to  £73915 as illustrated below: Asset Depreciation In general, an asset can be depreciated if it meets ALL of the following requirements: The asset is used in a trade or business or held for the production of income as an investment property. The asset has a finite period of usefulness in the business that can be estimated and is longer than one year. The asset is susceptible to wear and tear, natural deterioration through interaction of the elements, or technical obsolescence. GAAP specifically excludes land from computation of depreciation. Land normally has indefinite economic life and it does not decline in economic value as a consequence of wear and tear, natural deterioration through interaction of the elements, or technical obsolescence. Therefore, it fails to satisfy the second and the third conditions for an asset to be depreciated. Land is probably the most common asset that is not depreciable. However, buildings may be depreciable. Generally, if such is the case then the cost of the land must be separated from the cost of the building for depreciation purposes. In the scenario under discussion, land and buildings are assumed to imply land and therefore not depreciable. References: Reporting Financial Performance, Available from: http://www.frc.org.uk/asb/technical/standards/pub0102.html, [Accessed 20 November, 2006] International Financial Reporting Standards, Available from: http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards, [Accessed 20 November, 2006] Accounting Concepts and Conventions, Available from: http://www.accountingweb.co.uk/cgi-bin/item.cgi?id=69109, [Accessed 22 November, 2006] ANNEXURE A Assumptions and Working Notes for Task 1-2-3 Assumptions: 1. As the scenario merely states that overheads are apportioned between the factory and the administration/other sections and does not specify a share (except in the case of insurance), following share of overheads is assumed: Rent: factory 1/3 administration etc.2/3 Light and heat: Factory 1/2, administration etc.  ½ Insurance : Factory 1/4, administration etc. 3/4 (given) 2. It is assumed that the accumulated depreciation figures in the trial balance are before taking into account the current year’s depreciation. Working Notes: Cost of Raw Material Consumed = Opening Stock of Raw Material + Purchases of Raw Material – Closing stock of raw material = £12800 + £274500 - £8500 Depreciation on Plant Machinery Plant Machinery at Cost Price=  £31000 Accumulated Depreciation= £18100 Written down value as on 31 December 2003=  £31000- £18100= £12900 Depreciation = 15% on written down value = 15% of 12900=  £1935 Depreciation on Furniture and Fixtures Furniture and Fixtures at Cost Price=  £34700 Depreciation = 10% on straight line basis = 10% of  £34700=  £3470 Depreciation on Motor Vehicles Motor Vehicles at Cost Price=  £28800 Accumulated Depreciation= £12600 Written down value as on 31 December 2003=  £28800- £12600= £16200 Depreciation = 15% on written down value = 20% of 16200=  £3240 There is a 10% mark-up on manufacturing cost. As finished goods are valued at factory cost price with no adjustment for manufacturing profits, the 10% mark-up is taken as a part of the general reserve. Profit share and drawings are held through current accounts. Therefore, an adjusted current account is prepared. Finished goods have been adjusted for the damaged goods. Page 1 of 6Dr. Archana Raheja

Explaining Basic Accounting Concepts and Business Structures Essay

Explaining Basic Accounting Concepts and Business Structures I will explain the basic accounting concepts and business structures from the following topics: GAAP sources and hierarchy; Good accounting information using the qualities of accounting principles; Difference between Accrual based accounting and cash basis of accounting; Types of business structures and the features of each structure. 1. GAAP sources and hierarchy Generally accepted accounting principles (GAAP) is the set of accounting principles, standards and procedures that companies use to prepare their financial statements. GAAP principles are the bases of financial reports and the guidelines of United States accounting practices. There are four categories of sources of GAAP hierarchy as follows: Category (A): FASB Standards, Interpretations, and Staff Positions; APB Opinions; AICPA Accounting Research Bulletins. Category (B): FASB Technical Bulletins (no longer issued), AICPA Industry Audit and Accounting Guides, AICPA Statements of Position. Category (C): FASB Emerging Issues Task Force, AICPA AcSEC Practice Bulletins. Category (D): AICPA Accounting Interpretations, FASB Implementation Guides (Q and A), widely recognized and prevalent industry practices. The category (a) of the GAAP hierarchy has a higher authority than a FASB Technical Bulletin, which is in category (b).The hierarchy is important because it gives the out layer for companies to search for the specific accounting transactions. For example, if a specific transaction can not be covered in category (a), then companies will turn to categories (b) for selecting and applying appropriate accounting principles, then (c) and (d). 2. Good accounting information using the qualities of accounting principles Good accounting information should be understandable. If no one can not understand the accounting information presented, it becomes useless to lose all of the other qualities. The good accounting information should be Reliable and Relevant. Reliability means verifiable, representation faithfulness, and free of error and bias. If the accounting numbers are wrong, there is no any meaning to use the information. Relevance means predictive or feedback value presented on a timely basis. The internal managerial accounting reports are different from the external financial reports. The relevant information is needed to prepare the different kinds of reports. The good accounting information should be Comparability and Consistency. The good information can be used to identify the differences and similarities between companies. The company consistently use the same accounting treatment for better auditing purposes. 3. Difference between Accrual basis accounting and cash basis of accounting The revenue recognition principle and the expense matching principle are two key elements for Accrual basis accounting. Company uses accrual basis accounting to recognize income when goods are shipped or services are rendered, and to recognize expense when it is obligated to pay it. On the contrast, cash basis accounting recognizes the revenue and expenses when the cash is received and paid. The cash basis accounting is prohibited under GAAP because it does not record revenue and expense when earned and incurred. It will misstate the actual income and expenses incurred and can not reflect the real business operation during the accounting period. 4. Types of business structures and the features of each structure There are three types of business structures-Sole Proprietorship, Partnership, and Corporation. Sole proprietorship is a business owned by one person. It is the simplest form of business ownership. The sole proprietor is in direct control of all affairs and entitled all profits and losses and is free to transfer his interest in the sole proprietorship at will. The disadvantage is that the sole proprietor would be fully responsible for all debts and obligations related to the business. The business would have difficulty in raising capital. Partnership is a business owned by two or more persons associate a partner. Partnership can bring broad resources and unique skills. All the partners share profit and losses, share the right to manage and make major business decisions, have unlimited personal liability for obligation of the partnership. For tax advantage, the partnership does not pay federal income tax; rather, partners file their own individual tax return. Disadvantage is that partners are fully and personally liable for the debts if their partnership. Corporation is a legal entity distinct from its owners (called â€Å"shareholders† or â€Å"stockholders†) and manager. It is easy to raise fund. The major advantage of corporation is that the owners are not personally liable for the obligation. Stockholders are free to transfer their ownership interests. Corporation must pay income taxes on any profits that it makes, and stockholders generally do not have to pay income tax on its profits until they are distributed as dividends. The corporate tax rate generally is lower than the personal tax rate.