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The objects of a financier are, then, to secure an ample revenue; to impose it with judgment and equality; to employ it economically; and, when necessity obliges him to make use of credit, to secure its foundations in that instance, and for ever, by the clearness and candor of his proceedings, the exactness of his calculations, and the solidity of his funds.

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While it may not seem intuitive, the battle of objective vs. subjective decision often makes an appearance in investing. Subjective refers to personal perspectives, feelings, or opinions entering the decision process. Objective …

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Ingeneral, objectives are more specific and easier tomeasurethan goals. Objectives are basic tools that underlie allplanningandstrategicactivities. They serve as the basis for creatingpolicyand evaluatingperformance. Someexamplesofbusinessobjectives include minimizing expenses, expanding internationally, or aprofit.

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definition of businessbusiness capability

definition of businessbusiness capabilityWhile functions and roles tend to change rapidly as new employees enter the business, business capabilities remain relatively sle. Highlevel business capabilities include concepts such as sales andsupply chain managementthat can be met by a number of various business processes, which in turn can incorporate a variety of business roles. Business capabilities can also be broken down into more granular levels. Supply chain management, for example, could be split into product flow, information flow, and finances flow.

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Business capability is the expression or the articulation of the capacity, materials and expertise an organization needs in order to perform core functions. Enterprise architects use business capabilities to illustrate the overarching needs of the business in order to better strategize IT solutions that meet those business needs.

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Business capabilities are sometimes confused with other concepts inbusiness process managementsuch asbusiness processesand business functions. Business processes describe the methods an organization employs in order to provide and leverage business capabilities. Business functions describes the roles that iniduals and units within the business play in regards to meeting business objectives.

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Systems architects will frequently begin by a business capability map that takes stock of all the essential functions of an enterprise. Business capability mapping is a useful tool for documenting the relationships between a businesses core function and software applications, computing systems and components in theenterprise architecture. The goal of capability mapping is not only to align technology with business, but to discover waste and streamline operations.

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Protected Cell Company P means a single legal entity that operates through separate accounts, or cells, each of which is legally protected from the liabilities of the companys other accounts. In the case of an inidual clients account, it is insulated from the gains and losses of other accounts, and thus the Protected Cell Company sponsor and each client are protected against liquidation activities by creditors in the event of insolvency of another client.

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legal form of companyChoosing the Legal Form for Your Real Estate Business

If you earn a profit, the money is added to any other income you have for example, interest income or your spouses income if youre married and file a joint tax return and that total is taxed. To show whether you have a profit or loss from your sole proprietorship, you must file IRS Schedule C,Profit or Loss From Business, with your tax return. On this form, you list all your business income and deductible expenses.

A corporation is a separate legal entity you can organize and conduct
 as a business and share in the profits or losses. It can hold title to property, sue and be sued, have bank accounts, borrow money, hire employees and do anything else in the business world that a human being can do.

In some states, real estate brokers and agents must form a special of corporation called a professional corporation. A professional corporation has the basic attributes of a regular corporation with certain restrictions about ownership and the of work it can do. Typically, a professional corporation must be organized for the sole purpose of performing professional services and all shareholders must be licensed to render that service. Thus, for example, in a real estate broker corporation, all the shareholders must be licensed brokers. A professional corporation is a state law classificationit has nothing to do with the IRS or taxes.

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LLCs owned by two or more people are ordinarily taxed the same as partnerships. LLCs with only one owner, are taxed like sole proprietorships.

For a real estate agent who works as an independent contractor for a real estate broker, the sole proprietorship form is a good choice due to its simplicity and inexpensiveness.

In many states, a corporation can obtain a real estate broker license in its own name. Most states require that some or all of the officers and/or directors of the corporation be licensed brokers.

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Thesole proprietorshipis by r the st and cheapest way to legally organize any business. You dont have to do anything special
 or file any s to set up a sole proprietorship other than the usual license, permit and other regulatory requirements your state or locality imposes on any business. Of course, you also need to comply with your states real estate licensing requirements.

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If your business doesnt have enough assets to pay a judgment obtained against you, your personal assets can be taken. Thus, your personal assets will always be on the line if you are sued for malpractice. This is why real estate sales professionals should always have errors and omissions insurance.

As a rule, a real estate broker is legally responsible for the actions of the real estate agents salespeople who work in his or her office. Forming
 a corporation or limited liability company may help limit the extent the broker can be held personally liable for malpractice committed by independent contractor agents or employees as long as the broker wasnt personally involved in the alleged wrongdoing.

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Stephen Fishman is a selfemployed tax expert and regular contributor to MileIQ. He has dedicated his career as an attorney and author to writing useful, authoritative and recognized guides on taxes and business law for entrepreneurs, independent contractors, freelancers and other selfemployed people. He is the author of over books and hundreds of articles, and has been quoted in The New York Times, Wall Street Journal, Chicago Tribune, and many other publications. VisitFishman Law and Tax Filesfor more information on his work.

How The New Tax Law Affects Small Business Owners

Moreover, the single greatest liability exposure most real estate agents and brokers ce is for malpracticelawsuits by dissatisfied buyers or sellers alleging things like fraud, misrepresentations, negligence, ilure to disclose and other violations of the agents or brokers legal and fiduciary duties. Forming a corporation will not protect you against personal liability for your own malpractice or other personal wrongdoing.

For tax purposes, there are two s of corporations S corporations and C corporations. S corporations are passthrough entities are taxed similar to partnerships. C corporations are separate taxpaying entities. C corporations must pay income taxes on their net income and file their own tax returns with the IRS. They also have their own income tax rates which are lower than inidual rates at some income levels.

The advantage the LLC provides over partnerships and sole proprietorships is that it provides its owners the same degree of limited liability for business debts and lawsuits as do corporations as described above. However, they are vored over corporations by many small business owners because they are easier to form and operate, requiring less legal formalities.

In most states, all the owners must be licensed to perform the professional services carried on by the LLC; and ownership cannot be transferred to unlicensed iniduals. Thus, all owners of an LLC 
formed to operate a real estate brokerage must be licensed brokers, and no owner may transfer his or her ownership in the LLC to a nonbroker.

In theory, every corporation consists of three groups 
those who direct the overall business, called directors; those who run the business daytoday, called officers and those who just invest in the business, called shareholders. However, in the case of a small corporation, these three groups can be and often are the same person; that is, a single person can direct and run the corporation and own all the corporate stock. So if you incorporate your oneperson real estate business, you dont have to go out and recruit and pay a board of directors or officers.

However, sole proprietorships do have one big drawback They offer no limited liability.  A sole proprietor is personally liability for all debts and other liabilities. This means that a business creditora person or company to whom you owe money for items you use in your businesscan go after all your assets, both business and personal. This may include, for example, your personal bank accounts, your car and even your house.

The main reason real estate brokers choose the corporate form is to limit theirpersonal liabilityfor business debts and lawsuits. In theory, the owners of a corporationthe shareholdersare not personally liable for corporate debts. However, in realty, owners of small corporations are often required to personally guarantee their corporations debts, so such limited liability is often more mythical than real.

Because a partnership is a separate legal entity, property acquired
 by a partnership is property of the partnership and not of the partners inidually. This differs from a sole proprietorship where the proprietorowner inidually owns all the sole proprietorship property.

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A partnership is a form of shared ownership and management of a business. The partners contribute money, property and/or services to the partnership and in return receive a share of the profits the partnership earns. Unlike a sole proprietorship, a partnership has a legal existence distinct from its ownersthe partners. It can hold title to property, sue and be sued, have bank accounts, borrow money, hire employees and do anything else in the business world that a human being can do. Indeed, in some states, a partnership can obtain a real estate brokerage license in its own name.

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MileIQs blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.

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A partnership automatically comes into existence whenever two or more people enter into a venture together to earn a profit and dont choose to form some other business entity. As with sole proprietorships, it is not necessary to file any s to form a general partnership. However, its highly advisable to have a detailed written partnership agreement eslishing how the partnership will be financed and governed.

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To form an LLC, one or more people must file articles of organization with their states business filing office. Although not required, it is highly desirable to adopt a written LLC operating agreement laying out how the LLC will be governed. If you dont prepare an operating agreement, the deult provisions of the states LLC Act will apply.

Under partnership tax treatment, the business entity is a passthrough entity for tax purposesthat is, it ordinarily pays no taxes itself. Instead, the profits, losses, deductions and tax credits of the business are passed through the business to the owners inidual tax returns. If the business has a profit, the owners pay income tax on their share on their inidual returns at inidual income tax rates. If the business incurs a loss, it is likewise shared among the owners who may deduct it from other income on their inidual returns, subject to certain limitations.

The limited liability company, or LLC, is a unique hybrid a cross between a partnership and corporation. It provides the flexibility, informality and tax attributes of a partnership and the limited liability of a corporation. For many, this is the best of both worlds, and LLCs have become very popular in recent years. Many real estate professionals have formed LLCs. However, some statesCalifornia, for examplebar most real estate brokers from using them.

Because a C corporation is a separate taxpaying entity, it may provide its employees with taxfree fringe benefits, then deduct the entire cost of the benefits from the corporations income as a business expense. No other form of business entity can do this. When you form a corporation, it automatically becomes a C corporation for federal tax purposes. But you have the option of choosing S corporation taxation by filing an election with the IRS.

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As a general rule, all the partners in a partnership that operates a real estate brokerage must be licensed real estate brokers. Check your states real estate broker licensing rules for details.

As r as taxes are concerned, its an excellent choice because it provides passthrough taxation, which most agents prefer. You also wont have to file a separate tax return for your business, which saves time and money. When youre a sole proprietor, you and your business are one and the same for tax purposes. Sole proprietorships dont pay taxes or file tax returns. Instead, you must report the income you earn or losses you incur on your own personal tax return, IRS Form .

Unlike a sole proprietorship, a partnership is considered to be separate from the partners for the purposes of computing income and deductions. The partnership files its own tax return on IRS Form . Form is not used to pay taxes; rather, it is an information return that informs the IRS of the partnerships income, deductions, profits, losses and tax credits for the year. Form also includes a separate part called Schedule K in which the partnership lists each partners share of the items listed on Form . A separate Schedule K must be provided to each partner. Each partner reports on his or her inidual tax return Form his or her share of the partnerships net profit or loss as shown on Schedule K.

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Similarly, a personal creditora person or company to whom you owe money for personal itemscan go after your business assets, such as business bank accounts and equipment. If youre a sole proprietor, youll also be personally liable for businessrelated lawsuits.

Mostreal estate agentsare independent contractorsselfemployed business owners who are affiliated with a licensed real estate broker 
in their state. As such, they are running independent businesses, even though they must work under a licensed brokers supervision. This post will help guide real estate agents and brokers on how to choose the correct real estate legal forms.

You create a corporation by filing the necessary forms with, and paying the required fees to, your appropriate state agencyusually the office of the secretary of state or corporations commissioner. Each state specifies the forms to use and the filing cost. Youll also need to choose a name for your corporation, adopt corporate bylaws, set up your corporate records, and capitalize your corporationissue stock in return for money, property and/or services provided to the corporation.

If you incorporate your real estate business, it becomes the owner
of the businessthat is, it owns or leases all the necessary assets to run the business and hires employees and independent contractors to provide services to clients. It collects all the money clients pay, and pays all the bills including employee salaries and benefits. You own the corporation in the form of stock ownership. And you will ordinarily work as an employee of your corporation.


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Corporations and LLCs provide limited liability, which is the main reason why many small business owners use them. However, if youre running a oneperson operation, the limited liability youll obtain by forming a corporation or LLC is often more illusory than real. Thus, sticking with the unflashy, , and cheap sole proprietorship is a perfectly rational choice.

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The sole proprietorship and partnership are the deult entities they come into existence automatically unless a busine owners take the steps necessary to form one of the other entities.

Partnerships dont provide the inidual partners with any limited liability. Partners are personally liable for all partnership debts and lawsuits, 
just like sole proprietors. This means that youll be personally liable for business debts your partners incur, whether or not you know about them.

A sole proprietorship is a oneowner business. Unlike a corporation, LLC, or partnership, it is not a separate legal entity. The business owner proprietor personally owns all the assets of the business and is in sole charge of its operation. Most sole proprietors run small operations, but a sole proprietor can hire employees and nonemployees, too. Indeed, some sole proprietor brokers have large operations with many employees.

Many states require that real estate brokers have malpractice insurance to obtain this limited liability. Other states limit the amount of limited liability incorporating can provide a broker. The rules vary from state to stateyou should learn yours to determine if incorporating makes sense to limit your personal liability for others malpractice

If two or more brokers decide to coown a brokerage firm and split their income and expenses, they cannot be sole proprietors because they are not running a oneperson business. Instead, they automatically become partners in a general partnership unless they incorporate or form a limited liability company.

The great majority of real estate agents who work as independent contractors for a real estate brokerage are sole proprietors. Many oneowner brokerage firms are also sole proprietorships. Often, real estate professionals attain this legal status without even realizing it Quite simply, if you start in business by yourself and do not incorporate or form an LLC, you are automatically a sole proprietor.

Of course, real estate brokers are also running businessesthey, usually own a real estate brokerage firm, either themselves or with other brokers, for which one or more agents work. Every business has a legal form. If youre working as a broker or agent right now, you are almost certainly involved in one of the following s of business entities

legal form of companyPARTNERSHIP AGREEMENT

.VOLUNTARY TERMINATION. The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order a to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; b to equalize the income accounts of the partners; c to discharge the balance of the income accounts of the partners; d to equalize the capital accounts of the partners; and e to discharge the balance of the capital accounts of the partners.

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.SALARIES AND DRAWINGS. Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

.BOOKS. The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing and ending , and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

.TERM. The partnership shall begin on _, _, and shall continue until terminated as herein provided.

.INTEREST. No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

.BANKING. All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either partner.

.CAPITAL. The capital of the partnership shall be contributed in cash by the partners as follows A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

.DEATH. Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedents interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the lastknown address of such heir. a If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedents capital account as at the date of his death plus the decedents income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedents death; but the survivor shall nevertheless be entitled to use the trade name of the partnership. b Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in paragraph with reference to voluntary termination.

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.MANAGEMENT DUTIES AND RESTRICTIONS. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial , or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the of property bought and sold in the regular course of its business.

.PROFIT AND LOSS. The net profits of the partnership shall be ided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

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This PARTNERSHIP AGREEMENT is made on , __ between and .

.ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

.NAME AND BUSINESS. The parties hereby form a partnership under the name of to conduct a . The principal office of the business shall be in __.

Executed this __ day of __, __ in [city], [state].

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ALB honored Finnegan with the International IP Law Firm of the Year award at its ALB Korea Law Awards reception. The ALB awards recognize the outstanding performance of legal practitioners that have significantly contributed to the evolving legal landscape in the region.

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This award is particularly exciting since the firm has only been on the ground in Seoulsince , saidCharles H. Suh, managing partner of Finnegans Seoul office. In , Finnegan was named International IP Law Firm of the Year at theAsian Legal BusinessJapan Awards.

Asian Legal BusinessALB is owned by Thomson Reuters, the worlds leading source of intelligent information for businesses and professionals. With its portfolio of leading titles, online services, law awards and inhouse legal summits, ALB provides authoritative and unbiased insights and unmatched networking and business development opportunities to legal professionals throughout the AsiaPacific and the Middle East regions. ALB combines news and analysis from its team of professional legal journalists and the expert opinions of senior industry professionals with Reuters news and insights that power businesses across the globe.

Related ProfessionalsCharles H. SuhPartnerSeoul EmailRelated News

business definitionTable of Small Business Size Standards

SBAs Directory of Federal Government Prime Contractors with a Subcontracting Plan

Interagency Task Force on Federal Contracting Opportunities for Small Businesses

Since standards are mostly based on the average annual receipts or the average employment of a firm, refer to these links for more information on how

Statutory Goals Eslished by Federal Executive Agencies

Certain government programs, such as SBA loan programs and contracting opportunities, are reserved for small business concerns. In order to qualify, businesses must satisfy SBAs definition of a small business concern, along with the standards for small business.

Subcontracting Possibilities Per SBA Area

For more information about standards, contact a Size Specialist at your nearestSBA Government Contracting Area Officeor contact the Office of Size Standards by email ator by phone at .

Not sure where to start? Start your business in steps.

To help small business owners assess their small business status, SBA has eslished a Table of Small Business Size Standards pdf fileexcel file, which is matched to theNorth American Industry Classification System NAICSfor industries. The current le of standards is based on the  NAICS.

For questions about small business standards, contact

A standard, which is usually stated in number of employees or average annual receipts, represents the largest that a business including its subsidiaries and affiliates may be to remain classified as a small business for SBA and federal contracting programs. The definition of small varies by industry.

The le of standards can also be found online in theSmall Business Size Regulationspublished by theElectronic Code of Federal Regulations.

What You Need To Know if You Are a Federal Contracting Officer

SBA.govContractingGetting Started as a ContractorMake Sure You Meet SBA Size Standards» Table of Small Business Size Standards

What You Need To Know if You Are a Women Owned Small Business

U.S. Small Business Administration rd St, SW. Washington DC

Federal Government Personnel Training Schedule

To learn more about these definitions readWhat are the Small Business Size Standards?