Hacks of OPM Databases

Question: Examine about theHacks of OPM Databases. Answer: Presentation In this report, we will examine around a one year old updates on data security penetrates. Data security penetrates put powerless effect on business associations, its notoriety and their clients whose information is spared into database of association. For last numerous years, different data penetrates have seen by clients of IT and till now they are bearing loss of those breaks. The principle explanation behind these data security penetrate is inappropriate administration of data into database, absence of security and approved access of information. To alleviate these penetrates the two clients and designers should be mindful. Presently in this report, we will talk about data security penetrate in detail with its countermeasures. (Gallagher, 2015) Legitimization of Choice for News of Information Security Breach The updates on data security break that we will altogether examine here in this report is about Hacks of OPM Databases. We have chosen this news since it is one of ten most famous updates on data security breaks and a wide scope of clients of this organization have undermined with this issue. It will be a great idea to comprehend about genuine penetrate and how it occurred and who was influenced because of this. This chose news is connected data security break in light of the fact that in this occurrence, delicate information of present and previous representatives has taken by programmers. It implies classified data of clients of organization has taken by programmers. (U.S. Office of Personnel Management, 2016) Purpose behind Breaches This is a significant fragment of this report depicts both specialized and non-specialized reasons of this data security break. As per examination, it is discovered that individual data of at any rate 22.1 million individuals have been taken and this data incorporates addresses, psychological well-being and criminal records. It implies individual and authority data of workers and different individuals from association has lost. In this occurrence of data security spillage, U.S government databases are hacked by programmers. These databases of U.S government holding documents of trusted status and individual records that uncovered delicate data close about 22.1 million individuals. As per assets of this news, not just close to home records are hacked of present and previous representatives by programmers yet additionally far reaching data of their companions and family members have likewise taken. It implies enormous number of casualties were affected by this. As indicated by authorit ies of this assault, this security penetrate is finished by Chinas household non military personnel spying program. This is a non-specialized explanation about this assault and we will talk about this in detail later in this report. Here are some specialized reasons of this assault: The primary specialized explanation behind this OPM data break is absence of security in getting to framework. Programmers are unapproved clients and in the event that they were effective to hack this framework, at that point it implies there is some insufficiency in approved procedure of framework. Other specialized issue is with respect to ill-advised security database. It was duty of database manager to set access authorizations by utilizing solid login qualifications and these certifications must not be anything but difficult to figure. (Deac, 2015) Absence of utilization of system interruption checking programming which has capacity to give alert if there should be an occurrence of any off-base movement into organize, periodical observing of database and system is required here. No legitimate utilization of spyware and hostile to infection that can keep framework and database from helpless assaults. As per examination, it is found malware was gone into database and through a programming content, data has been gathered. Other significant security issue is that programmers were directed foundation examination about OPM databases for last numerous days. In this examination, programmers were researching, ebb and flow, previous and government workers data and afterward with the assistance of this data they have directed this assault. (S. Office of Personnel Management, 2016) Next specialized issue of this data security penetrate is that, OPM frameworks are discovered unreliable. There is issue in working of these frameworks and can be effortlessly hacked. Poor upkeep is likewise an integral explanation behind this hacking assault on OPM frameworks Other than these, specialized issues, there are additionally some non-specialized issues found for this assault. As we have just referenced over that financial specialists have exploring that aggressors were have a place with Chinas household non military personnel spying program on American residents. As per FBI Director James B. Comey, it is treasure trove of data for each and every individual who are working with, worked with and attempted to work with United States government. Here China is associated for taking enormous sums with information on Americans and it was a piece of key arrangement for expanding insight assortment. This explanation is non-specialized, on the grounds that it is worried about government levels of USA and China. Specialists of this assault are attempting to discover careful purpose behind this data security break. Remote covert operative assistance is additionally utilized by U.S government to distinguish strong purpose behind this assault. (USA TODAY, 20 16) Effect of OPM Information Security Breach As per assessment of this security break of OPM, this was seriously terrible assault for legislature of United States of America. Because of introduction of information which can be utilized in other digital secret activities activity incorporates stick phishing assaults and coercing. Other than this, following social effects were additionally experienced by OPM. (Corbin, 2016) Social Impacts of OPM Information Security Breach Any sort of security penetrate whether it is little or huge put terrible effect on all individuals who are casualty of that assault. OPM databases assault was not less unsafe, it has affected a wide scope of individuals, their families and companions. Here we have some social effects of this data security break that must be considered by different nations and must attempt to see all specialized and non-specialized issues of this penetrate. (InformationWeek, 2016) The primary effect of this assault is that because of this individual data of government, official and their families and companions. They have lost their entire individual data in this assault. This assault has offered a major security conversation starter for US government that they can additionally keep up security of their representatives through their databases or not. Because of this assault, OPM has confronted a major test in financial plan and assets that are required for development in IT security. This thing will likewise put impact over better security rehearses. (FCW, 2016) Because of spillage of data, this can be abused by programmers and administration of different nations. This an unavoidable issue for notoriety of US government. These are some fundamental effects of OPM data security penetrate. These effects are social and just as financial. After this assault, residents of America are stressed over their own data that is put away into OPM databases. (Nakashima, 2016) Cures From above conversation, it is cleared that this data security penetrate was a lot of powerless for Americans they despite everything have effect of this assault.( Krebsonsecurity.com, 2016) Here are some basic solutions for controlling this assault and should be executed effectively by US government. These cures are recorded as underneath: It is important for U.S government to improve its security exercises and parameters. Better and severe approaches are required to execute for making sure about database of OPM. The approval and design the board of framework and database need to improve. On the off chance that framework won't be arranged appropriately, at that point it might hacked by programmers. Concentrated arrangement of putting away information ought to be kept up appropriately by OPM. Administrating branch of OPM must find a way to improve security and to point out dangers. Setting of authorizations to clients and workers must be given cautiously by chairman. (Nextgov, 2015) There is additionally prerequisite to assess and screen viability and security controls that are required for classified data that is put away into database. Outsider programming those give counteraction from malware and different infection assaults must be introduced into framework and firewall setup should likewise be actualized into these sorts of framework. System checking programming is likewise required to screen systems and to distinguish hurtful substances those can put helpless effect over framework. (Lawfare,2016) These cures will give victories if these will be actualized fittingly by specialized specialists. OPM databases, however different organizations databases ought to know about these security and protection issues. End After this entire conversation about OPM data security break, we can say this talked about assault was so much powerless and there were different specialized and non-specialized reasons exist for this assault. In this report, we have talked about solutions for alleviated these security issues. Absence of these security apparatuses and strategies straightforwardly lead to destructive assaults. Programmers consistently attempt to discover feeble purposes of a data framework from where they can get to unapproved data. These frail focuses are left because of absence of mindfulness and information about how to secure framework and database. On the off chance that clients will have data about this, at that point the vast majority of the frameworks can be cures. References U.S. Office of Personnel Management. (2016). OPM Announces Steps to Protect Federal Workers and Others From Cyber Threats. (2016). Recovered 22 September 2016, from https://www.opm.gov/news/discharges/2015/07/opm-declares ventures to-shield government laborers and-others-from-digital dangers/ Corbin, K. (2016). How OPM information break could have been forestalled. CIO. Recovered 22 September 2016, from https://www.cio.com/article/2947453/information penetrate/how-opm-information break could-have-been-prevented.html FCW. (

Recent Earthquake Analysis Research Paper Example | Topics and Well Written Essays - 500 words

Late Earthquake Analysis - Research Paper Example American Plate (moving towards west) experiences the Caribbean Plate (moving towards east), causing a generally dynamic zone of subduction and frameworks of volcanic island-bend. The Antilles zone of subduction is in the southeast bearing of this. In a similar way, the South Sandwich Islands which are situated in the southern Atlantic additionally demonstrate a functioning zone of subduction. For this situation, the Atlantic Plate experiences subduction under the Antarctic Plate, prompting the making of the volcanic South Sandwich Islands (Salkey, 59). Most of exceptionally dangerous tidal waves in the Caribbean Sea and Atlantic Ocean were brought about by either the consequence of volcanic ejection or seismic (quake) movement. An extensive extent of these prompted confined passing and harm, however no provincially cataclysmic scale harms past the Caribbean. There are various unsubstantiated and affirmed tidal wave occasions that prompted confined flooding, especially in the Caribbean Islands and South Sandwich Islands. There have been somewhat more than 50 affirmed tidal waves, contrasting in size, around the Caribbean Islands and South Sandwich Islands since the year 1530 (Selinus,

New Haven

New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many manufactures, and the city serves as a major port for petroleum products. The city is an educational center, being the seat of Yale Univ. and its allied institutions and of Albertus Magnus College and Southern Connecticut State Univ. New Haven was founded in 1637â€"38 by Puritans led by Theophilus Eaton and John Davenport. It was one of the first planned communities in America and was the chief town of a colony that later included Milford, Guilford, Stamford, Branford, and Southold (on Long Island). Its government was theocratic; religion was a test for citizenship, and life was regulated by strict rules (see blue laws ). In 1665 the colony was reluctantly united with Connecticut; it was joint capital with Hartford from 1701 to 1875. In the late 18th and early 19th cent., New Haven was a thriving port. Manufacturing grew, and New Haven firearms, hardware, coaches, and carriages became famous products. New Haven was raided by a British and Tory force in the American Revolution , and the port was blockaded during the War of 1812. The world's first commercial telephone exchange was established there in 1879. Since the 1950s, New Haven has received national attention for its pioneering urban renewal projects. The nation's first antipoverty program began there in 1962. Despite these improvements, the city suffered a serious race riot in 1967. New Haven's manufacturing-based economy has since declined, and by 1990 manufacturing employed less than 20% of city's workforce. The city centers upon a large public green, dating from 1680, on which stand three churches built between 1812 and 1816â€"Center and United churches (both Congregational) and Trinity Church (Episcopal). Many old buildings hav e been preserved, and there is a historic district. Landmarks in the city are two traprock cliffsâ€"West Rock, with the Judges' Cave, and East Rock. Noah Webster and Eli Whitney lived and are buried in the city. See R. G. Osterweis, Three Centuries of New Haven, 1638â€"1938 (1953); N. W. Polsby, Community, Power, and Political Theory (1980). The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved. See more Encyclopedia articles on: U.S. Political Geography

Current Money Laundering Threats and Trends - Free Essay Example

Sample details Pages: 6 Words: 1880 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Tags: Act Essay Money Essay Did you like this example? Current money laundering threats and trends Traditional Money Laundering Typologies Structured Transactions Deposited to Financial Institutions It is true to say that the smuggling of prohibited goods will bring a huge amount of money to smugglers. That money, in the end, must be integrated into the economy in order to be used. The transfer of cash through banking system is considered as the most efficient and effective way. Don’t waste time! Our writers will create an original "Current Money Laundering Threats and Trends" essay for you Create order The cash can be moved quickly and electronically in a safe environment. However, jurisdictions would like to make the requirements and policy of transferring cash over a certain amount of money. In other words, financial institutions have to make a report of cash transaction for a regulated amount of cash. For smugglers of drug trafficking or some other banned things, cash transferring is safe and quick, however those cash will be investigated by banks and relevant agencies. As a result, in order to avoid the generation of these reports and the detection, criminals would like to structure their banking transactions. In detailed, they will open different accounts and cash amount at different banks. Since banks and financial institutions have applied the requirement of financial report more strictly and the required Suspicious Transaction Reporting has been developed, criminals would like to find the other ways for laundering their dirty money. This Suspicious Transaction Reporting is required in United States. Whenever banking employees suspected the sources of cash or they had reason to make a doubt that the cash could come from illegal actions; or they were informed that criminals wanted to change the cash into legal funds, the suspicious transaction reporting must be submitted. As a result, the required suspicious transaction Reporting can limit and prevent criminalsà ¢Ã¢â€š ¬Ã¢â€ž ¢ illegal activities in Money laundering. Cash Couriers and Bulk Cash Smugglers (BCS) The money laundering by cash couriers and bulk cash smugglers can be clearly explained by the long statement à ¢Ã¢â€š ¬Ã…“the most obvious technique involved employees of the criminal organization smuggling cash from the consumer country of the illegal product to the distributor, or from the criminal to the foreign bank secrecy destination where he or she had arranged for the currency to be investedà ¢Ã¢â€š ¬Ã‚ . Cash smuggling is divided into two categories including cash courier and bulk cash smuggling. In terms of BCS, criminals would like to smuggle cash with a huge amount. The transportation and delivery of cash can be implemented by some forms such as the involvement of land , sea border or cash concealed in vehicles or cargo containers. Criminals will cross the border illegally through sea or land to bring cash to receivers who also are criminals. Moreover, they can find somewhere in vehicles or cargoes or containers to hide illicit cash. For cash couriers, they are nat ural people and transport illegal cash with them. More clearly, they will conceal the cash into somewhere of their bodies or hide the illicit cash in their luggages which they bring with them. Among methods of the cash transportation, cash couriers prefer the transportation through commercial airline. It seems that the transportation through commercial airline will be less controlled and be faster. Consequently, the risk is less. For both cash courier and bulk cash smuggling, the money, which has larger denomination, will be used. The reason is that the larger denomination money will reduce the weight and size of the cargoes or luggages or vehicles or containers. The illicit cash transportation will be with a small quantity for the first time, then the quantity of the cash will be increased in next times. The purpose is to avoid risk of avoid the risk of being detected. In order to prevent and solve issues related to cash couriers and bulk cash smugglers, the International standa rds on combating money laundering and the finance of terrorism and proliferation (FATF) Special Recommendation IX was borned[1]. Following this regulation, countries have to implement à ¢Ã¢â€š ¬Ã…“either a declaration or disclosure system for detecting the cross-border transportation of currency and bearer negotiable instrumentsà ¢Ã¢â€š ¬Ã‚ . Besides, if border officials suspect the origin of cash or this kind of cash transported for illegal purposes, they will have responsibilities to seize the currency or bearer instruments. Lastly, people who are related to the action of illegal transportation such as providing false disclosures or declarations will be penalized by jurisdictions. The confiscation of currency or instruments related to terrorist financing or money laundering will also be carried out. The FATF is very helpful in issuing a Best Practice guidance paper, which support jurisdictions in recognizing the illicit cash[2] Money Service Businesses and Informal Value Transfer Systems The money laundering and cash transporting through central banks and commercial banks are very risky. Consequently, criminals, especially terrorists will choose non-banking financial institutions or service businesses since these organizations pay less attention to money laundering and regulations of money laundering. Hence, the risk of dirty money detected is not high. The illegal money circulation will not encounter barriers. Among those organizations, Western Union and Money Gram can recognize the harm of money laundering. Therefore, they have complied with the reporting requirements and well- cooperated with the law. In contrast, smaller ethnic-based money services businesses including grocery store, travel agency, and so on do not identify their responsibilities of anti à ¢Ã¢â€š ¬Ã¢â‚¬Å"money laundering and terrorist activities. As a result, criminals take advantage of organizationsà ¢Ã¢â€š ¬Ã¢â€ž ¢ deficits to launder their cash. Western Union and Money Gram are in charge o f different financial activities, for example wire transmission, exchange of foreign currencies, cash checking and sales of money orders à ¢Ã¢â€š ¬Ã‚ ¦etc. The transaction between Western Union, Money Gram and their customers takes place within United Nations and foreign countries. In the aspect of Informal Value Transfer Systems, it is popular in North Africa, Middle east, the horn of Africa and South Asia. The Informal Value Transfer System can be called à ¢Ã¢â€š ¬Ã…“ hawalaà ¢Ã¢â€š ¬Ã‚ . Its mechanism of action is to à ¢Ã¢â€š ¬Ã…“allows hawaladars from all parts of the world to transfer funds to and from their clients by setting debts between themselvesà ¢Ã¢â€š ¬Ã‚ . Trade-based Money Laundering Except for Structured Transactions Deposited to Financial Institutions, Cash Couriers and Bulk Cash Smugglers, and Money Service Businesses and Informal Value Transfer Systems, criminals use the Trade-based Money Laundering for their ethical behaviors. This method is very sophisticated. The quantity and value of cash is transported by falsifying invoices, or writing invoices under or over real invoices of commodities which are imported or exported. In other words, criminals will buy a quantity of commodity and the amount of cash for the commodity is 10 thousands dollar, for example; However, when writing the invoice, they will require their seller to note on the number of 5 thousands dollar. This phenomenon is popular in import and export operations. The purpose is to get tax evasion or to get tax application at low rate. Criminal also use over-invoicing commodities to hide the move of cash through complex and complicated documents. By this money laundering, criminals sometimes can associate with legal trade activity. Colombian drug cartels prefer to use trade based money laundering. It is popular in the way that they buy drug from other countries and resell it in their country. They also sell drug to other countries. The transportation of their drug is carried out through a common method named the Black Market Peso Exchangeà ¢Ã¢â€š ¬Ã‚ . Both Western Union and Gram money of Money Business Service and hawaladas of informal value transfer systems use trade based money laundering to settle the debts which is rised from foreign remittances. In short, criminal will buy commodities from a foreign country and transfer cash to the other country where the commodity will be sold, the proceeds will be sent to intended recipient. The trade based money laundering has nine indicators of red flag such as à ¢Ã¢â€š ¬Ã…“vendor payments made in cash by unrelated third parties; vendor payments made via wire transfers from unrelated third parties; vendor payments via che cks, bank drafts, or postal money orders from unrelated third parties; false invoicing and customs documents including commodity misclassification or commodity over valuation or under valuation; carousel transaction; commodities traded do not match the business invoiced; unusual shipping routes or transshipment points, packaging inconsistent with commodity or shipping methods; and double invoicing.à ¢Ã¢â€š ¬Ã‚  Emerging Technologies Previously internet, social network and technology do not develop as it is now. Therefore, criminals have to choose traditional money laundering typologies above for their illegal actions. In recent some decades, the boom of science and high technology has changed the method of money laundering. The below is three methods of ML in modern time. Prepaid Value Cards In order to make payment more convenient and quicker, FAFT issued a new method of payment in October of 2006. This method encourages legitimate trade organizations to use because of its convenience. However, the money launders have taken advantage of this advancement for their personal objectives. This issue has made non- banks busier in their service business. The opportunity to earn profit is higher through offering prepaid value cards, electronic purses, mobile payments, internet payment services and digital precious metals. Nevertheless, money-laundering criminals have considered those features as good methods for their money laundering purposes. In comparison to the ATM system which the surveillance camera is used, the new payment methods can help criminals avoid the supervision of financial providers. Hence, the possibility of being identified is lower. The other advantage and convenience of those payment methods is easy to access at any time and in anywhere of the world as l ong as the place has wifi, phone reception, or internet is connected. Compared to traditional cash transferring, those methods have more convenient [3]. Online Payment Systems The appearance of high technology and the boom of internet have brought many benefits to users. However, it has also created a dark side. Hackers can stole cash from banks and credit card information and information related to financial institutions. Money launders can make illegal funds disappear in dozens of different online accounts (Grow and Brian, (2006). These criminals will make those accounts difficult to be explored. As a result, online payment system, to some extent, can cause a danger to society and the financial system [4] Increased Use of Gatekeepers to Establish Sophisticated Trusts Along the development of technology and online network, the operation of money laundering is more and more sophisticated. Gatekeepers now have become more dangerous threat to society than the previous time. They are professional accountants, lawyers, and companies that provide service. Their participation in money laundering has contributed to the success of money laundering activity. They can directly launder money or be the third party to serve money-laundering process. According to FATF, Political Exposed Persons is regarded as gatekeepers because they are able to access to the funds and systems in their nations. Consequently, many of these gatekeepers have done tasks for personal aims. Furthermore, they are allowed to adjust the financial legislation or rules for personal purposes [5]. As a result, unmoral gatekeepers are very dangerous for society in general and for financial system of that country in particular. [1] https://www.fatf-gafi.org/dataoecd/50/63/34424128.pdf, [2] https://www.fatf-gafi.org/document/19/0,3343,en_32250379_32236920_43775315_1_1_1_1,00.html, [3] Global Money Laundering Terrorist Financing Threat Assessment(July 2010) https://www.fatf-gafi.org at pp. 34-35 [4] Grow, Brian, à ¢Ã¢â€š ¬Ã…“Gold Rush: Online payment systems like E-gold Ltd. are becoming the currency of choice for cybercrooks.à ¢Ã¢â€š ¬Ã‚  Bloomberg Business Week (Jan. 9, 2006) [5] https://www.fatf-gafi.org/dataoecd/48/10/45724350.pdf at p. 44

A Short Note On The Treaty Of Versailles - 1560 Words

Treaty of Versailles Essay During the years of 1914 to 1918, the first World War was fought resulting in a very destructive war. The war suffered approximately 10 million casualties and the ‘Western Front’ was totally destroyed. This also left many areas in Europe being destroyed too. On November 11th, 1918, Germany signed a cease-fire called ‘the Armistice’, and surrendered. In January, delegates from several countries met in Paris, France to discuss a peace treaty in hopes of ending the war. There were three important leaders, each with different ideas: Woodrow Wilson, George Clemenceau and David Lloyd George. The Germans were not extended an invitation to the meeting, but were forced to sign the treaty, no matter what the conditions were. The document became known as the Treaty of Versailles, which later was not implemented successfully. The Treaty of Versailles was signed in June 1919 and was the peace settlement that was supposed to end World War I. The failure of the Treaty of Versailles caused economic downfall and German expansion, which all contributed to the start of World War II. Another downfall of the treaty, further lead to the rise of Adolf Hitler and the fascist party. Many feared the start of a second World War. Contributions from President Wilson’s Fourteen Points, United States’ policies and international effort, were made to prevent World War II. While the war was still taking place, Woodrow Wilson, President of the United states, proposed a planShow MoreRelatedA Short Note On The Treaty Of Versailles Essay1532 Words   |  7 PagesTHE TREATY OF VERSAILLES Name Course Date of Submission As World War I approached its close, the Treaty of Versailles was among the peace treaties signed. It marked the end of warfare between the Allied Powers and Germany. The signing of the agreement occurred in 1919. The main reason behind the signing of the accord was to reprimand Germany for its part in the damage that happened in WWI. The main world leaders involved in the process represented France, England, the United StatesRead MoreWhy Did the 1919 Paris Peace Settlement Not Provide a Durable Peace in Europe1570 Words   |  7 PagesPresident Woodrow Wilsons Fourteen Points. However, the Treaty of Versailles, sharply differed from Wilsons points, and Germany, who felt betrayed, denounced the treaty as morally invalid. Henig claimed that the fact that it did not survive the 1920s intact stemmed, not so much from the terms of the peace treaties themselves but from the reluctance of political leaders in the inter-war period to enforce them2. Overall, the Treaty of Versailles was flawed to the extent that instead of preventing futureRead MoreHow Significant Was The Versailles Settlement Of Shaping The History Of The Weimar Republic? Essay1629 Words   |  7 PagesSignificant was the Versailles settlement in shaping the history of the Weimar Republic? Explain your answer. 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Gustav Stresemann had decided to take on the job of leading a battle for a policy he felt was in his nation’s vital interest even thoughR ead MoreReasons Why Nazis Came to Power in 19331712 Words   |  7 Pagesmain reasons involved history, economics, politics and the personality of Hitler. The main political events occurred in 1923 and 1933. The Treaty of Versailles was one of the most important causes that led to Hitlers rise in Germany. From the German point of view the treaty was incredibly harsh and devastating for Germany. The treaty contained five major points that would be Germanys demise. Germany was reduced severely as a military power. Due to this the country also hadRead MoreEffects Of The Treaty Of Versailles2242 Words   |  9 Pagesimpact of the policies and treaties created by the â€Å"Big Four† (Great Britain, Italy, France and The United States) would leave devastating irreversible consequences on the Great War’s losers. 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Seven External Factors That Could Influence Business And Marketing Efforts Free Essays

This paper will follow a young business as it begins the process of establishing itself in the legal world. There are several factors that business must consider before choosing what type of originations the business will become. In the case of this new company they have opted to become an S corporation. We will write a custom essay sample on Seven External Factors That Could Influence Business And Marketing Efforts or any similar topic only for you Order Now An outline of what lead to this decision will be discussed in-depth. In addition the steps that were taken to complete this task. Business Scenario As the reality of the business begins, it becomes very clear that we must start making the necessary steps to legalize the organization. The first step is to registering the business name. After registering Gentle Clean, we must make a decision on whether to become a corporation or a partnership. The first thing that must be considered is making sure that the business is its own entity. It’s very important that the business and its affairs do not affect our personal lives. As well as anything personal rolling over to the business. A LLC is seen as its own legal entity and is treated as completely separate and distinct from its members. An LLC can be sued, can sue, can enter into contracts, and be found liable both civilly and criminally all on its own, separate from the members of the LLC. In addition a LLC can be member- or manager-managed, which determines who has authority to bind the LLC in contracts. A LCC can be taxed as a partnership, resulting in the income being taxed to the partners’ own tax returns, or corporation, meaning it would be taxed as its own entity. C corporation and S corporation have limited liability protection for the owners, and each is seen as a separate legal entity from the owners. The main difference between the two is taxation. The C corporation files its own tax return, and while the S corporation must file corporate tax returns, it does not pay taxes at the corporate level. Rather, the profits of the corporation are passed through to the individual to the shareholders on their own individual tax returns. Reviewing the two options one point must be seriously reviewed. The matter of taxation is of serious importance, and which way we proceed. Both an LLC and S corp and C corp are their own entities. Yet very different in other aspects. We must decide whether to pay taxes at a cooperate level, or have the profits of the corporation are passed through to the individual to the shareholders on their own individual tax returns. Federal taxable income is between 15% and 35%, state and local taxes vary on income. Shareholders of most corporations are not taxed directly on corporate income, but must pay tax on dividends paid by the corporation. However, shareholders of S Corporations and mutual funds are taxed currently on corporate income, and do not pay tax on dividends. Since it will be several months if not years that the company will make a real profit. It would be in the best interest of the company to file as an S corp. Thus allowing the company to be its own entity as well as establishing the company and protecting the interest of our product. With that being said we must meet with a corporate attorney and file all necessary documents and begin the process of becoming an S corporation. Gentle Clean is now on its way to becoming a competitor in the world of Green cleaning supplies. How to cite Seven External Factors That Could Influence Business And Marketing Efforts, Essays

Short Guide to Answering Exam Questions free essay sample

Such questions are usually very straightforward. You would usually be asked to â€Å"discuss†, â€Å"explain† or â€Å"write short notes†. However, the examiner may sometimes ask you to â€Å"compare†, â€Å"identify the difference: or â€Å"explain the difference†. This type of question would expect you to list out what the respective characteristics of the terms are and then identify the differences. Just be careful of overconfidence. Hypothetical questions Look first at the question the examiner wants you to answer. It is usually found in the last sentence(s) of the question. This will influence the way you look at the hypothetical facts given. If you look at the facts before you look at the question, you may form your own question and this may result in the inappropriate answer. 1. 1. 2. Identifying applicable law (applicable to all questions) Once you have identified the question, this also narrows down the principles you have to use to answer. The applicable principles can be very wide or very narrow. We will write a custom essay sample on Short Guide to Answering Exam Questions or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A contract question is obviously about the law of contract. But the law of contract covers many different sub-topics. Even these can be very general. For example, you have misrepresentation, mistake, lack of capacity etc. Under mistake, you have unilateral or bilateral mistakes. And the list goes on. Once you identify the appropriate legal principle, you should quickly write down the key points. Being able to narrow down the specific law being asked also means that you can elaborate more on the specific point. This will mean less time wasted on unnecessary points. 1. 1. 3. Identifying the key factors for liability (applicable to all questions) As you study, you would realize that the law is very much like a mathematical formula. To establish liability under a principle, you would usually have to establish certain factors exist. The hypothetical usually requires you to discuss one or more of these factors. Before you are able to proceed further, you should therefore identify the key factors. Example is that for a contract to be formed, you must have the factors of offer, acceptance of the offer, an intention to create legal relationship and consideration. Once you identify the appropriate key principle, you should quickly jot down the key words as well as the key case to be used. Identifying the key facts (not applicable to pure theoretical questions) Once the key points have been identified, you are now ready to look at the facts of the case. As you read the facts, you will be now looking to see how many of the factors actually exist in the problem. You have to carefully identify the â€Å"missing† or â€Å"contentious† facts. For other questions, you have to identify what the examiner wants from you. If it is similarity or difference, then you look for the similarities or differences in the principles you are expected to compare. For one thing, a lot of students think they if they cover everything, they are bound to hit something. The problem often is that you do not discuss enough about the relevant issues and much about the irrelevant ones. The student also runs out of time and this is often the reason why students find that they have not enough time. †¢ Criticizing the law. Students sometimes feel it necessary to criticize a legal principle. The mistake is that you spend all the time criticizing the principle without solving the problem. Focus on solving the problem first before criticizing the law. Ignoring the law. Sometimes the legal answer seems wrong from a practice point of view. The student then decides to give â€Å"practical† advice instead of focusing on the legal aspects of the case. Again, give your legal solution first before embarking on the â€Å"practical† solution. †¢ Confusing the solution. Students try very hard to solve the entire problem at the same time. This o ften leads to convoluted and incomprehensible answers. In short, no one (including the student) understands the answer. Solve one problem at a time and then give the overall view at the end.