National Economic Policy (macroeconomic) Essay Example | Topics and Well Written Essays - 1250 words

National Economic Policy (macroeconomic) - Essay Example The volatility in the spending of the consumers can be influenced by the volatility in terms of trade. After the middle of 1980s Australia has been subjected to less volatile terms of trade. The terms of trade is correlated with economic growth. The terms of trade rises when the economy is experiencing growth while the terms of trade takes the declining curve when there is no such progress in the economy. Question a The terms of trade consists of two prime components namely the world prices of the exports and imports and the goods variety that are offered to the consumers. Australia has been regarded as the country that has the potential to affect the global pries of the goods. The recent developments within the geographic boundary of the country can influence the terms of trade. Australia is net exporter of coal and therefore the rise in the global prices of coal compared to with that of other ICT goods will impact to raise the terms of trade. The terms of trade shares close correla tion with the prevailing exchange rates of the economy. The financial crisis in 1990s led to reduction of the nominal exchange rate. The regional influences can play a part in volatility of the import prices while the prices of exports are influenced only by change in global prices. In short period of time the imports prices fall more rapidly than export prices. The unstable productivity growth in either in tradable or in non tradable commodities sector contributed in boosting the exchange rate. The sectors of finance and insurance and some other sectors experienced rapid productivity growth after the decade of 1980s. The second factor that can be accounted for is the strengthening of the U.S. dollar which was driven by the inflows of capital. The exchange rate therefore remained lower than the fundamental levels in the short time span. The less volatility in terms of trade played a part in keeping the economic growth more or less at the stable state as well as contributed in mainta ining the rate of inflation at lower levels. The terms of trade followed the upward rising curve after 2000 (Department of Foreign Affairs and Trade, 2011). Australia turned away from relative price impulsive properties towards more predictable exports of goods over the last fifteen years. The country now involves itself in export of wider range of rural goods. Vegetables, dairy products constitute the other varieties of exports and exports of such commodities have risen in due course of time. Question b The factors that have the potential to influence the terms of trade are as follows: The global demand fluctuations The commodity market shock Globalization shock The first shock and the second shock play their part in driving the prices for exports while the third shock raises the total productivity of output and at the same time reduces the import prices. The terms of trade line gets shifted as the exchange rate offer surplus to the external shocks. The demand shock will influence the inflation to rise up but the impact is expected to be felt only in the short period of time as the rates of interests are high enough and the real exchange rates appreciates. The IS and the LM curve forms the Mundell-Fleming model. The GDP of any economy is the sum of consumption, investment, government expenditure and net exports. The net exports are the difference between imports and exports. The LM curve uses the following

Intercultural Communication: Culture in Malaysia

Intercultural Communication: Culture in Malaysia Intercultural Communication Inter-, as you will probably know, comes from the Latin word for â€Å"between†, and the  dictionary defines â€Å"communication† as â€Å"exchanging information†. Martin and Nakayama  (2011) define intercultural communication as the â€Å"interaction between people from  different cultural backgrounds.† Importance of Studying Intercultural Communication Intercultural communication is getting more and more significant due to the advance of  globalization and increasingly multicultural work environments. It is indispensable  because of our increasing exposure to masses of other polishes. Because of this, the  cultural intelligence and cross-cultural communication skills that come with studying in a  foreign country are extremely sought after by employers who seek to earn a competitive  edge and break into foreign markets. Culture â€Å"Culture is brought up to a group or residential district, which shares common  experiences that shape the way its members understand the cosmos (Marya Axner, 2013). Academic researchers often start out with the observation that â€Å"culture† is a word with a  very vague meaning. Or rather, a word with lots of different meanings. A culture is a  unique combination of rituals (such as greeting and parting), religious beliefs, ways of  thinking (such as the earth was created), and ways of behaving (such as women can marry  at 14 years of age in Iran) that unify a group of people. Festivals Celebrated In Malaysia Malaysia is a multiracial country consisting of the three primary races in the nation. Looking for forgiveness from one another, especially from the elder members of the  household is an important custom in this portion of the universe, which leads to Hari  Raya Aidilfitri. This usage is thought as a way of abandoning past animosity, and  strengthening bonds between family members and acquaintances. â€Å"Eid Ul Fitr† is usually  celebrated to give thanks and to celebrate their success in completing the month-long time  fasting period of Ramadan. The festival commemorates the end of Haj, which is the  Muslim pilgrimage to the holy city of Mecca in Saudi Arabia. It also marks the  willingness of the Islamic prophet Ibrahim to sacrifice his son Ismail in an act of  obedience to Allah (God). Handing out red envelopes to children during the Chinese New Year is one of the  customs traditions in this festival. Aged people and married couples usually are the ones  that take in these handouts. The centuries – old legend includes a report of a terrible  mythical monster who preyed on villagers. On this day, families travel long distances to  meet and make merry. Though the holiday is only around a week long, traditionally it is a  15-day holiday during which firecrackers are lit, drums can be heard on the streets, red  lanterns glow at nighttime and red paper cutouts and calligraphy hangings are hung on  doorways. The famous festival among the Indians is Diwali or Deepavali that marks the victory of  good over evil. On every Diwali day, the goddess Lakshmi is worshipped as a symbol of  prosperity. Annemarie (n.d) discovered that people wear new clothes, share sweets and  light up firecrackers on this very day. It is stated that the fireworks are used to frighten the  evil spirits away, while the light embraces prosperity in the form of Lakshmi. The  preparations begin the day before, when the oven is cleaned, smeared with lime, four or  five kumkum are put on, and then it is sated with water for the next days oil bath. Etiquettes Good eating etiquette is one of the common important rules of feeding. Malays admire  good etiquette and do not appreciate bluntness. It is polite and goes for the soft sell. Beverages will not be served before dinner and it is offered by using both hands. The  right hand is only used to eat, pass, touch or handle anything while the left hand is never  used to eat because it is filthy. As for the Chinese, generally hosts a welcoming banquet while the foreign guests should  reciprocate toward the end of their visits. It is a must to arrive exactly on time for a  banquet to show punctuality and courtesy. The guest of honor is always placed at the head  of the room, facing the door. It is said that chopsticks are usually used and it is considered  very rude to tap the chopsticks on the. The chopsticks are supposedly put neatly on the  table or on the chopstick rest. Not to mention, the Indians as well, have their own etiquette of eating. Food must not be  refused when one is being served but it is all right to be the first to finish eating. Hindu  hosts are never supposed to let their guests’ plates be empty. The guests should always  assure the host that it is fine by following the host’s style of eating. If utensils are not  used, the right hand is used to eat. Spoon is a must use to take food from communal dish;  it is a rude way to use fingers. Taboos In every culture, there are always the Do’s and Don’ts. It depends on a person, whether to  believe the superstitious act or not. In Malaysia, the three primary races share some  common similarities when it comes to taboos. It is said that taboos were believed by the  ancestors, a very long time ago and it is because to bring good moral values to the  younger generation. Wasting money on unnecessary things just to make the celebration  big and merrier is not encouraged by the Muslims. Besides that, those that are celebrating  Hari Raya Aidilfitri are supposedly to visit relatives no matter how bad the family tie is. As for the Chinese, during the celebration of Chinese New Year, it is said that sweeping  the house a day before new year is bad as it will be throw the â€Å" Ong â€Å" away. Families  would be gathered for dinner to build a stronger bond with each other. No matter how  busy one would be, it is a must to celebrate this festival without missing it. Swearing or  jinxing something during new year, is said to bring bad luck to the family throughout the  rest of the whole year. For the Indians, during Deepavali, candles would be lit up, and that is one reason why is it  called The Festival Of Light and to get rid of the evil. Coloured rice would be used to  decorate the porch floor and is called â€Å"Kolam†. It is encouraged to wear bright colours  during the festival, because it is said that white and black symbolize sadness. Conclusion Every culture brings out the traditions that were believed by the ancestors, once and it is  carried on by the following generation. This leads to good moral values and etiquettes in a  person’s self. It is important to learn that intercultural communication is important  because we are highly exposed of other cultures. This brings us to understand a person’s  culture more deliberately as we are curious and try to relate ourselves to others. By  learning a person’s culture, it makes us have a wider mind of range of how others behave,  their religious beliefs and their means of establishing trust in each other. References Ahmed, S. Naumann, E. (2014). Intercultural Communication. Retrieved from http://www.internations.org/magazine/intercultural-communication-15409 Annemarie. The significance of diwali. Retrieved from http://www.auroville.org/society/diwali.htm Axner, M. (2013). Section 1. Understanding Culture and Diversity in Building Communities. Retrieved from http://ctb.ku.edu/en/table-of-contents/culture/cultural-competence/culture-and-diversity/main Cultural Etiquette. Retrieved from http://www.read-write-now.org/UserDir/Documents/Cultural Etiquette.pdf Guhanatha, S. (2009). Thaipusam. Retrieved from http://www.myhindupage.org/index.php/thaipusam Hari Raya Aidilfitri. (2014). Retrieved from http://www.centralsingaporecdc.org.sg/hari-raya-aidilfitri/ Jaime, K. Hari Raya Haji. Retrieved from http://eresources.nlb.gov.sg/infopedia/articles/SIP_694__2009-01-02.html Lisa, C. (n.d.). The history of Chinese New Year. Retrieved from http://chineseculture.about.com/od/chinesefestivals/a/ChineseNewYear.htm ). Martin, J. N., Nakayama, T. K. (2011). Experiencing intercultural communication: An introduction. New York : McGraw-Hill. Pearson, J.C., Nelson, P.E., Titsworth, S., Harter, L. (2013). Human communication: Intercultural communication. Penn Plaza, NY: McGraw Hill Education. The Importance of Intercultural Communication. (2014). Retrieved from http://www.ability.edu.au/latest-news/the-importance-of-intercultural-communication/

Fundamentals of Teaching :: Education Teaching Philosophy

Fundamentals of Teaching As a teacher, children are my primary focus and responsibility. While I am a teacher of history, I am more importantly a teacher of children, no matter what class I am teaching. To lose sight of the needs of children is the surest way to fail as an educator. To succeed as a teacher, I must remain focused on the students at all times. Children are surely our greatest assets. Their ability to grow is astounding – a well-taught child can make leaps that would not have seemed possible at the beginning of the year. While they are amazing, children can also be very difficult for a teacher who cannot keep them focused. Maintaining control of the classroom is vital – no learning can happen without control. While children can make the teacher’s life difficult, this should not frustrate the teacher. Education is, despite its difficulty, a vital task. Education prepares our children for potential success in a difficult world, a world in which education is vital. Ideally, education should also help to reduce the class inequality that is so pervasive in our society. It is my hope that, education can provide students with an opportunity to get out of poverty, instead of maintaining the poor quality of life that many students experience. As a teacher of history, it is also important for me to make history interesting and immediately relevant for my students. For too long, history has been taught as a boring mass of facts that students must memorize, repeat and then forget. Few students ever really remember, much less understand, the history that they learn in high school. Instead, they often hate history, and see it as a dead discipline and a waste of time. One of my goals as a history teacher is to change this perception and to make history an interesting and engaging subject that students will like. This will not be an easy task; however, I am dedicated to getting my students interested in history. In order to make this happen, my primary resource will be a higher-level approach to history. My students will be exposed to the causal nature of history, and asked to consider the causes and effects of historical events. My students will be able to place historical events in context and, as a result, will understand why they happened.

English coursework (Oscar Wilde) Essay

In an essay of 3-4 pages discuss how Oscar Wilde uses stereotypes and concepts from traditional fairy-tales and in invert them in his short stories. In the majority of Oscar Wilde’s fairytales there are numerous stereotypical characters and concepts. In an exemplary fairytale there is the philanthropic character, who is very important to the format of fairytale, for instance a Prince or King, This individual usually, forms an advantageous partnership with a bi-character such as Princess, Queen, Frog, or a Wizard, this may work in reverse in some fairy tales where e.g. the Princess is the leading character and the King is the sub-role. The enemy of the protagonist is called as a villain whose only existence in a fairytale is to try and prevent the leading character and his/hers acquaintances from saving the day or more importantly the world. The evil being is primarily associated with negative images for example bad manners, ruthless personality, or the trademark evil express of amusement. In contrast the valiant hero/heroine is linked with a clean depiction. Witches, Dragons, and Wolves are more often than not portrayed as Villains. Fairy-tale writers use techniques in which they lead the reader to believe that the hero/heroine will prevail in the battle against evil, because the story gives the impression that the villain is superior to the central character. Almost ever fairy-tale begins with the opening phrase ‘Once Upon a Time’ and end with ‘†¦and they live happily ever after.’ Use of these phrases result in the reader instantaneously recognises that it is a fairy-tale. Castles are prominent buildings in fairytales because most of fairy-tales were written in medieval-times where castles were the biggest buildings you would see, and they are also related to Kings and Queens. Wilde makes extensive use of traditional fairy-tale characters, which do not exist in real life, in his stories such as ogres, giants and talking birds. I think Wilde choose to do this because he knew bizarre creatures put the message of his choice across much easier to the readers, children in particular. I know this from ‘The Happy Prince’ and ‘The Selfish Giant’ where the winter season is given human characteristics and actually given a voice to speak: â€Å"He is too selfish†. What separates Oscar Wilde from other writers in Victorian times is that he uses traditional fairy-tale characters to address contemporary issues to express his opinion. In ‘The Happy Prince’ Wilde embarks upon the difficulty of poverty and privilege, which were disregarded subjects in that era. When the Prince was alive he lived in the palace of San-Souci, here he wasn’t allowed to see the outside world, that didn’t bother the Prince because there he had everything he wanted and needed. He was very happy this led to people naming him the Happy Prince: â€Å"My courtiers called me The Happy Prince, and happy I was indeed, if pleasure be happiness. In the Palace no grief would enter, his courtiers fearing the happy prince would see true misery and sadness. The Prince lived a very luxurious and rich life and was easily pleased with his wealth. When he died they made a statue of him and placed high above the city. From this position he had a respectable view of everything. This meant that he was able to life outside the Palace: Beggars starving, children being abused, poverty all this made the Happy Prince grieve because he was powerless to stop any of this as he was a statue. Here Wilde makes a direct comparison between the rich and the poor. Wilde does this to make the reader sympathise with the poor people: When the Swallow flies over the city he sees rich people sitting in the warmth of their expensive residences and beggars sitting outside of their gates. The Swallow also spots to children hungry and cold lying in each others arms for warmth under a bridge to seek shelter from the heavy rain, but they are told to leave by the watchman, and they walk back out into the rain. Incidents like this make the Happy Prince cry every single day as he sits and watches the wretchedness of the city. Wilde sends the message that human fickleness is a weakness in ‘The Happy Prince’. As a statue the Happy Prince was very beautiful and expensive. His body was covered in leaves of fine gold, he has two bright sapphires as eyes and a large red ruby encrusted in his sword-hilt. The Happy Prince was admired by many people in the city as a consequence of this awe-inspiring appearance. A mother says to her child: â€Å"Why can’t you be like the Happy Prince† She uses the Happy Prince as a role model for her son, little does know of the Happy Prince but him being a very expensive statue. This show how people judge based on small assumptions of physical appearance only. Eventually the Happy Prince loses all his fine possessions, as he has given them away to those whose needs are greater, and two townsfolk spot the statue. They decide to take it down; they compare its value to that of beggars: â€Å"As he is no longer beautiful he is no longer useful†. The Arts Professor believes that without beauty the statue is useless. This indicates that they didn’t place the statue above the city as a symbol representing something with a deep philosophical intent, but merely as an appealing decoration for the city. Wilde also shows some fickleness and its consequences in ‘The Nightingale and the Rose’ where the nightingale observes a young student who is in love with his teacher’s daughter. He wants to give her a rose which symbolises his love for her, but cannot afford one. The nightingale sympathises for the young student, he decides to go through agony and in the end sacrifice his life to get that rose for him. The student receives the rose, and goes to the professor’s daughter to ask her if she will accept his rose, but she frowns and says that she has been given far better gifts from another man. The student walks away in disgust and throws the rose into the gutter where gets flattened by a cart-wheel. The nightingales sacrifice was in vein. The student decides to exclude himself from ever loving again and he dedicates the rest of his life to studying philosophy. This tale has had an important morale stressed by Oscar Wilde. He uses a dramatic ending to emphasise his point. He undoubtedly shows the destructiveness of a fickle nature. The fairytale ‘The Selfish Giant’ explores selfishness and ignorance by portraying the stereotypical character of a giant as a ruthless monster in some part of the story. Wilde uses little children to contrast the enormous giant’s dominance. When the giant arrives at his castle he finds children playing innocent games in his garden. The giant furiously chases them away and builds a high wall around his garden. As a result of this no seasons but winter enters his doomed garden. As summer, autumn and spring comes and goes one constant climate remains in the giant’s garden and his only. Wilde uses the endless winter a metaphor for the ongoing sentence of the giant’s misery, that winter has sentenced him for being selfish and cruel to the children. The giant soon realises his that all that time he was away, the little children had been preserving his garden and now that they were away it was winter forever. He figures this out when he sees one of his trees blossoming because a group of children climbed upon it. The giant apologises to the children and breaks down the stone fence: â€Å"†¦and my garden shall be the children’s playground for ever and ever†. The giant’s change of heart causes his garden to blossom and allow the ‘other’ seasons to enter accordingly. When the giant dies, he goes to paradise. Wilde does this to stress the story’s morale and message by showing that if you stop being selfish you will be rewarded. Wilde does use many traditional fairytale conventions but still his stories are different from the tradition in a variety of ways. Traditionally the good triumph when they have made a noble sacrifice. Wilde doesn’t necessarily do this. In fact he tends to not do it at all. This is evident in ‘The Nightingale and the Rose’ where a nightingale unselfishly sacrifices his life for something as minor as getting a red rose to a student who is in love. In the end the student is rejected by the girls he loves, and the nightingales sacrifice was in vein. This story shows that Oscar Wilde will write sorrowful endings if he has to emphasise his point. A reasonable amount of Wilde’s tales do not introduce the story with the phrase ‘Once upon a time†¦Ã¢â‚¬â„¢ and conclude it with ‘And they all lived happily ever after.’ Wilde is very attentive in the ways in which he opens a fairy tale, but when it comes to ending one he usually goes with a harsh approach, and does not include psychological twists. In a world of magic and wonder Wilde does not exclude the use of religious imagery, this is hardly ever done in fairy tale. For example; when the Happy Prince and his little assistant the swallow both die doing their heroic deeds. God orders an angel to bring Him the two best things in the city the angel chooses the Happy Prince and the Swallow, because they were recognised for doing good deeds and therefore rewarded with an entry to God’s paradise. In the ‘Selfish Giant’ we also see Wilde’s strong belief in God, when the giant dies and allowed entry in Paradise by God, because the giant has become a better individual. I think Wilde does this because he himself believes that good things come to those who deserve it, and he wants to encourage the readers to believe in that too. This is especially aimed at younger readers. Though Wilde’s stories are fairy tales they bare a resemblance to modern day life. In the beginning of storytelling fairy tales were used as a form of entertainment and written for that purpose as well. Where Wilde’s tales differ is when the tales carry a message hidden behind a great storyline, this not only done to give the reader a good read but also to teach and educate things that they perhaps didn’t know or had a different perspective of. Nowadays stories always have these messages in them, but Oscar Wilde was one of the first to introduce this style of story-formatting, as readers crave for more than just a good story. The drama and intensity was also quite unusual elements Wilde added in his tales. These days drama is an essential ingredient to almost every genre of literature, Wilde was one of the first to discover this, which is one of many reasons why his tales are still loved and admired across the world to this day.

Forms of Business Organization Essay

The study of business organization is a study of complexity: as each business is different, each form of business organization is also unique. From a local hot-dog vendor to a trucking company, from a restaurant to a multinational, each business has different legal, moral and ethical concerns, and there is no â€Å"one-size-fits-all† approach to determine how a business should best be organized. Take the first two businesses, the hot-dog vendor and the trucking company, as an example: assume that each business is operated by a single individual. While one may argue that the proper form of organization for each would be a sole proprietorship, that would not be the case: the hot-dog vendor could clearly be operated as a sole proprietorship, but not the trucking company. Because of the nature of the trucking business, limiting the liability of the principals is vital: thus, the best form of organization for the trucking company would most likely be an LLC (limited liability company). There are six main forms of business organization, and each has very distinct advantages and disadvantages: some work best for small enterprises, some are better when outside vendors are involved, some are more suitable for larger companies†¦ indeed, there are many variables to consider when determining the organization of a business. Sole Proprietorship The most common form of business organization is called a sole proprietorship. The most common way to organize a business, Entrepreneur.com describes it thusly: The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. It is the easiest form of business to setup: again, according to Entrepreneur, a sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business. As the business is not incorporated, all assets and liabilities relating to this form of business are under the control of the individual who started the business; thus, the business owner assumes full liability in the event of a legal judgment. In addition, as there is no legal protection for the business (it being indistinct from the owner), it is entirely possible for a sole proprietor to see their business liquidated as the result of a lawsuit. The owner has complete control of this form of business: no control has to be granted to anyone else. An advantage to this is that they retain all profits: nothing has to be shared with anyone else, and their return on investment is 100%. Income taxes are easy to calculate: a sole proprietor need only declare their business income on their individual tax form. Because of this, there is no real additional workload or burden to the owner unless they choose to do business under a name other than their own, in which case they would be required to register their business name with the particular jurisdiction they reside in. The location of the business only matters if an individual wants to avoid a particular jurisdiction’s individual income taxes (corporate taxes are not filed for this form of business): for instance, some states do not charge income tax. No separate legal entities have to be formed if the business changes location: the business is connected to the individual and the business exists as long as the individual chooses to operate it. This form of business has a limited longevity: according to Entrepreneur, sole proprietorships rarely survive the death or incapacity of their owners and so do not retain value. They generally dissolve upon the death of the principal and so cannot be passed on to heirs or others. General Partnership According to the Small Business Administration, a general partnership is a business owned by two or more people, with the business partners equally sharing the responsibilities of the business. Like a sole proprietorship, the individual owners of the business assume unlimited liability: it is possible for the business owners to be liquidated due to a legal judgment or the failure of the business. Additionally, because the actions of one of the partners are binding on all the others, the entire partnership can prosper or suffer due to the actions of a single member (The Free Dictionary). Also like a sole proprietorship, a general partnership is, as Quick MBA puts it, a â€Å"?†¦tax reporting entity, not a tax paying entity.†? In other words, the partnership is only a method of business organization; it is not a legal entity for tax purposes, and the individual business owners assume tax liability separately. The longevity of a partnership is potentially greater than a sole proprietorship: for example, since there are one or more other partners, the death of one member does not mean the end of the business since their share can be passed along to heirs. Control in a general partnership is shared equally: since there is no one owner, all decisions (and their effects) are shared equally. Profits are divided among the partners: while the liabilities are shared, the profits can sometimes be divided unequally upon agreement. This can affect return on investment: since it is possible to invest in a partnership without being an active member, it is possible to lose money on an investment if the active principals make decisions that affect the business negatively. As with a sole proprietorship, location is not a real concern with a general partnership: since the principals, not the business, are the ones responsible for the tax liability, the decision on where to locate has little to do with corporate tax liability. Like a sole proprietorship, the only real regulatory burden is if the general partnership chooses to do business under a name under their own: the name would have to be registered. Limited Partnership A limited partnership is similar to a general partnership. Quick MBA describes a limited partnership as a partnership with two or more partners, with one or more general and limited partners. The biggest difference is that a limited partner does not assume unlimited liability: their liability is limited to the amount of their investment. Also, since general partners are held wholly liable, they are often LLC’s (limited liability corporations) rather than individuals. Like a general partnership, income and income taxes are generally divided among the principals, but a limited partnership has to meet certain criteria to enjoy this right: otherwise it is taxed as a corporation. The rules of continuity in this sort of organization are different from those of a general partnership. The continuity of the organization is assured: while a general partnership generally must dissolve if a partner leaves, shares of a limited partnership can be created and can be transferred, bought or sold, though principals in the organization have the right to first bid (Quick MBA). Control of a limited partnership rests in the hands of the general partners: because they have management control, they do not have to grant control to anyone else in the organization: in fact, limited partners lose their status if they take a managing role in the business. Like the general partnership, the profits are shared between the partners: because limited partners are investors in the company, they often receive a greater share of the profits because of their financial contribution. Location concerns as the same as in a general partnership. Concerns of convenience or burden are also the same unless the partnership acts as a corporation, in which case corporate regulations must be followed. C-corporation According to Wikipedia, C-corporations are corporations that are taxed separately from their owners. In the United States, corporations are considered â€Å"people† for tax and liability purposes: in this form of business organization, C-corps are individual â€Å"persons† considered separate from shareholders and directors (Expertlaw.com). Because of this, the liability of the shareholders (note that in a corporation, shareholders are the owners of the organization) is limited: shareholders are protected from assuming the burdens of the corporation if it is unable to meet its obligations. Income taxes for the c-corp are calculated at the corporate tax rate: sometimes this rate is lower than the income tax rate of the shareholder’s, but oftentimes it proves to be much higher. Dividends are subject to the capital gains tax of 15%, then subject to the income tax rate of the shareholder; thus, the profits have been taxed twice. The longevity of this form of organization is perpetual: because the company is owned by shareholders, even if the owner leaves the company can continue to exist (The Company Corporation). Control of a C-Corp rests in the hands of shareholders: the owner has control only so far as their share of the company allows. Shareholders generally elect a board of directors to act on their behalf. As with control of the company, profits belong to the owner only in proportion to the amount of stock in the company they possess. Compared to the forms of organization discussed previously, location has a great deal to do with how and where a C-Corp does business. Phrases such as â€Å"Nevada corporation† or â€Å"Delaware corporation† have entered popular usage: they refer to corporations incorporated in these states solely due to their business-friendly incorporation laws (i.e. easy incorporation, no need to elect a board or issue stock, etc). Because corporations are regulated by the states, often times businesses will be incorporated in a state other than the one they do business in. This form of business organization comes with more of a burden on the business owner than the previous three: the states and the federal government heavily regulate corporations, these forms of business are more expensive to establish, and the paperwork burden is much greater. S-Corporation S- and C-corps are very similar, but there are some differences. Like a C-corporation, shareholders are not individually liable for business debts and resopnsibilities (BizFilings). Also, the are similar when it comes to the longevity, profit retention, and location requirements of an S- or C-corporation. The two biggest differences involve the control of the company and the income tax burden. In a C-corp, an unlimited number of shareholders are allowed, and they can be domestic or foreign nationals; however, a S-corp only allows 100 shareholders, and they must be US nationals. When it comes to income taxes, C-corps file as a corporation and corporate taxes are paid; however, an S-corp is a â€Å"pass-through†, meaning that taxes on earnings are filed and paid by the individual shareholders. Limited Liability Company A limited liability company, according to Wikipedia, is a form of organization that combines the features of a partnership with those of a corporation. Like a corporation, liability is limited: the personal assets of business owners are generally shielded from those of the company. Income taxes are treated differently from the other forms of organization: an LLC can elect how it wants to be treated for tax purposes. LLC’s are, like partnerships and sole proprietorships, pass-through entities: taxes are generally not calculated on the firm as a whole, but on the earnings reported on the individual tax returns of the principals. The continuity of the organization depends on how it is organized: if it is organized as a partnership, the longevity is assured. The principals of the company have control of the company: if one person alone is in charge, the LLC can operate as a sole proprietorship for control purposes. Profits are divided among the individual owners: a single owner retains control of all profits, but partners divide the proceeds. The location of an LLC can be important: for instance, in Washington D.C., LLC’s are not allowed to pass-through income for tax purposes, and some states assess levies for the privilege of operating as an LLC (Wikipedia). Compared to corporations, LLC’s have only a minor paperwork burden: though some states regulate them more than others, there is often little more to do aside from filing the standard sole proprietorship/partnership paperwork. Different companies call for different forms of organization: what may work for the sole owner of a shop may not be successful for a large organization. Oftentimes the greater paperwork or regulatory burden imposed on corporations is offset by the advantages of incorporation; sometimes an LLC or partnership may work better. Before deciding on the form of business organization, a prospective business owner will do well to perform a thoughtful analysis to determine which approach will suit their business model. References Internal Revenue Service. Sole Proprietorships. [->0][->1]. Accessed October 9, 2012. Enterpreneur. The Basics of Sole Proprietorships. [->2]. Accessed October 9, 2012. Small Business Administration. Partnerships. [->3]. Accessed October 6, 2012. Quick MBA. The General Partnership.