Case for Investment: Space in USA

Case for Investment: Space in USA Sun Yudong Ever since the dawn of man, mankind has been gazing at the sky in wonder. Space, has always been a mysterious place, a place where the frontier of science and innovation are put to the test, a place where 99% of what we have yet to discover exists. In the present era, the National Aeronautics and Space Administration (better known as NASA) and the NSF[1] are the forefronts of space exploration and scientific research in the USA and they have no doubt played a key role in many of Man’s greatest achievements. NASA could even take credit for mundane items such as quartz timing crystals and bar-code scanners. The Sad Situation Space is a difficult, dangerous but exciting $300 billion industry worldwide. However, despite space being the final frontier, with many against space exploration, NASA has only received 0.48% of the US Federal budget, only half a cent for every tax dollar. NASA is getting a pathetic amount of funding. In 2008, $700 billion[2] was spent by the US government to revive the economy, which was way more than the 50-year running budget of NASA. In 2013, US spent more than $3.45 trillion, with more than $600 billion going to defence, but with only $17.7 billion going to NASA, a tiny portion of worldwide spending on space. The allocation of funds is warped and there is just simply not enough funding going towards space exploration and scientific innovation, the seedling of hope, the future of the US economy. Over the past four decades, instead of NASA, we could have had at least six additional MIT’s. Consider all of the research that our single MIT has produced during that period, all of the students taught and leadership provided. For all the gains that NASA has made, its opportunity costs are far greater. Keith Yost, The Tech (MIT) Staff Columnist argument against NASA funding What is even more infuriating is that, even though the budget for NASA has been decreasing, the money saved were not put to good use. For example, US plans on spending more than $200 billion in the next decade to maintain nuclear weapons when they are almost useless. The one thing I convinced myself of after all these years of exposure to the use of nuclear weapons is that they were useless. They could not be used. Colin Powell, Former Secretary of State Figure 2 NASA Budget over the years. Retrieved August 31, 2014, from: http://www.penny4nasa.org/ However, NASA did get a substantial amount of funding and this increased steadily in its infancy and peaked in 1966 at slightly more than 4.4% of the Federal Budget, before plummeting to the current meagre 0.48%. Because of this, the campaign â€Å"penny4nasa† was launched in 2012 to fight for an increase in the budget for NASA, through advocating the economic, scientific and cultural value of NASA. With this as a trigger, the paper will look at the different factors that led to the establishment of NASA, the decline in the budget, and ultimately explore why we should invest in space, and space exploration. Why NASA was set up The roots of NASA could be traced back to October 4, 1957. On that day, the world’s first artificial satellite, Sputnik 1, was launched. This surprise success of the Soviets in the midst of the Cold War horrified the US and triggered the Sputnik Crisis that became part of the bigger Space Race. US was afraid, afraid that the Soviets would become more technologically advanced, that the Soviets would fire a missile at US, that US will lose its place on the global arena. Out of the fear factor of Sputnik, many policies were put in place. The National Defense Education Act (NDEA) was passed by congress to increase educational standards to allow more people to become scientists and engineers. And on July 29 1958, the National Aeronautics and Space Act was signed, establishing NASA. It took over the National Advisory Committee for Aeronautics (NACA) and currently is the United States government agency that is responsible for civilian space program and for aeronautics and aerospace research. With motivation from Sputnik 1, and large funding, many space programs were quickly developed and put into action. The Decline in Budget Throughout the Apollo Missions that ultimately aim to go to the Moon, NASA was very well funded, and all developments were extremely rapid. US was still in fierce competition with the Soviets. In 1969, the historic Apollo 11 mission put the first man on the Moon, and puts US in the lead ahead of the Soviets significantly. However, when US realised that the Soviets were not ready to go to the moon, the rate of progress in Space Exploration slowed. This was because, with the Soviets unable to catch up with US technological abilities and the Cold War becoming increasingly less intense, people were no longer as fearful of the Soviets as before, nobody was really interested in the STEM[3] fields anymore and those congressmen without NASA facilities in their state felt absolutely no reason why NASA should get so much funding as an increasing proportion of people want more welfare instead. As discussions went on the Congress, NASA naturally got increasingly less budget, resulting in the current situation. After all, congressmen work for the people, or they will lose their position in the next elections. However, I believe that they have failed to realise and consider the significance of NASA and space exploration on the culture and economics of the society. Significance of NASA and Space Exploration Social and Cultural Space is not a special interest, unlike what many people may think. Space exploration inspired a whole generation to dream about tomorrow, a tomorrow made possible by scientific innovations, in a time of turmoil. It provided a different kind of hope, a hope that our lives will change for the better. The homes of tomorrow, the transportation of tomorrow, all these ingrained in the many issues of magazines. Space frontiers, engineering frontiers were being breached almost weekly. Space influenced our culture, our zeitgeist. It galvanized the whole nation to want to work towards Tomorrow, influencing our creative minds, our culture. For example, almost every science fiction cartoon made in and after the 1960s had rockets with fins, fins of the V2 Rocket used in NASA missions. (Figure 3[4]) We saw space influences everywhere, even in Hollywood. Space exploration also inspired a whole generation of Scientists and Engineers as Innovation made the headlines. No special programmes were needed to attract them. There is a cultural presence of these activities. From 1968 to 1972, there has been a sharp significant increase in the number of students pursuing education and career in these fields. (Figure 4[5]) With the Space program, heroes were made. Space exploration is a force acting on the education pipeline and inspired a whole generation to join the scientific community. Space exploration also had a direct impact on the cultural asset of the human race. When we looked back from the moon, we rediscovered Earth with a whole new perspective, without borders, without conflicts. We saw earth as nature intended it, we saw earth as a whole. It is possible to see that Earthrise (Figure 5[6]) marked the tipping point, the moment when the sense of the space age flipped from what it meant for space to what it means for Earth Robert Poole, Earthrise: How Man First Saw the Earth It inspired us to take time off amidst the war to start thinking about Earth and nature. This is what sparked off a series of events: Figure 6 Timeline of Space Missions with happening events All these would not have happened so quickly without space exploration, without us looking back at earth to realise that earth is a home that is worth protecting. Economic Beyond culture, space exploration has also brought about economic benefits. Satellites, GPS, intercontinental communication, the Internet. All of these has been directly or indirectly influenced by space exploration, and has had a huge impact on our lives as man. By breaching space and engineering frontiers, there were innovations, spin-offs. Space exploration and engineering drives innovation, the fuel for our capitalist economies. In fact, the satellites that we use to transmit TV signals, to transmit Internet packets, to communicate globally, could only have been brought about by government-initiated space exploration. This is because space is expensive and has incalculable risks, and it is a venture only a government could have successfully led. In fact, innovation drives the economy so much so that one of the main messages of Robert Solow’s[7] work has been that a large proportion of the economy is driven by technological advancement. Conclusion As goes the health of space faring ambition, so too goes the emotional, spiritual intellectual, creative, economic ambitions of a nation Neil deGrasse Tyson, 2012 In conclusion, space exploration is not a special interest group, and its significance is far and outreaching. With NASA being the frontier of space exploration, more funding should to be given to the agency, not as a handout, but as an investment that is able to penetrate our culture and transcend generations to reach greater heights. References Belleflamme, P. (2012, September 25). How to make innovation drive economic growth? Retrieved September 6, 2014, from http://www.ipdigit.eu/2012/09/how-to-make-innovation-drive-economic-growth/ Bilstein, R. E. (1996). From NACA to NASA. In NASA SP-4206, Stages to Saturn: A Technological History of the Apollo/Saturn Launch Vehicles (pp. 32–33). NASA. Retrieved from http://history.nasa.gov/SP-4206/ch2.htm#32 Burrows, W. E. (1998). This New Ocean: The Story of the First Space Age. New York: Random House. Retrieved from http://www.amazon.ca/This-New-Ocean-Story-First/dp/0679445218/ref=sr_1_1?s=booksie=UTF8qid=1280690435sr=1-1#reader_0679445218 Demographic Trends: Undergraduate and Graduate Education. (n.d.). Retrieved from https://www.princeton.edu/~ota/disk2/1985/8507/850705.PDF Dr. Neil deGrasse Tyson: Launch Keynote: 28th National Space Symposium. (2012). Retrieved from http://www.youtube.com/watch?v=VLzKjxglNyEfeature=youtube_gdata_player Hunt, T. C. (2013, December 16). National Defense Education Act (NDEA). In Encyclopà ¦dia Britannica. Retrieved from http://global.britannica.com/EBchecked/topic/404717/National-Defense-Education-Act-NDEA Last Week Tonight with John Oliver: Nuclear Weapons (HBO). (2014). Retrieved from http://www.youtube.com/watch?v=1Y1ya-yF35gfeature=youtube_gdata_player NASA. (2005). The National Aeronautics and Space Act. Retrieved September 3, 2014, from http://www.nasa.gov/offices/ogc/about/space_act1.html National Science Foundation. (n.d.). Retrieved September 5, 2014, from http://www.allgov.com/departments/independent-agencies/national-science-foundation?agencyid=7341 Neil deGrasse Tyson We Stopped Dreaming (Episode 1). (2012). Retrieved from http://www.youtube.com/watch?v=CbIZU8cQWXcfeature=youtube_gdata_player Office of Management and Budget. (n.d.-a). Budget of the United States Government, Fiscal Year 2013. U.S. Government Printing Office, Washington 2010. Retrieved from http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/budget.pdf Office of Management and Budget. (n.d.-b). Retrieved September 4, 2014, from http://www.whitehouse.gov/omb OMB-President Obama’s 2013 Budget-Summary Table. (n.d.). Retrieved from http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/tables.pdf Penny4NASA | Penny4NASA is a nonprofit striving to increase NASA’s funding to 1% by encouraging popular support for NASA through education and outreach. (n.d.). Retrieved September 8, 2014, from http://www.penny4nasa.org/ Photo 17 of 58, Apollo 11. (2009, June 4). Retrieved September 3, 2014, from http://imageevent.com/afap/spaceandscience/apollo11;jsessionid=hmk1oipnb3.camel_s?p=16c=4n=1m=-1w=2s=0z=1y=2 Rosenberg, J. (n.d.). President John F. Kennedy Gives Man on the Moon Speech. Retrieved September 19, 2014, from http://history1900s.about.com/od/1960s/a/jfkmoon.htm Space Race. (2014, September 17). In Wikipedia, the free encyclopedia. Retrieved from http://en.wikipedia.org/w/index.php?title=Space_Raceoldid=625983337 Special Message to Congress on Urgent National Needs. (1961). Washington, D.C. Retrieved from http://www.jfklibrary.org/Asset-Viewer/xzw1gaeeTES6khED14P1Iw.aspx Sputnik crisis. (2014, September 14). In Wikipedia, the free encyclopedia. Retrieved from http://en.wikipedia.org/w/index.php?title=Sputnik_crisisoldid=622755710 Temple-Raston, D. (2008, October 3). Bush Signs $700 Billion Financial Bailout Bill. National Public Radio. Retrieved from http://www-cdn.npr.org/templates/story/story.php?storyId=95336601 V-2 rocket. (2014, September 19). In Wikipedia, the free encyclopedia. Retrieved from https://en.wikipedia.org/w/index.php?title=V-2_rocketoldid=626151508 We Stopped Dreaming (Episode 2) A New Perspective. (2012). Retrieved from http://www.youtube.com/watch?v=BFO2usVjfQcfeature=youtube_gdata_player Wilford, J. N. (2009, July 14). On Hand for Space History, as Superpowers Spar. The New York Times. Retrieved from http://www.nytimes.com/2009/07/14/science/space/14mission.html Yost, K. (2010, April 9). Should we cut NASA funding? The Tech, p. 6. 1 [1] The National Science Foundation (NSF) is a United States government agency set up to support fundamental research and education in all the non-medical fields of science and engineering. The National Institutes of Health is the medical counterpart of NSP. [2] Amount of money spent on Emergency Economic Stabilization Act of 2008, to bailout the U.S. financial system [3] Science, Technology, Engineering, and Mathematics [4] (Clockwise) MundodelPene, Start einer V2 [Photograph] (1943), Retrieved September 3, 2014, from: https://en.wikipedia.org/wiki/File:Bundesarchiv_Bild_141-1880,_Peenemà ¼nde,_Start_einer_V2.jpg, [Rocket Cartoon Image], Retrieved September 3, 2014, from: http://www.clipartbest.com/clipart-aiqenRx6T, 1956 GM Firebird II [Photograph] (n.d.), Retrieved September 3, 2014, from: http://www.carbodydesign.com/archive/2010/06/top-ten-concept-cars-of-the-fifties/ [5] Doctorate Degrees in Science and Engineering by Field and by Year, 1958-83. Retrieved September 15, 2014, from https://www.princeton.edu/~ota/disk2/1985/8507/850705.PDF [6] Figure 5 NASA / Bill Anders (1968) Earthrise over the moon [Photograph], Retrieved September 03, 2014, from: http://www.hq.nasa.gov/office/pao/History/alsj/a410/AS8-14-2383HR.jpg [7] Nobel Prize Laureate in Economics in 1987

Internal and External factors of the British tourism Essay

Within travel and tourism industry, inbound and domestic tourism factors change a lot, there are Internal and external factors that affect tourism within the UK. The internal factors are; health, safety and security within the UK, accessibility, marketing campaigns, availability of products and services, quality of goods and services and value for money of the UK. The outbound factors are; the exchange rate, travel restrictions, emergence of new markets, competition from other destinations and the weather. Internal Health, Safety and Security: The UK has strict rules about health, safety and security so that tourists can be safe and enjoy their stay in the new destination. The rules are set in place because people act differently when on holidays in new countries or new areas of the UK as they are put in new and different situations. Accessibility: Accessibility is a factor that will affect the number of tourists that come to and from the UK. When a country makes it easy for tourists to access the country the tourism will increase. By creating and developing different modes of transport many more people will visit the UK and domestic tourism will increase. An example of making the UK more accessible is the high speed trains that are currently being built, this means that tourists can tour the country in a shorter period of time as well as making it easier to travel for domestic travellers and giving them the opportunity to stay longer in the cities that in turn creates more profit for the economy. Availability of products and services: The availability of the products and services a country offers are a factor that normally changes during peak periods such as the school holidays in the summer, Easter breaks and Christmas breaks. This makes things like hotel rooms, activities and restaurants harder to book because they are all full.  Tourists need to book early to ensure they get to do everything they want to during peak periods. Quality of goods and services: Making sure that goods and services are to the right standards of quality is essential when marketing a destination. The UK is known for having a good level of quality when it comes to hotels and restaurants, this is mainly because the organisation VisitBritain has made a decision that they will only market and promote companies that have passed the quality criteria, Having this set in place means that companies will strive to be better so that they can be promoted more and gain more business. Value for money in the UK: Getting a good value for money can mean different things, one of the main things is ‘does the money paid match the level of service given’ this means that if the tourists get a great service they will have got a better value of money and therefore they will be more likely to visit again. Another thing this means is if you get a good value for money on one hotel, activity or restaurant they will therefore be able to visit more or different locations. Marketing campaigns: Different marketing campaigns will affect what tourists comes to the country. The main organisation that promotes Britain is VisitBritiain, every year they make a new promotional video that shows many different things you can do in Britain, these are showcased worldwide on websites and as television adverts. Britain invest and spend a lot of money trying to interest inbound tourist coming over to Britain, they also do this for domestic tourists to encourage them to stay in their country rather than stay abroad. The more marketing campaign a country does, the more chances in promoting their country to potential inbound and domestic tourists because tourists will be interested in seeing the country itself from the marketing images and videos the country produces. External Exchange rate: The exchange rate will strongly affect who visits the UK as the currency exchange can be bad for some people making them more reluctant to visit. The pound sterling is considered weak for lots of inbound tourists. The UK has a strong pound sterling which is not always positive due to the fact that many counties cannot afford the exchange rate. Competition from other destinations: Having a more appeling country will mean that more tourists will visit the country, the competition is high between thee different countries that need tourism. There are many different factors that effect this all that are referenced in this work. Travel restrictions: Travel restrictions can affect who comes into the country greatly as there are different restrictions that can stop them entering, there are three restrictions that can stop inbound tourists entering the UK; Security-related restrictions- These include taking the wrong amount of liquids in your hand luggage, all liquids have to be under the allowance of 100ml although there are some exceptions such as baby food and milk although they have to be screened to make sure that they are safe. All hand luggage has to be screened to make sure that it is safe to go onto the plane. Customs restrictions- The restrictions on customs are the rules about how much alcohol, tobacco and gifts you are able to take into another country. Immigration restrictions- There is no cost to travel to the UK from all countries in the EU making it easier for them to enter, this has led to an increase in inbound tourism from these countries. Emergence of new markets: Different countries are now visiting the UK as new people are growing an interest in the culture and lifestyle. Countries in Asia and Africa are the largest growing group of tourists. The UK is very different to the countries that are the new growing market and they therefore are getting the experience of trying a new lifestyle. The weather: The weather will affect the inbound tourists as well as domestic tourists, because of the climate in the UK the weather is always changing and therefore it can never be assured that you will have the same weather all day, because of this factor many domestic tourists will choose to travel to countries abroad in hope for sun. This factor does not affect inbound tourists as much as they visit for the heritage and local attractions.

Justice Is The Standard Of True Justice - 1762 Words

Through the issue of labor in Bangladesh, we can easily extract a point of view, what is fairness and justice. In my opinion, according to Rawls s theory of justice, the standard of true justice, it s hard to apply to the real world. We cannot rule out the influence of the real factors. Therefore, it is more appropriate and useful to use Rawls justice as a guideline, although utterly extreme, ignoring the subject matter of man, but more meaningful. An effective solution to the issue of labor rights in Bangladesh, the current situation, in a way that is conducive to the majority of ordinary people in Bangladesh, by this foundation, combined with Rawls more fair justice as a specific guidance, which can give a Relative justice. Rawls in the justice theory points out that justice is the primary purpose of the social system. And a theory of justice called fair justice. By proposing the veil of ignorance, which is considered that people give real justice in the absence of any value prop osition, therefore putting forward two principles of justice. The first is that everyone has the equal right to enjoy the broadest and equitable system of fundamental freedoms that is compatible with a similar system of liberty enjoyed by others. Social and economic inequalities should be arranged to bring them in the best interests of the most disadvantaged. The principle of saving in line with justice, and the openness and transparency of office to all under conditions of fair and equalShow MoreRelatedTo What Extent Does Criminal Law Reflect the Moral and Ethical Standards of Society?1682 Words   |  7 PagesTo what extent does criminal law reflect the moral and ethical standards of society? Criminal law is a construct of the government, enforced through tangible measures. 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The Roles and Influences of Media on Crime - 730 Words

In the political world, media has both a positive and negative affect. Americans as a whole are engrossed with crime whether it be a fictional representation on a person’s favorite television show, or a true story the nightly news. The entertainment media influences our lives in consciously and subconsciously, day in and day out, playing a critical and constantly cultivating role in the criminal justice system and the conduct of politics. How exactly does one determine what media is? According to your standard Google search on the definition of the term, media is, â€Å"the main means of mass communication (esp. television, radio, newspapers, and the Internet) regarded collectively.† Broken down, this ultimately means that any means by which information is spread can be considered media. Even from the founding of the United States, freedom and active accessibility of press and media has taken a serious part in American politics. It would be difficult to imagine politics with out the accompaniment or presence of the media. The availability of political information through media resources has changed over time with the advancement of technology and overall globalization of our modern world. FUNCTIONS Mass media is not only built on entertainment value alone, but it also has political importance. By the time the average high school student has graduated, they have spent more time in front of the television than in a classroom, and in that classroom time, often the information thatShow MoreRelatedHow The Media Shapes The Public Discourse Of Crime1344 Words   |  6 PagesAnalysis of How the Media Shapes the Public Discourse of Crime Whether through social media, televised news, or newspapers, most people are exposed to some sort of news media every day. It is the responsibility of the media to inform the public about what is happening in the world around us, and more often than not, that includes reporting crime. 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Compare and Contrast Marxist and Weberian Theories of...

Q: Compare and Contrast Marxist and Weberian Theories of Stratification. The purpose of this essay is to compare, contrast and critically evaluate Marxist and Weberian theories of stratification. To do this effectively this essay must explain and consider the main features, claims and perspectives of both Karl Marx and Max Weber. O’Donnell (1992) defines social stratification as â€Å"the division of a society or group into hierarchically ordered layers. Members of each layer are considered broadly equal but there is inequality between the layers.† Functionalist Durkheim (1858-1917) argued that the reason for the existence of stratification was because it was functional or beneficial to the order of society. According to Browne et al (2009),†¦show more content†¦According to Haralambos et al (2004), Marx’s theory began with the view that it was crucial for humans to produce food and materials in order to survive, and to do so it was necessary to enter into relationships with other people. Fulcher et al (2007) suggested that Marx saw societies as social systems that were divided up into two specific parts, these were suggested by Marx to be the base and the superstructure. The base provided the mode of production and the superstructure provided stability through certain social institutions such as the legal and political systems. Marx also argued that the material conditions created contributed to the shape of society, he referred to such conditions as ideologies. According to O’Donnell (1992) Marx suggested that such societies could have only ensured material survival through the exploitation of the propertyless and by using sophisticated means of organised product ion. Therefore people first must be able to eat and maintain adequate clothing and shelter before they engaged in influential sociological activities such as politics and literature. Individuals were not able to access essential elements such as shelter unless they were able to engage in paid employment through a particular mode ofShow MoreRelatedCompare and Contrast the Marxist and Weberian Theories of Social Class. Why Do You Think Marx Emphasises Relations of Production in the Formation of Classes Whilst Weber Suggests the Market and Consumption Are the Important Factors?1750 Words   |  7 PagesCompare and contrast the Marxist and Weberian theories of social class. Why do you think Marx emphasises relations of production in the formation of classes whilst Weber suggests the market and consumption are the important factors? All human societies have been class based in some way, shape or form and, interpreting this in the most basic way, it can be said that in every known human society there has been a fundamental division between two broad social groups, the buorgeoisie that own and controlRead MoreSocial Stratification According to Marx and Weber1163 Words   |  5 PagesSocial stratification is the hierarchical arrangement of individuals into divisions of power and wealth within a society. Social stratification relates to the socio-economic concept of class, consisting of the upper class, middle class, and lower class. Each class may be further subdivided into smaller classes through the main indicator is occupation. This is the most practical and most effective means of encompassing the wide variety of economic and social elements that go to make up a person’sRead MoreThe Upperclass4643 Words   |  19 Pagesacquire by any means other than being born into it. Overclass is a recent and pejorative term for the most powerful group in a social hierarchy. Users of the term generally imply excessive and unjust privilege and exploitation of the rest of society. Compare the older term, upper class, which nowadays is sometimes also pejorative, but is not necessarily so, and historically was rarely so. Perhaps the most commonly agreed-upon overclass consists of the legal leaders of a culture, i.e., those who exercise

Legal Business Studyguide Free Essays

Legal 2 Test 2 Studyguide Sole Proprietorships the simplest form of business organization. Sole proprietorships are the most common form of business organization in the US. Major advantages: * Forming a sole proprietorship is easy and does not cost a lot. We will write a custom essay sample on Legal Business Studyguide or any similar topic only for you Order Now * The owner has the right to make all management decisions concerning the business, including those involving hiring and firing employees. * The sole proprietor owns all of the business and has the right to receive all of the business’s profits. A sole proprietorship can be easily transferred or sold if and when the owner desires to do so; no other approval (such as from partners or shareholders) is necessary. Disadvantages: * The sole proprietor’s access to the capital is limited to personal funds plus any loans he or she can obtain * The sole proprietor is legally responsible for the business’s contracts and the torts he or she or any of his or her employees commit in the course of employment. Creating a sole proprietorship is easy. There are no formalities, and no federal or state government approval is required. A sole proprietor bears the risk of loss of the business. In addition, the sole proprietor has unlimited personal liability. Therefore, creditors may recover claims against the business from the sole proprietor’s personal assets (e. g. , home, automobile, bank accounts). A sole proprietorship is not a separate legal entity, so it does not pay taxes at the business level. Instead, the earnings and losses from a sole proprietorship are reported on the sole proprietor’s personal income tax filing. A sole proprietorship business earns income and pays expenses during the course of operating the business. A sole proprietor has to file tax returns and pay taxes to state and federal governments. For federal income tax purposes, a sole proprietor must prepare a personal income tax Form 1040 U. S. Individual Income Tax Return and report the income or loss from the sole proprietorship on his or her personal income tax form. The income or loss from the sole proprietorship is reported on Schedule C (Profit or Loss from Business), which must be attached to the taxpayer’s Form 1040. Vernon v. Schuster The father dies and the son takes over the sole proprietorship. Vernon had a warranty while the father was alive, and he warranty was broken because the product had failed so he wanted money from the son who took over the job. The court ruled that the son had formed a new sole proprietorship and was not liable for his father’s warranty. Partnerships a voluntary association of two or more persons for carrying on a business as co-owners for profit. Partners are personally liable for t he debts and obligations of the partnership. Formation four criteria to qualify as a general partnership: * As association of two or more persons * Carrying on a business * As co-owners * For profit An agreement to share losses of a business is strong evidence of a general partnership. It is compelling evidence of the existence of a general partnership if a person is given the right to share in profits, losses, and management of a business. A limited partnership agreement may specify how profits and losses from the limited partnership are to be allocated among the general and limited partners. General partnerships do not pay deferral income taxes. Instead, the income and losses of partnership flow onto and have to be reported on the individual partners’ personal income tax returns. This is called â€Å"flow-through† taxation. A new partner in a general partnership takes on all of the liabilities and responsibilities that the original partners have. Zuckerman v. Antenucci A woman’s child was born with severe physical problems. During her pregnancy, she was treated by Dr. Pena and Dr. Antenucci. She brought a medical malpractice suit against both doctors. The jury (trial court) found that Pena was guilty of medical malpractice but Antenucci was not. The Supreme Court found both doctors to be dually liable. Limited Partnerships a type of partnership that has two types of partners: (1) general partners and (2) limited partners. Two types of partners: * General partners partners in a limited partnership who invest capital, manage the business, and are personally liable or partnership debts. * Limited partners partners in a limited partnership who invest capital but do not participate in management and are not personally liable for partnership debts beyond their capital contributions. Once a limited partnership has been formed, a new limited partner can be added only upon the written consent of all partners, unless the limited partnership agreement provides otherwise. New general partners can be admitted only with the specific written consent of each partner. Uniform Partnership Act In 1914, the National Conference of Commissioners on Uniform State Laws promulgated the UPA. The UPA codifies general partnership law. Its goal was to establish consistent partnership law that was uniform throughout the US and has been adopted by 48 states. Fictitious names A general partnership must file a fictitious business name statement –d. b. a. (doing business as) –with the appropriate government agency to operate under a trade name. Kemmier Memorial Foundation v. Mitchell Davis and Mitchell formed a general partnership to purchase and operate rental properties for investment purposes. They entered into an agreement that provided that only Davis, and not Mitchell, would be personally liable on the note to the Foundation. They did not inform the Foundation of this agreement. They defaulted on a note, so the Foundation sued the partnership and both partners to recover on the note. The Supreme Court of Ohio held that both partners were jointly liable on the note. Corporations the most dominant form of business organization in the US, generating over 85 percent of the country’s gross business receipts. Owners of corporations are called shareholders. Incorporation select a state, select a corporate name, incorporators, pre-incorporation contracts, articles of incorporation, purpose of a corporation, registered agent (often attorneys), corporate bylaws, corporate seal, organizational meeting of the board of directors. Purpose of a Corporation: * General-purpose clause allows the corporation to engage in any activity permitted by law * Limited-purpose clause stipulates the specific purposes and activities that the corporation can engage in. Shareholders have only limited liability. They are liable only to the extent of their capital contributions and do not have personal liability for the corporation’s debts and obligations. Nature of the corporation: * Separate â€Å"legal entity† for most purposes * Limited liability of shareholders * Free transferability of shares * Perpetual existence * Centralized management * Double taxation Nonprofit Corporation formed for charitable, educational, religious, or scientific purposes. Although nonprofit corporations may make a profit, they are prohibited by law from distributing this profit to their members, directors, or officers. The Model Nonprofit Corporation Act, which governs the formation, operation, and termination of nonprofit corporations. Professional Corporation a corporation formed by lawyer, doctors, or other professionals. Promoter a person or persons who organize and start a corporation, negotiate and enter into contracts in advance of its formation, find the initial investors to finance the corporation, and so forth. Registered Agents a person or corporation that is empoyered to accept service of process on behalf of a corporation. Incorporator the person or persons, partnerships, or corporations that are responsible for incorporation of a corporation. Bylaws a detailed set of rules adopted by the board of directors after a corporation is incorporated that contains provisions for managing the business and the affairs of the corporation. Organizational Meeting a meeting that must be held by the initial directors of a corporation after the articles of incorporation are filled. Articles of Incorporation the basic governing document of a corporation. It must be drafted and filed with, and approved by, the state before the corporation can be officially incorporated. Must include: * The name of the corporation * The number of share the corporation is authorized to issue * The address of the corporation’s initial registered office and the name of the initial registered agent. * The name and address of each incorporator Debt securities securities that establish a debtor-creditor relationship in which the corporation borrows money from the investor to whom a debt security is issued. Notice of a Shareholders’ Meeting A corporation is required to give the shareholders written notice of the place, day, and time of annual and special meetings. For a special meeting, the purpose of the meeting must also be stated. Only matters stated in the notice of a shareholders’ meeting can be considered at the meeting. Special Shareholders’ Meetings Meetings of shareholders that may be called to consider and vote on important or emergency issues, such as a proposed merger or amending the articles of incorporation. Proxy a shareholder’s authorizing of another person to vote the shareholder’s shares at the shareholders’ meetings in the event of the shareholder’s absence. Quorum required number of individuals that must be represented for voting, meetings, etc. Record Dates a date specified in corporate bylaws that determines whether a shareholder may vote at a shareholders’ meeting. Cumulative Voting a system in which a shareholder can accumulate all of his or her votes and vote them all for one candidate or split them among several candidates. Straight Voting a system in which each shareholder votes the number of shares he or she owns on candidates for each of the positions open; also called noncumulative voting. Supramajority Voting Requirement a requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders. Voting Trust an arrangement in which the shareholders transfer their stock certificates to a trustee who is empowered to vote the shares. Voting Agreement an agreement between two or more shareholders that stipulates how they will vote their shares. Right of First Refusal an agreement that requires a selling shareholder to offer his or her shares for sale to the other parties to the agreement before selling them to anyone else. Preemption rights that give existing shareholders the option of subscribing to new shares being issued in proportion to their current ownership interests. Dividends a distribution of profits of the corporation to shareholders. Derivative Lawsuit a lawsuit a shareholder brings against an offending party on behalf of a corporation when the corporation fails to bring the lawsuit. It’s also called a derivative action. Management of a Corporation * Shareholders Owners of the corporation. They vote on the directors and other major actions to be taken by the corporation. * Board of Directors Elected by the shareholders. Directors are responsible for making policy decisions and employing the major officers for the corporation. The board may initiate certain actions that require shareholders’ approval. * Officers Officers are responsible for the day-to-day operation of the corporation, including acting as agents for the corporation, hiring other officers and employees, and the like. Duty of Obedience a duty that directors and officers of a corporation have to act within the authority conferred upon them by state corporation codes, the articles of incorporation, the corporate bylaws, and the resolutions adopted by the board of directors. Fiduciary Duties the duties of obedience, care, and loyalty owed by directors and officers to their corporation and its shareholders. Duty of Care a duty of corporate directors and officers to use care and diligence when acting on behalf of the corporation. Duty of Loyalty a duty that directors and officers have not to act adversely to the interests of the corporation and to subordinate their personal interests to those of the corporation and its shareholders. Proxy Contest a contest in which opposing factions of shareholders and managers solicit proxies from other shareholders; the side that receives the greatest number of votes wins the proxy contest. Merger a situation in which one corporation is absorbed into another corporation and ceases to exist. They become a similar corporation. If it is a consolidation, the two companies form into a completely different corporation. Appraisal Rights the rights of shareholders who object to a proposed merger, share exchange, or sale or lease of all or substantially all of the property of a corporation to have their shares valued by the court and receive cash payment of this value from the corporation. Proxy Statement a document that fully describes (1) the matter for which a proxy is being solicited, (2) who is soliciting the proxy, and (3) any other pertinent information. Share Exchange a situation in which one corporation acquires all the shares of another corporation and both corporations retain their separate legal existence. Tender Offer an offer that an acquirer makes directly to a target corporation’s shareholders in an effort to acquire the target corporation. The shareholders each make an individual decision about whether to sell their shares to the tender offeror. Such offers are often referred to as hostile tender offers. Short-form Merger a merger between a parent corporation and a subsidiary corporation that does not require the approval of the shareholders of either corporation or the approval of the board of directors of the subsidiary corporations. Williams Act an amendment to the Securities Exchange Act of 1934 made in 1968 that specifically regulates tender offers. Severance for Executives after retiring or being removed from a company, they’re given a package. â€Å"Golden parachute† Section 14(a) a provision of the Securities Exchange Act of 1934 that gives the SEC the authority to regulate the solicitation of proxies. Antitakeover Statutes statutes enacted by a state legislature that protect against the hostile takeover of corporations incorporated in or doing business in the state. Poison Pills defensive strategies that are built into the target corporation’s articles of incorporation, corporate bylaws, or contracts and leases. These tactics make the target corporation more expensive to the tender offeror. White Knight Merger mergers with friendly parties—that is, parties that promise to leave the target corporation and/or its management intact. Greenmail the purchase by a target corporation of its stock from an actual or perceived tender offeror at a premium. How to cite Legal Business Studyguide, Essay examples

Christmas Vignette free essay sample

I stood in the parking lot waiting for my mother tounlock the car door. I had wrestled with a question all day, and though I triedto think of other things, I could not put it out of my head. Is there really aSanta Claus? I had just had the most horrible day of my fourth-gradecareer. My classmates and I were ecstatic about the approaching Christmasvacation, and energy was abundant as we worked on our holiday projects. While Iwas studying the masterpiece I planned to give my parents, I heard the mostterrible sentence. The words rang in my ears: There is no SantaClaus! I was stunned and hurt; I did not understand how it waspossible. Those words stayed with me all day. The more I thought about thepossibility of Santa Claus not existing, the more likely it seemed. But, I triedto rationalize the situation. There was no way Santa did not exist, since many ofmy presents were signed by him. We will write a custom essay sample on Christmas Vignette or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The milk and cookies were always eaten onChristmas morning, and even the unwashed carrot my brothers and I left forRudolph was gone. But I thought about time travel, and then I knew no matterhow much I wanted it not to be true that Santa did not exist. Why wouldmy parents lie to me? For all ten years of my life I had believed in Santa Claus.I was devastated to think my parents would fabricate such a wonderful story andnever consider how awful discovering the truth would be. It was all a lie theletters I sent each year, the cookies, the reindeer footprints, even my giftswere all just part of a fantasy. I knew I would never be able to recapture thejoy of waking up Christmas morning to find Santa had been there. Iwaited as my mother fumbled with her keys. The cold wind whipped around my body,but I was numb. I could not wait any longer. I blurted out, Mom, is therereally a Santa Claus? Her stunned expression confirmed what I had dreaded.It was true Santa Claus did not exist. I waited through an explanation as mymom carefully chose her words, but I did not hear what she said. I began to cry,then noticed she was crying too. We both knew I had lost something veryspecial. I do not remember the ride home, everything was a blur.My head was spinning with thoughts and emotions. I went to my room, hurt anddisappointed. I wanted to be alone. I know she told Dad about ourconversation, because he came to talk to me. To my surprise he said, Istill believe in Santa. I did not understand. My father, a grown-up, didnot know the truth? I thought, Oh no, Mom is going to have to tell him too! But Iwas wrong. Santa Claus is not a real person, but he is the spirit ofChristmas, and if you truly believe in your heart, then he does exist, mydad told me. I thought about it and decided my dad was right. I wouldalways believe in Santa Claus because I never wanted to lose the magic ofChristmas. That day, my definition of Santa Claus changed. I knew my parentscrept downstairs every Christmas Eve and placed presents under the tree. I knewmy dad ate the milk and cookies, even the carrot left for the reindeer. Iunderstood why my moms handwriting looked so much like Santas. The mystery oftime travel and entrances through chimneys had been solved. I no longer thoughtof Santa as a person who delivered presents to boys and girls, but as agift-giver who shared the gift of joy and hope with those who believed. Igrew up a little that day. I lost a special part of my childhood, but I alsogained the knowledge that faith is something strong inside me.