Jul 6, 2016

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Pros And Cons of a Limited Liability Company

Choosing the right business structure is an important business decisions that entrepreneurs would have to make. One of the most common choices is a limited liability company or LLC. For companies with one to three owners, it is the perfect choice. According to the website of Slater Pugh, Ltd, LLP, these types of company combines elements of a partnership and corporation. Here is a guide on the advantages and disadvantages of a limited liability company.

Advantages

  • A limited liability company provides protection to the owner against a possible lawsuit. Compared to a sole proprietor, the owner of an LLC is regarded as a separate entity from the company. This means that creditors cannot seize the owner’s personal assets.
  • With LLC, owners can deduct health insurance premiums on an income tax return.
  • Unlike C or S corporations, LLCs offer less paper works. This makes an LLC easier to form and maintain in good standing.

Disadvantages

  • In an LLC, profits earned are only taxed at the company level. Owners of the company pay taxes on profits on their personal income tax returns.
  • Unlike corporations, there is no definite role in an LLC. This can create confusion as to who will sign contracts.
  • However, this can be remedied with the creation of an LLC Operating Agreement.
  • If one of the owners of the LLC leaves, the company’s existence will cease to exist. Again, owners can remedy this with an LLC Operating Agreement.
  • While there are fringe benefits in an LLC, such are treated as taxable income. Employees of a C Corporation also receive fringe benefits but it is not reported as taxable income.

Knowing the advantages and disadvantages of a limited liability company can help you decide whether it is the right business structure for your company. It is always best to consult the experts when deciding on the business structure you want.

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Mar 10, 2016

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What are the contributing factors in truck driver errors?

In the United States, large trucks (such as semi-tractor trailers and 18-wheelers) are used for the shipment and transportation of many different products, making the industry a highly needed service. Trucks are particularly harder to operate, and it is a requirement that the drivers are well-trained and well-informed about the functions of the vehicle. Unfortunately, accidents are inevitable, and since trucks are larger than most vehicles we see on the road, the results are particularly worse and more tragic. There are just certain qualities that trucks have and cars do not, such as blind spots and relatively delayed stop time while stepping on the brakes due to the heavy weight. These things are only a few of the many factors that add to truck accidents.

The intensive nature of a truck driving job usually adds up to driver error as the cause of an accident. According to the personal injury lawyers at Evans Moore, LLC, there is a greater responsibility that is expected from truck drivers, so their negligence poses bigger risks.

According to Nolo, due to the nature of the job, truck drivers are prone to fatigue, which could lead to an accident. Exhaustion results in sleepiness and it may lead to simple distractions like the oversight of a sign, panicking, being startled, and many other more. Another driver error is the use of drugs and alcohol, and this almost always leads to tragic accident results. There are federal rules enforcing employment testing to trucking companies, although some drivers are just merely negligent and continue to violate the law. Blind spot is still one of the major issues in truck accidents, even though truck drivers are trained to look for vehicles that may drive on the “No Zone,” a space around the truck where the driver is not able to see through the mirrors.

The factors mentioned above are just a few of the many things that cause truck accidents.

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Oct 21, 2015

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A step-by-step account on how airbags work

Apart from seat-belts, airbags provide an added layer of protection among passengers during a car crash. In the U.S., cars with model year 1998 and onward are all required to have airbags for front passengers. But today, airbags are not only limited in the steering wheel and in the dashboard, they are also mounted on doors and chairs; and they are a big help in reducing fatal accidents in every U.S. roads.

But how does this amazing car safety component work? Here is a step-by-step account on how an airbag deploys:

  1. The airbag is equipped with sensor that tells whether a crash has occurred. This sensor is equipped with an accelerometer (an instrument that measures acceleration) to detect sudden decrease in acceleration. When there is sudden, possibly fatal deceleration, the sensor will trigger the airbag circuit.
  2. The circuit will then ignite a solid propellant that would trigger a chemical reaction. This chemical reaction would generate a large amount of gas so fast that it would inflate the airbag within a quarter of a second.
  3. The airbag is coated with talcum powder so that it would unwrap seamlessly. Also, the airbag is made of nylon fabric with tiny holes on its edges. The airbag deflates as the occupant’s head pushes it down.

However, there are certain scenarios where airbags do not deploy. According to the website of Williams Kherkher (view website), defective designed, manufactured, and mounted airbags may malfunction in times of collision. Furthermore, an airbag may not deploy in any of these situations:

  • A frontal fender bender
  • When you hit a moving object (an animal or a moving pole)
  • When you have been involved in an angled or rear crash
  • When the direction of the force during a car crash is downwards (ex. when your bumper is lodged below a semis’ loading platform, or when you drive over a large pothole)

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Jun 4, 2015

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Zofran and Cleft Palate

An infant’s palate, or the roof of their mouth, is fully formed by the tenth week of pregnancy. Palates form from the edges first then fuse in the center to form a solid roof. When this fusion process is disrupted, a hole is left behind and a cleft palate is formed. Typically the cause is never found. Genetic factors are usually considered, but environmental factors can be a cause as well. Environmental factors can include smoking, drinking, and being excessively overweight during pregnancy, but increasingly is taking unsafe medication.

Zofran is a drug that can be prescribed to women who are experiencing excessive and/or violent morning sickness. It was originally designed for cancer patients who were undergoing treatments and works by suppressing the chemicals that are responsible for nausea and vomiting. Recently, however, there have been connections between the taking of Zofran during pregnancy and the development of certain birth defects, including cleft palates. Inadequate research was done prior to prescribing it to expectant mothers. The FDA has since released a warning against its use by pregnant women, but many doctors prescribe it to their patients anyway.

The direct connection between taking Zofran and the development of cleft palates is still unclear, but Zofran lawyers are looking into the issue. Cleft palates can cause undue suffering to both the child and their caretakers. Infants with cleft palates are typically unable to breast feed since the hole in their mouths can fill with milk and cause them to aspirate or milk to come out of their nose. Older children will have a difficult time speaking since the roof of your mouth is necessary for making speech sounds. Surgery is the only solution and sometimes multiple surgeries are required. The effects of taking Zofran during pregnancy are still unclear, but it is important to know the risks involved.

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Mar 26, 2015

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Considerations for Selling your Mineral Rights

There are some circumstances when selling your mineral rights is the better option than leasing. True, when you sell your mineral rights you can no longer benefit from the yields when there are any. This can be truly frustrating, but mineral rights are highly speculative at best, and most often do not even pan out. Leasing keeps your finger in the pie just in case there are minerals in commercially viable quantities, and you still own the rights.

On the other hand, if you only own part of the property that has mineral rights, a lease can make it very complicated for you and your co-owners. For one thing, negotiating a lease will involve more people. For another, even if you get a lease contract that everyone can live with, the paperwork and administrative burden to make sure that everybody has a fair share of the proceeds and royalties may be too heavy for the money you eventually get for your share. This is especially true when the property is not yielding a lot yet, so the royalties may be next to nothing. As an article on The Mineral Auction website puts it, it may be more trouble than it is worth.

Another scenario where selling your mineral rights makes more sense than leasing it out is when you need a significant amount of cash at once. It could be to buy into a business, buy new property, pay for college, or pay off debts. You only get money from a lease on a piecemeal basis, and it is obviously going to be much less than a purchase, so selling your mineral rights is the best option for you.

If you do decide to sell your mineral rights, you have to be sure that you are getting the right price for it. You should consult with an oil and gas attorney if you get an offer to purchase and discuss why the price is right or not. It is easy for an amateur to get confused over the whole thing, so you may want to leave the selling to the professionals. There are companies that specialize in putting mineral rights up for auction and getting the best deals for both sellers and buyers.

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