Legal and Financial Environment - Assignment Example

Legal and Financial Environment Assignment Task One The first right the workers should learn about is employment terms and remuneration cases. All individuals should have the freedom of choosing and engaging in occupations on the basis of the respective regulations that govern each professional occupation. All forms of employment require fair remuneration. At this point, the arrangements apply differently in each country. Workers should be assured of equitable wages that are sufficient to facilitate them have decent standards of living (Clarkson, Miller, Jentz, & Cross, 2008). Workers who are subject to employment terms away from alternative forms of open-ended and full-time contracts should receive equitable reference wages. The wages can be withheld, transferred or seized only in line with provisions of the national law. The provisions entail measures that enable workers affected to enjoy the critical means of subsistence for the family. All individuals should be in a position of having access to more public placement services without paying extra charges (Bagley & Dauchy, 2011). The second issue is the improvement of working and living conditions. Firms should complete internal markets while leading to improvement living and working standards of the workers. The process will result in approximation of conditions that allow for improved maintenance of particular durations of organizational working time. Further, I will impact knowledge about equality in treating men and women. Equal treatment of men and women should be assured. All organizational opportunities for men and women should be clearly developed (Clarkson, Miller, Jentz, & Cross, 2008). At this point, action is intensified in necessary areas with the goal of implementing principles of equality among gender roles. The approach also regards particular access to remuneration, social protection, and employment, working conditions, education, career development and vocational training. The techniques ensure that there is a development of well-enabled environment for men and women in reconciling the family and occupational obligations. Source: (Bagley & Dauchy, 2011) In addition, workers should know their rights and obligations in accessing and sharing information, consultation and participation in organizational work. Information, participation and consultation of workers, should be enhanced along the appropriate lines with the consideration that practices are in force to develop the organizational activities and quality of output. The concept is applied to companies that have establishments in different national states (Abbott, Pendlebury & Wardman, 2007). Workers also have a right to social protection. Within the strategies, arrangements can be applied to the member countries. Workers within a given organization have rights to access adequate social protection. Irrespective of their statuses and sizes of their undertaking in employment, they shall enjoy an adequate level of benefits from social security. Persons with inability to focus on labor markets lack expressways of subsistence development (Bagley & Dauchy, 2011). They are a position of receiving sufficient social assistance and resources to keep up with respective situations. Employers have a responsibility of providing healthful and safe workplaces with freedom from extremely recognized hazards. The case is popular as General Duty Clause from the OSHA Regulations. The OSHA standards outline the rules describing the techniques in which employers should utilize in protecting the employees from certain hazards. The main categories of OSHA standards include Construction, General Industry, Agriculture, and Maritime. The standards focus on protecting workers from various aspects of hazards. The standards limit the levels of hazardous substances, noise, or chemicals in which workers are exposed to. There is a requirement to use certain practices and equipment to achieve safe working conditions (Abbott, Pendlebury & Wardman, 2007). Require employers should monitor the hazards while keeping updated records of injuries and illnesses in the workplace. Illustrations of OSHA standards involve requirements such as providing fall protection for safety harness as well as a lifeline. The standards also stipulate the need for preventing entrenched cave-ins and ensuring safety of workers entering confined spaces such as grain bins or manholes. The policies prevent exposure to extreme levels of noise that could damage hearing. Source: (Twomey & Jennings, 2010) In conclusion, familiarity with OSHA gives representatives and their workers right to access information that employers collect regarding hazards of the workplace (Clarkson, Miller, Jentz, & Cross, 2008). Workers embrace the rights of knowing the hazards presented in workplaces and the best ways of protecting themselves. The OSHA standards should have distinct methods that the employers require informing respective employees, such as training, color-coding, signs, and warning signals (Twomey & Jennings, 2010). Workers should receive normal pay rates while attending training as required by standards and rules from OSHA.   Task Two Sole proprietorship is popular sole trader or plainly, a proprietorship. This is a form of business owned and operated by a single natural person. The firm lacks legal distinction between owners and business entities. Owners are in direct control of the elements while making legal accountability of finances in which businesses incur such as loans, debts, and losses. The owners receive all amounts of profits that are also subject to the taxation process within the business. There is unlimited responsibility for any losses and debts (Twomey & Jennings, 2010). Partnerships are business forms that have several owners who do not have filed papers with the government state for becoming a corporation or limited liability company. There are various forms of partnerships including limited partnerships and general partnerships. General partnership involves a simple form of least expensive business structure of co-ownership in creation and maintenance. On the other hand, there fewer important facts those persons consider in the personal liability functions of the general partners. First, partnerships have personal liability for the business obligations and debts as well as in court judgments (Abbott, Pendlebury & Wardman, 2007). This implies that if businesses cannot pay creditors, including suppliers, lenders, or landlords, creditors have legal capacity of auctioning the partners car, house, among other possessions. The procedure has few exceptions for personal liability. The partners have limited personal liability upon which partners are set up within the limited partnership. Private limited companies are business structures combining pass-through taxations from sole proprietorship or partnership with limited liability of the corporation. LLCs are not corporations and are legal forms of the company involved in the provision of limited liability among the owners of different jurisdictions. LLCs lack the essence of organized formations of profit. LLC are business entities, even though, such forms of unincorporated associations are not operated as corporations. Primary characteristics of the LLC share corporation characteristics of limited liability. The case is defined along the flexible corporations and well-suited companies along single ownership plans (Bagley & Dauchy, 2011). Partnerships are required to meet similar local registration requirements like other new businesses. The county and city managements require the businesses to continue registering with them while paying minimum tax. The private investors provide credit lines, leasing facilities, loans for equipment, or other capital forms to sole proprietorships while having exhaustive and alternate financial resources. The possibilities for owners include obtaining financial responsibilities of business partners and other forms of cash to invest (Goldman & Sigismond, 2010). The financial partners remain silent despite the need to participate in more business related decisions. The focus has a general reception of percentages of profits triggered from the businesses. The need for assisting sole proprietors has an inclusive concept of business grants availed within different markets after meeting the set criterion. The primary facilities of loan for small businesses provided by the agency include bank and social loan programs designed for specific applications. The sole proprietors are capacities to make financial legitimacy of the operating expenses such as furniture, working capital, building renovations and leasehold improvements (Abbott, Pendlebury & Wardman, 2007). A critical disadvantage of the partnerships is that for cases where partners seek to leave overall companies, partnerships are entirely dissolved. In such cases, partners should fulfill the remaining business obligations including paying off all debts and making division of profits and assets among themselves. For the government income tax considerations, LLCs are treated through default pass-through categories of entities. Therefore, income within LLCs is taxed based on individual tax rates. Default tax statuses among LLCs have multiple memberships for partnership as required in reporting income and loss (Emerson, 2009). The private limited company has a choice of tax regime as it can elect a tax approach to sole proprietorship or partnership as long as they qualify for respective tax treatment. The concept also provides for the great perspective of overall flexibility. References Abbott, K., Pendlebury, N., & Wardman, K., (2007). Business Law. New York: Cengage Learning EMEA. Bagley, C. E., Dauchy, C. E. (2011). The Entrepreneurs Guide to Business Law. New York: Cengage Learning. Clarkson, K., Miller, R., Jentz, G., Cross, F. (2008). Business Law: Text and Cases. New York: Cengage Learning. Emerson, R. W. (2009). Business Law. New York: Barrons Educational Series. Goldman, A., Sigismond, W. D. (2010). Cengage Advantage Books: Business Law. New York: Cengage Learning. Mann, R., Roberts, B., (2012). Essentials of Business Law and the Legal Environment. New York: Cengage Learning. Twomey, D., Jennings, M. (2010). Business Law: Principles for Todays Commercial Environment. New York: Cengage Learning. 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