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4. Forms of business organizations . Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a sole proprietorship? Check all that apply. Subject to lower income taxes Has unlimited life Owned by single individual Subject to unlimited liability Less regulated can easily raise large amounts of capital You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership Type of Business Sole Proprietorship Corporation LLC/LLP Partnership Business Scenario Radford started a business, based in a different state, with his unce. Due to the business's underperformance, they had to close the business Radford, however, ended up losing his house due to a litigation claim Aakash, Radford, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt. Ethan started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Ethan had to shut down his business and lost all his personal assets in the process ODX Co. is a shipping company. Aakash owned 1,000 shares of DDX stock. He found better opportunities and sold his entire stake in DDX to another investor 6. Agency conflicts between managers and shareholders . Remember, an agency relationship can degenerate into an agency conflict when an agent acts in a manner that is not in the best interest of his or her principal. In large corporations, these conflicts most frequently involve the enrichment of the firm's executives or managers (in the form of money and perquisites or power and prestige) at the expense of the company's shareholders. This usurping and reallocation of shareholder wealth is most likely to occur when shareholders do not have sufficient information about the decisions and actions being made by the firm's management Consider the following scenario and determine whether an agency conflict exists: Jacob owns Jacob's Tantalizing Tees, a T-shirt shop in a small college town in Virginia. With a staff of three part-time employees, Jacob operates the business in accordance with his personal goals, dreams, and capabilities. Does Jacob have an agency conflict to deal with? Yes; as both the owner and operator of Jacob's Tantalizing Tees, Jacob has created the necessary agency relationship through which an agency conflict can exist. Yes, there is always an inherent conflict of interest between owners and operators (managers). No; by having part-time, as opposed to full-time, employees, Jacob is prevented from experiencing an agency conflict O No; as both the owner and operator of Jacob's Tantalizing Tees, Jacob has not created the necessary agency relationship through which an agency conflict can exist. Consulting firms and human resource departments have spent innumerable hours attempting to develop executive compensation programs that will align the goals of a firm's managers with those of the firm's shareholders. Which of the following compensation packages is most likely to accomplish this task? An annual salary of $250,000 and a stock option bonus package that provides 250,000 shares after five years An annual salary of $500,000 and a stock option bonus package that provides 100,000 shares after one year An annual salary of $500,000 and a stock option bonus package for a total of 250,000 shares, with 50,000 shares vesting at the end of each of the next five years An annual salary of $800,000 Does Jacob have an agency conflict to deal with? Yes; as both the owner and operator of Jacob's Tantalizing Tees, Jacob has created the necessary agency relationship through which an agency conflict can exist. Yes; there is always an inherent conflict of interest between owners and operators (managers). No; by having part-time, as opposed to full-time, employees, Jacob is prevented from experiencing an agency conflict. No; as both the owner and operator of Jacob's Tantalizing Tees, Jacob has not created the necessary agency relationship through which an agency conflict can exist. Consulting firms and human resource departments have spent innumerable hours attempting to develop executive compensation programs that will align the goals of a firm's managers with those of the firm's shareholders. Which of the following compensation packages is most likely to accomplish this task? An annual salary of $250,000 and a stock option bonus package that provides 250,000 shares after five years An annual salary of $500,000 and a stock option bonus package that provides 100,000 shares after one year An annual salary of $500,000 and a stock option bonus package for a total of 250,000 shares, with 50,000 shares vesting at the end of each of the next five years An annual salary of $800,000 In addition to well-designed executive compensation packages, two other motivational forces can align the interests of managers with those of their shareholders. Which of the following actions could be used to reduce the potential for these agency conflicts and ensure that the firm's managers will pursue the long-term wealth interests of their shareholders? Let the manager know that he or she will be fired if the company's stock does not reach a certain target by the end of the year. Let the manager know that a takeover is possible if he or she doesn't perform well