Finance research paper 123 Essay Example | Topics and Well Written Essays - 1250 words

Finance research paper 123 - Essay Example Omar Kassem Alesayi was established in 1997 to assist Saudi citizen to own suitable housing units at reasonable terms. The company specializes in mortage and property financing. Over time, it gradually expanded its business activities to include external entities, i.e. other real estate developers and individuals . In 2006, approximately 87% of its turnover was generated from external parties (OKAG, 2000) They currently work out of one branch, with a total of 28 employees and owns a total of almost 135 million assets. SISCO being a privately owned company is not married in bureaucracy which is common in state-owned firms. The company’s organisational structure is horisontally desgined, with adequate processes and procedures. However, with the expansion plans, a review of its processes and procedures needs to be conducted. The processes and procedures of the company were implemented on an ad-hoc basis, on a learn-as-we-go basis. The company has competitive adavantage over its competitors with a large product portfolio. The key resources of any organization comprise of the financial resources and the human resources or as they are now known as human capital. It is staffed by some of the best professionals in the field. Intangible assets have gained importance now and human capital is the profit lever of the knowledge economy (Low, 2000). Human capital is the source of innovation and strategy; it is the combination of genetic inheritance, education, experience and attitude towards life and business (Bontis and Fitz-enz, 2002). Tacit knowledge has to be converted and retained in the knowledge economy to compete in the market (Marwick, 2001). . The market value of a firm consists of its financial capital and ‘something else’. The book value can be ascertained through the financial assets but this ‘something else’ is the firm’s intellectual capital (Pablos, 2002). The other key resource is finance. SISCO has a strong financial

Career Plan Analysis Paper Assignment Example | Topics and Well Written Essays - 500 words

Career Plan Analysis Paper - Assignment Example This management course has provided me with the required skills in business administration to help sharpen my management skills. The main areas of weakness which I have is hand-on problems and their solutions. The management skills gained within the course will be able to provide me with the necessary skills to improve my performance in realist occupations. Despite my lack of interest in this field, it is a critical part of what I shall be doing in my career. As a result of this, the course plays a fundamental role in enhancing my management skills. This will enable me to overcome the weakness in the capability to undertake practical activities which might be necessary in conducting the business. The operation of my business will require utilisation of different skills in enhancing the capacity to undertake the activities. While the course will enable me to improve on my weaknesses, it also provides me with a capacity to undertake a self-analysis in seeking to identify my strengths within my career plan. Since I have been able to determine my areas of strength, my focus when undertaking the course will be on understanding the various elements of my weaker areas. I would be able to put more effort in overcoming the impediments which limit my capacity to perform different activities related to my career. The course will enable me to determine my interests in determining areas which requires improvement for a better

Company Law Overview

Company Law Overview Table of Contents Advantages of forming a incorporating company.. Differences between private limited company and public limited company.. Disadvantages of forming a company A company limited by shares, limited by guarantee or unlimited Three ways the Company Act 2006 has affected private companies Documents required for registration.. Role of Registrar of companies What is the effect of section 33 of Companies Act 2006. Corporate personality and effect on Jack and Jill.. Bibliography.. Advantages of forming a incorporating company The process of formation (registration) incorporated company is regulated by law in the Companies Act 2006. Summarised below the main advantages of incorporating the company. Limited Liability The most important of the advantages of incorporation is its limited liability, what means that the legal responsibility of shareholders is limited to the amount paid on their shares. The most important thing for Jack and Jill might be that their personal assets will not be put at risk. Separate Legal Identity The limited liability company is a legal entity separate from the board and its members (shareholders). And again, any debts made by the company will not be borne personally. Protection of Company Name The name of the company must be unique and no one else cannot use it. However the choice of company name is restricted and complies with the rules. Continuity In case that Directors, management and employees leave, retire, die it doesnt mean that the company will be winding up. Once the company is formed it will be exist till insolvency, bankruptcy, liquidation or other cause of the courts or Registrar of Companies. Taxation Sole traders and partnership companies pay income tax but the companies pay corporation tax which has currently lower rate than income tax. There are also wider range of allowances and tax deductible costs which decreases the taxable profit. Differences between private limited company and public limited company DIFFERENCES PUBLIC COMPANIES PRIVATE COMPANIES NAME Must end with ‘Public Limited Company or PLC Must end with Private Limited Company or LTD (unless the company is unlimited) SHARE CAPITAL Must have a minimum subscribed share capital of  £50,000 and this must be paid up to at least 25% (at least  £12,500 must already have been raised by the issue of shares) No limit on share capital SHARES The company may offer its shares and debentures to the public (stock exchange) Cannot be advertised for sale or listed on the stock exchange DIRECTORS At least 2 One director COMPANY SECRETARY Must have suitably qualified company secretary There is no obligation to have a secretary, if there is one does not need to be qualified ANNUAL GENERAL MEETING Must hold every calendar year No obligation, of AGM, unless there is the decision to have one Disadvantages of forming a company In the first stage of the formation of a company must be prepared various documents, such as: memorandum of association and articles of association, a statement of capital and declaration of compliance, which must be delivered to the registrar of companies at Companies House. This stage is more laborious and complicated in comparison to the partnership and therefore incorporated companies will take longer to set up. The company also must have a unique name and gain unique number from Registrar of Companies. To set up the company there must be paid fees which make this type of company more expensive to set up. Also, there are extensive legal issues that have to be complied with. The various ongoing formalities must fill and publicity include the companys directors, secretary, also the financial accounts (which can be viewed by individual or other companies), the annual return of the company, and constitution. A company limited by shares, limited by guarantee or unlimited Limited by shares what means that the liability of the members (shareholders) of the company is limited by the memorandum to the amount capital originally invested. That will protect the shareholders private assets in the event of the company will announce bankruptcy. This kind of liability I would advice to Jack and Jills company as their private assets will not be involved in case of insolvency. Limited by guarantee means that the liability of shareholders is limited to the amount which they have undertaken or guaranteed to pay if company winding up. This kind of liability has normally been formed for educational or charitable purposes, and may or not have a share capital. If there is a share capital, the shareholders liability is for the amount of his shares and also to the amount of guarantee. Companies with no share capital normally gain funds by subscription or endowments. Unlimited means that there is no limit of the liability of the shareholders. Unlikely to the partnership the shareholders are not directly liable to creditors, but they are liable to the company. However, their liability is the same as partners. Three ways the Company Act 2006 has affected private companies In the Company Act 2006 many of the changes has applied to small private companies and its one of the most important rules is a simplification of the corporate regime. Some of these rules will be presented below: The company makes the decision if they wish to appoint the company secretary, as they are no longer obligated to do so. The shareholders written resolutions are no longer has to be unanimity. The simple majority of the eligible shares for ordinary resolutions, but 75% for special resolutions. The Act gives a possibility of reducing share capital by a company without obtaining the court order. Also reduces the period of filing the accounts from 10 to 9 from the financial year end. Documents required for registration 1. The memorandum of association This document is also known as an external constitution of the company, and determines key features of the companys status. From 1st of October 2009 the document was simplified and does not contain too much information, but it has to be prepared by those who wants to form an incorporation company under Company Act 2006. This must contain the subscribers names and signatures and if the company has a share capital, each of the member must have at least one share. 2. The articles of association (CA 2006 s. 18) The article of association (also known as internal constitution of the company) is the most important because it determines how company will be operate and regulates the rights between members, directors and company. The company has a right to make a changes to articles but it has to be done during the general meeting and the copy should be delivered, within 15 days from the day the changes were enacted, to the Registrar of Companies. The articles of association must be sign This document must be signed by each subscriber of the memorandum in the presence of a one witness and usually areas such as: Rights, duties and responsibilities of the directors; General meetings’ organization; Company’s members voting rights; Shares issues and transfers, shares’ classes, share certificates; Paying dividends and etc. To make easier preparation of this document for the companies, Companies House has prepared standard article of association and might be adapted by this company. All of these documents are available to download from Companies House website: http://www.companieshouse.gov.uk/; but also can be received from: company formation agents, accountants or legal stationers. 3. IN01 form The registration application (which contains the statement of compliance) The name of the company might be chosen, by those of setting up the company, of any name they wish, however there is certain rules which must be kept. The situate of the office of the company A statement of the objects of the company A statement of the limitation of liability of the company A capital clause stating the amount of the share capital which is authorised and the division of the share capital into shares of a stated amount Role of Registrar of companies The Companies Act 2006 makes the rules how the documentation should be filled in Companies House. The Registrar of Companies is responsible to record and control from companies either new or existing, to incorporate and dissolve companies, regulates formation of new companies and changes of existing companies, and also deals with any breaches of Companies Act. The section 1117 Companies Act covers where is stated the form, delivery’s manner, method of authentication, whether delivered electronically or as a paper document. The one of responsibility isto make the information available to the public. The names can be checked on Companies House website before formation, but also Registrar of Companies will check that if it is consistent with rules. The name of the company must be chosen very carefully, and the best way to make it easy to memorise is to make it as logical to the company activity as it possible. The name cannot be similar to other companies and should be too long as the long names are difficult to memorise. The words cannot be used but might be if the company will receive a written permission from the Department of Constitutional Affairs. These words are: Royal, Queen, King. The words used by a company without a permission such as: â€Å"Solicitor† or â€Å"Patent Agent†; might be treated as criminal offence. There is also words that company will need to get a written specified bodys permission, and they are: British, English, International, Group or Association. What is the effect of section 33 of Companies Act 2006 In the Section 33 of Companies Act 2006 that is provided information for a statutory contract between the company and its members; each member of the company and other companies. Over the years this contract have made a lot of controversy and confusion. The main question is if the contract might be enforced by members, to make sure that the right associated with them in another role such as the right given to a director who is also a member. In the members rights were breached, the company can be sued by them. Corporate personality and effect on Jack and Jill Corporate personality means that the company is treated as a legal entity and its personality exist independently from its owners, directors and shareholders. That means also that the company is liable for its own debts and can sue but it can be sued in its own name and also a company can buy and sell properties in its own name. The limited liability of the company means that the shareholders are not liable on its private assets for the debts belongs to the company (as the company and the owners are two separate entity). This might be one of main advantages to register the company by Jack and Jill with Companies House. In case of any problems with liquidity of the company, problems with paying companys liability such as loans or debenture, Jack and Jill private assets will be safe from creditors of the company. The case Salomon v A. Salomon Co. Ltd (1887) will illustrate and will be the best example the separate entity: Mr Salomon owned a boot-making business which was sold to another company A. Salomon Co. Ltd, which had been formed by the same Salomon. â€Å"There were seven members in the business: his wife, daughter and four sons who took one share each and Salomon himself who took 20,000 shares. The price paid by the company to Salomon was  £30,000 but instead of giving him cash, the business gave him 20,000 fully paid shares and  £10,000 in the secured debentures i.e. he lent the company  £10,000 which was owed to Salomon and  £7000 to unsecured creditors. The unsecured creditors claimed that as Salomon Co Ltd was really the same person, he could not owe money to himself and that they should be paid their  £7000 first. Held: The House of Lords stated that Salomon was entitled to the  £6000 and the unsecured creditors got nothing. The reason for this decision was that the company was to be regarded as a completely separate person in the eyes of the law from its members and its officers. The House of Lords thought it a completely irrelevant argument that Salomon was the leading shareholder in the company and that he could effectively control the destiny of the business.[1] Salomon v Salomon Co Ltd has been taken from book Nicholas Grier, â€Å"Company Law, Second Edition†, Scotland: W. Green Son Ltd, 2005) Bibliography: Nicholas Grier, â€Å"Company Law, Second Edition†, Scotland: W. Green Son Ltd, 2005 Websites used: http://www.bridgewest.eu/ http://startups.co.uk/ http://www.companieshouse.gov.uk http://www.companylawclub.co.uk/ 1 [1] Case Salomon v Salomon Co Ltd has been taken from book Nicholas Grier, â€Å"Company Law, Second Edition†, Scotland: W. Green Son Ltd, 2005)

Politics, Payoffs, and Illegal Immigration Essay -- Essays Papers

Politics, Payoffs, and Illegal Immigration According to the U.S. Immigration and Naturalization Service, from 1993 to 1995 the United States has experienced the largest two year decline in immigration since the years 1930-1932. In 1995 there were 720,461 legal immigrants admitted to our country; some people would make the argument that this is far too many immigrants ( U.S. Immigration and Naturalization Service). It is impossible to clearly define the term "anti-immigration" because it is not a thing, it is a thought, a philosophy, a movement that appears in the abstract. In order to gain a better understanding of anti- immigration, I turned to the Internet. The medium of the Internet provides an accessible forum for the "world community" to express themselves outside the context of any controlling influences. However, deriving a definition of the term anti-immigration by the standards and understanding derived from the Internet becomes very confusing. There are those sites that advocate curtailing of all immigration both le gal and illegal; there are those that simply address the illegal immigration issue, and then there are those that address illegal immigration while at the same time arguing that legal immigration should be cut back--not stopped altogether. Interestingly enough, sites created on the west coast lean heavier on their argument against illegal immigration; the opinions expressed in these sites have an emotional basis. Sites that come from the east coast are more factual, and tend to deal with the immigration policy in its entirety, both legal and illegal. The purpose of this paper is to examine the anti-immigration information as it is presented on the Internet from a logical perspective. Lack of assimilation, dr... ...he links contained in this site are all related to the illegal immigration issue in California, and are peppered with such terminology as: "conflict," "infestation," "hatred," "race war," and "invasion." The site also makes mention of The Federation for Immigration Reform (FAIR) that was discussed earlier in this review, simply stating that FAIR has 70,000 members. There is no constructive information presented in this site, and like "The Daily Bruin," this site serves only to divide and instigate problems, rather than to propose any logical solutions to the perceived problem of immigration. "U.S. Immigration and Naturalization Service : Immigration to the United States in Fiscal Year 1995" (http://www.usdoj.gov/ins/public/stats/115.html) "Immigration law sets double standards for criminals" (Mitchell, Abra 1995) (http://pm.znet.com:80/leland/dec1995/in4-dec.htm)

Worldcom Scandal

WorldCom Scandal Formerly known as WorldCom, now known as MCI, this U. S. -based telecommunications company was at one time the second-largest long distance phone company in the U. S. Today, it is perhaps best known  for a massive accounting scandal that led to the company filing for  bankruptcy protection in 2002. In 1998, the telecommunications industry began to slow down and WorldCom's stock was declining.CEO Bernard Ebbers came under increasing pressure from banks to cover margin calls on his WorldCom stock that was used to finance his other businesses endeavors. The company's profitability took another hit when it was forced to abandon its proposed merger with Sprint in late 2000. During 2001, Ebbers persuaded WorldCom's board of directors to provide him corporate loans and guarantees totaling more than $400 million. Ebbers wanted to cover the margin calls, but this strategy ultimately failed and Ebbers was ousted as CEO in April 2002.Beginning in 1999 and continuing through May 2002, WorldCom, under the direction of Scott Sullivan (Chief Financial Officer), David Myers (Senior Vice President and Controller) and Buford Yates (Director of General Accounting), used shady accounting methods to mask its declining financial condition by falsely professing financial growth and profitability to increase the price of WorldCom's stock. The fraud was done in two main ways.First, WorldCom's accounting department underreported â€Å"line costs†, which are interconnection expenses with other telecommunication companies, by capitalizing these costs on the balance sheet rather than properly expensing them. Second, the company inflated revenues with bogus accounting entries from â€Å"corporate unallocated revenue accounts†. The first discovery of possible illegal activity was by WorldCom's own internal audit department who uncovered approximately $3. 8 billion of the fraud in June 2002. WorldCom said it will restate its financial results for all of 2001 and the first quarter of 2002 to take almost $3. billion in cash flow off its books, wiping out all profit during those times. The company's shares, among the most heavily traded on Wall Street, fell as much as 76 percent in after-hours action following the announcement and at one point were trading at 20 cents each. These transfers were apparently discovered by Cynthia Cooper, WorldCom’s vice president – internal audit. When informed about what happened, both the company’s current auditor, KPMG, and its former auditor, Andersen, agreed that these transfers were not in accordance with generally accepted accounting principles (GAAP).Following a review by the company’s audit committee, WorldCom’s board terminated Sullivan and accepted the resignation of David F. Myers, senior vice president and controller. The SEC suit came a day later. On July 21, 2002, WorldCom filed for Chapter 11 bankruptcy protection, the largest such filing in United States hi story. The company emerged from Chapter 11 bankruptcy in 2004 with about $5. 7 billion in debt. At last count, WorldCom has yet to pay its creditors On March 15, 2005 Bernard Ebbers was found guilty of all charges and convicted on fraud, conspiracy and filing false documents with regulators.He was sentenced to 25 years in prison. Other former WorldCom officials charged with criminal penalties in relation to the company's financial misstatements. Sources: (2007, January 31). MCI Inc. Retrieved February 17, 2007 from Wikimedia Foundation, Inc. Web site: http://en. wikipedia. org/wiki/Worldcom (2005, July 13). WorldCom’s ex-boss gets 25 years. Retrieved February 17, 2007 from British Broadcasting Corporation Web site: http://news. bbc. co. uk/1/hi/business/4680221. stm http://www. cbsnews. com/2100-201_162-513473. html

Automobile Air Pollution Essay

Efforts to improve the standard of living for humans, through the control of nature and the development of new products have also resulted in the pollution of the environment. Much of the world’s air, water, and land is now partially poisoned by pollution. Some places have become uninhabitable. This pollution exposes people all around the globe to new risks from disease. Many species of plants and animals have become endangered or are now extinct. The air pollution comes from lots of sources but the paper will be about air pollution cause by automobiles. As a result of tremendous amount of air pollution, primarily for automobile governments have passed laws to limit or reverse the threat of environmental pollution. There are lots of sources other than the automobile for air pollution. Nature itself is one of the causes. Sometime nature causes the air pollution by activities like a forest fire, volcanic, hurricane. These are temporary dislocations that nature balances and accommodates to modern economic development, however, sometimes disrupts nature’s delicate balance. The other source is from factories. Factories are release smokes and chemical in the air. In many places smoke from factories and cars combines with naturally occurring fog to form smog and create a midday sky. It had happened in London, â€Å"London, England, has been subjected to the danger of smog, long recognized as a potential cause of death, especially for elderly persons and those with severe respiratory ailments† (pollution). Transportation by car though, is the major source of air pollution. Early in the century human invented, internal combustion engine, engine that use fuel as gasoline or diesel. Those engines were used to manufacture an automobile for fast travel from one place to another. Because they were not much in use, those few cars were not enough to threat the environment. Those engines were not fast enough so mastermind humans invented bigger and faster engines and those take more fuel. When these engines burn fuels they introduce smoke and other, less visible, by products. Once they are released into the air, the products of incomplete combustion, particulate matter (soot, ash, and other solids), unburned hydrocarbons, carbon monoxide, sulfur dioxide, various nitrogen oxides, ozone, and lead, undergo a series of chemical reactions in the presence of sunlight. The result is the dense haze characteristic of smog. â€Å"Smog may appear brownish in color when it contains high concentrations of nitrogen dioxide, or it may look blue-gray when it contains large amounts of ozone† (Danger). The cumulative effect of air pollution poses a grave threat to humans and the environment. Smog causes number of children and elderly to die because children’ lungs are still developing, also they breath more rapidly than adults, and they play outdoor. Most elderly people loose the red cells that cause diseases to go out of control. That lead them to the development of chronic lung diseases. † The costs of air pollution are enormous. The American Lung Association sites sulfur-dioxide exposure as the third leading cause of lung disease after active and passive smoking† (Justification) Air pollution does not only cause health hazard but also cause acid rain to fall. Acid rain causes damage to structure or life. Plants and animal marine animal are most effected by acid rain. Acid rain or snow pollute the water and soil the major source for plants and marine species to survive. Acid rain or snow falls when sulfur dioxide emissions from exhaust of an internal combustion engine combine with particles of water in the atmosphere. â€Å"In Canada, Scandinavia, and the northeastern United States, acid rain is blamed for the deaths of thousands of lakes and streams† (Acid rain). Another new and troubling form of air pollution comes from a variety of chemicals called chlorofluorocarbons, also known as CFCs. For many years it was used by automobile industries. These chemicals were used in the air conditioning systems of the car. CFCs takes decade to get in the upper atmosphere but when it gets there it combines with other molecules. Then, by attaching themselves to molecules of ozone, CFCs transform and destroy the protective ozone layer. The result has been a sharp decline in the amount of ozone in the stratosphere. â€Å"At ground level, ozone is a threat to our lungs, but in the upper atmosphere ozone works as a shield to protect against ultraviolet radiation from the sun† (Ozone). If the ozone shield gets too thin or disappears, exposure to ultraviolet radiation can cause crop failures and the spread of epidemic diseases, skin cancer, and other disasters. The automobile has a big impact on over our environment. Today we have trillions of automobiles on the road. Each car produce smoke and chemicals that hazardous to our world. Sometimes people take that threat seriously and they try to find solution. It is necessary to burn fuel completely because unburn fuel release more chemicals than burned fuel. Most new cars have two oxygen sensors that monitor and control the burning of fuel (Toyota Eng. ). I think problem is that as oxygen sensors age, their warm-up response slows considerably. Even government says, â€Å"The major cause of air pollution is the internal-combustion engine of automobiles. Gasoline is never completely burned in the engine of a car, just as coal is never completely burned in the furnace of a steel mill† (EPA). Other than two oxygen sensors some engineers came up with electric. These cars are good for our environment because they do not use gasoline as fuel. Even they don’t produce any smoke. It has some problem with it too like electric cars need to recharge more often and the are not fast enough. The other problem is that after while the batteries needs to replace. You imagine if trillion cars need to replace batteries than it will fill our safe chemical deposal sites in few years than we have more chemical waste in our environment. The solar cars are not that bad in the futuristic problems but cars aren’t fast enough. â€Å"Air pollution has been the target of some of the most complicated and far-reaching legislation ever enacted. In 1970, the United States Congress passed legislation aimed at curbing sources of air pollution and setting standards for air quality. A few years later, Congress passed laws designed to phase out the use of lead as an additive in gasoline† (EPA). That helped us because the level of lead in the average American’s bloodstream has declined. We still didn’t do much about cause of acid rain and it is continually debated in North America and throughout Europe. â€Å"In late 1987, more than 20 nations signed an agreement to limit the production of CFCs and to work toward their eventual elimination† (EPA).