Учебно-методический комплекс дисциплины «иностранный язык (профессиональный)»
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| Activities: 1. Speak about types of Corporations. 2. Give distinguishing characteristic of a C corporation. 3. Give distinguishing characteristic of a S corporation. 3. Name all advantages of Corporations. 4. Name all disadvantages of Corporations. 5. What is double taxation? 6. Compare the federal income taxation of an S corporation with that of a partnership. Theme V. Forms of Business Organizations (Joint Ventures) Lecture 5. Learning Objectives: An understanding of the material in this lecture should enable the student to
A joint venture is a business relationship resembling a partnership. Joint ventures may exist between individuals, corporations, partnerships, or any combination of these. It can be a partnership between two or more international companies who contribute capital and resources and share responsibility for a specific project. When persons or groups come together in a joint venture they do so for their mutual advantage. One may bring special skill, knowledge, or judgment; another may contribute property; another may be the source of money. Each person is important. Without this pooling of money, material, and service, the specific project could not be handled adequately. Joint venture agreement are particularly common between Western companies and those in developing countries, because they have knowledge but don’t have enough capital. International companies have capital and the technical expertise, but they don’t know the local know-how. So they gave a series of meetings to agree on details and then draw up an agreement to work together. Syndications Syndications are much like joint ventures in that they are the joining together of two or more individuals or entities. As a matter of fact, syndication can be a joint venture. Syndication may also take the form of a general partnership, a limited partnership, a regular corporation, or an S corporation. The limited partnership is the most popular form. This is probably because a limited partnership offers the limited partners the advantages of limited financial liability, tax-deductibility of depreciation and other business losses on their individual tax returns, and noninvolvement in the management of the project. Most syndications are the joining together of a relatively small group of investors for the purchase and development of a large financial undertaking-generally the purchase and development of real estate. They are usually formed by a developer (syndicator) needing investors to put up cash to accomplish the investment objectives. Additionally, however, there are professional, ongoing syndications— organizations whose only reason for being is to act as syndicators. Their twofold function is to (1) seek out people with large sums of money to invest and (2) seek out investment opportunities that meet the investors’ goals for rate of return and level of risk. Income Taxation of Businesses A few summary facts about business taxation follow. They are presented here as a brief overview. The text will also include a discussion of tax information as planning ideas are discussed. Taxation of Sole Proprietorships, Partnerships and S Corporations With sole proprietorships and partnerships, the proprietor or partners are the only taxpaying entities. The business itself pays no income tax. All business income and expenses are passed through to the owner(s) for income tax purposes. In general, sole proprietors, partners and S corporation owners are taxed directly on the net income of the business. By law, the gains and losses of the business pass through to the owners without the business itself being subject to tax. In computing the net income subject to tax, the owners’ salaries are generally not deductible. In general, sole proprietors, partners and S corporation owners may deduct the entire cost of group insurance and other fringe benefits on their employees. Starting in 2003, the premiums for health insurance on the owners and their dependents are fully deductible. Contributions to a qualified retirement plan are fully tax deductible, as long as they are reasonable and meet plan requirements. It helps to think of partnerships, sole proprietorships, and S corporations as pass-through businesses, because the income from the business passes through to the owners and is taxable to them as individuals. The business itself is not taxed. In contrast, C corporations are taxable entities. Taxation of Corporations With corporations, there are two possible taxpaying entities to pay life insurance premiums. One is the corporation itself. The other is the owner(s) as an individual(s). Having the entity with the lowest taxable income pay nondeductible premiums is the least-expensive option. By law, C corporations are taxed on the net income of the business; gains and losses are not simply passed through to the shareholders. In computing the net income subject to tax, all salaries and fringe benefit costs are generally deductible by the corporation. This includes salaries and fringe benefits for shareholders who are also employees. What remains after all deductions is the profit of the business, upon which the corporation is taxed. If a C corporation later distributes these profits to the shareholders, the result will be a dividend. Dividends are taxable as ordinary income to the shareholders and are not deductible by the corporation. For this reason, owner-employees try to avoid or minimize dividend treatment through a number of devices. One way is through deductible items such as salaries and fringe benefits for shareholder-employees. Through various penalties and restrictions, the IRS tries to force distribution of corporate profits as dividends, because dividends aren’t deductible by the C corporation. Among these techniques are disallowing deductions for excessively high salaries and fringe benefits for the shareholder-employees, and imposing penalty taxes on corporations that accumulate too much profit without distributing it. S corporations are taxed in a manner similar to partnerships. Professional corporations are generally personal service corporations taxed at 35 percent on all taxable income; there are no graduated tax rates.1.49  Alternative Minimum Tax (AMT) The corporate alternative minimum tax (AMT) is an income tax that attempts to make certain C corporations pay a "fair" amount of tax despite deductions, credits, and other tax preference items that reduce their regular income tax to a small amount. Tax preferences are tax items that allow larger than normal deductions, or exemptions for certain types of income, from regular tax rules. A corporate AMT must be paid instead of the corporation’s regular tax if the AMT amount is higher. The tax applies only to C corporations, not to S corporations. Until 1998, C corporations could be subjected to the AMT regardless of size. Beginning in 1998, however, "small" corporations are exempt from the tax. A "small" corporation is a C corporation with no more than $7.5 million in average annual gross receipts for the 3 previous tax years. For corporations in existence less than 3 years, the initial qualification for exemption involves average annual gross receipts of no more than $5 million. Generally, a corporation will be exempt from the AMT in its first years of existence. Determining the alternative minimum tax is a complex procedure. Alternative minimum taxable income (AMTI) is the corporation’s regular taxable income, increased by adjustments for tax preferences. These preferences included certain excess depreciation, tax exempt interest, life insurance cash value increases that exceed annual premiums, and death benefits received in excess of the policy owner’s basis. Seven-five percent (75%) of AMTI is subject to a flat 20 percent tax. Since 20 percent of 75 percent is 15 percent, you can think of the tax as 15 percent of AMTI. To the extent that the alternative minimum tax paid exceeds the regular income tax for the year, the corporation may use this excess to offset regular tax liability in future years. The corporate alternative minimum tax can have an adverse effect on key person life insurance. Urge your corporate clients who may be subject to this tax to increase the amount of life insurance they plan to buy on key employees. If the tax comes into play at the key employee’s death, there will be enough after-tax proceeds to meet the firm’s needs. For example, if the amount of needed key person life insurance is $1 million, add $150,000 to it for a face amount totaling $1,150,000. Then, following the key person’s death, if there is a tax at all, it will be a maximum of 15 percent, and so the net proceeds would be $1 million. Activities 1. What is the difference between a joint venture and a syndication? 1. What does AMT abbreviation mean? 2. What does AMTI abbreviation mean? 3. Describe Income Taxation of Businesses 4. Describe Alternative minimum taxable income Theme VI: Keys to Success Lecture 6. Learning Objectives: An understanding of the material in this lecture should enable the student to
To be successful in the business market, you need to follow a process, understand the prospect, and see yourself as a businessperson. Follow a Process The business owner is a challenging prospect. For many, their businesses not only provide income, but are the consuming passion of their lives. It is not uncommon for the owners of small businesses to invest most of their time, energy and money in the development of the business. Faced with constant challenges in the daily activities of their businesses, it is often difficult to get them to take time to discuss how you can help them. This book will offer many ideas on how you can overcome this problem. To be successful in this market, you must be able to help the business owner establish realistic financial goals, gather relevant information about the owner’s current situation, analyze the situation, devise a plan that bridges the gap between the present reality and desired future, implement the plan, and then monitor it. In some ways, marketing to business owners is very much like marketing in the personal market. After you have identified the prospect, you must 1. establish financial goals 2. gather relevant data 3. analyze the data 4. develop a plan for achieving goals 5. implement the plan 6. monitor the plan Despite the similarities, there are differences. However, business situations are often more complicated than personal ones, balancing the needs of the owner, the business, and its employees with tax and profit considerations. To be successful, you must not only understand your products and how they can be applied to meet your prospect’s needs, but you must also understand the prospect’s business and the business environment in which those needs exist. Understand the Prospect To be successful in this market, you must understand what is important to business owners. You need to use all your relationship skills to get the owners to take a realistic look at what they are creating and what will happen to their businesses in the future. As with other prospects, you must learn to listen carefully to what owners are saying to you. You must ask probing questions to determine their goals, not just for themselves, but also for their businesses. Exit Strategy “Business owner, what is your exit strategy from your business? How are you going to get out? Do you have any plans for leaving your business for retirement, or for what may happen if you die or become totally disabled? This is the kind of work I do. Let me help you with this.” To be successful, you must also be able to speak the language of business owners. You must be knowledgeable enough about the specifics of their businesses to make them feel confident in talking to you. You must also be knowledgeable about business structures and taxation to help them identify problems they might not otherwise notice. Your understanding of business structures and what will happen in the event of an owner’s death, disability, or retirement will allow you to help owners plan for these events. In this regard, the continuity or termination of businesses are of the greatest importance. As an insurance expert and financial advisor, helping your business prospects plan for the distribution of their business assets can be the most valuable service you provide. For many owners, the business represents not only the way they generate income for themselves and their families, but also their major investment for the future and, often, a way of life. For business prospects, the issues of life, death, disability, and retirement become even more critical. The element that makes their businesses valuable—their personal involvement-depends on their continued ability to work. These are only some of the reasons why business owners need the advice of trained financial advisors. Insurance and other financial products can provide the solution to many of the problems created by the death or disability of a business owner. They can also provide at least part of the solution to the transfer of business assets when a business owner decides to retire. Equally important, your role as a financial advisor, working in conjunction with the business owner’s other professional advisors, can encourage the owner to address these critical issues before it is too late. See Yourself as a Businessperson Reflect on your experience as a financial advisor. Where have you had your greatest success? If you are like most financial advisors, your greatest success comes from your natural market—people who think like you, act like you, and share common values with you—in other words, people like you. If you want to relate to business owners, you will need to see yourself as a businessperson–an entrepreneur. It is your identity as a businessperson that will help you relate to business owners because you have so much in common with them. Strategic Planning It does not matter what you call yourself because, in the final analysis, you are a businessperson. Do you think of yourself as a businessperson? What is your business? What do you want your business to be? Who are your customers? Who would you like to have as customers? What are your goals for your business? To maximize your successes, you need to answer questions like these. When you think of successful people, you can almost always identify some common characteristics. Generally, successful people have a clear sense of direction, and they develop and effectively implement their plans. This rarely happens by accident. In your role as a financial advisor, you ask your prospects to establish financial goals and participate in the fact-finding process. The purpose of fact finding is to determine where your prospects are, so you can analyze their situation and develop a plan that will help them achieve their goals. This may involve recommending products and services to your prospects in order to implement the plan. Engaging in this process for your business activities is called strategic planning. Strategic planning involves developing a comprehensive plan and strategies for the future of a business. It is establishing long-term direction, setting specific performance objectives and standards, developing strategies and action plans to achieve objectives, executing action plans, and evaluating results. The process of strategic planning is a fundamental and important aspect of managing a business. The product of the strategic planning process is a detailed plan for business direction and course of action. The advantages of strategic planning are that it • focuses your thinking • provides you with a clear sense of direction • guides you in setting specific, quantifiable goals • helps you recognize and respond to opportunities and threats that affect your goal achievement aids you in coordinating and prioritizing your activities helps you establish realistic strategies positions you to be proactive rather than reactive Your Business Plan Anyone thinking of starting a business would not attempt it without a sound business plan If one needed to obtain financing, it would be almost unthinkable to approach a bank or potential financial backer without a plan that would lead to success, and subsequently repay the debt. As a businessperson, you should have a working business plan and follow it. It is important to plan, and most people do plan, at least informally. You may do year-end planning as part of making goals for the New Year. Or you may plan because you want to reach a specific income goal or because the primary company you write for requires you to have a production plan for the coming year. Perhaps you plan because you want to buy a house or a car, fund college educations for your children, or save for retirement. But have you ever written a plan that spans more than one year-a plan aimed at defining and achieving your long-range goals for the future? Have you taken the time to complete a fact finder on yourself? Do you know where you want to be both personally and professionally in 5 or 10 years? Establishing and achieving your personal and professional goals requires you to decide where you want to be, look at where you are now, and develop a plan that will move you toward your goals. In its simplest form, a business plan is a written document that lists your business goals and describes how you will achieve them. But it should be much more than that. It should be the end result of strategic planning. It should be a dynamic, flexible document that guides you toward achieving your business goals. It is your blueprint for success. It is not the intent of this book to review the concept of a business plan. It is simply to make the point that you are a businessperson and have much in common with other business owners that you approach. You need to think of yourself as a business owner and you need to act like one. That means developing and following a business plan, as well as investing a great deal of time, energy, and money into making your business successful, just like your prospects do. In this lecture we will cover the skills you need to survive in the highly competitive business market. You will learn • about business people and the things that are important to them • how they make decisions and how to guide them to the right decisions • how to analyze their financial situations to define needs and develop solutions to the problems they face • the tax ramifications of different approaches to their problems • ways to present your solutions that will help you establish business сlients about business people and the things that are important to them Ben Feldman, Legendary Insurance Salesman Careful planning, methodical organization, dogged prospecting, detailed research, innovative approaches, and relentless persistence made the late Ben Feldman synonymous with sustained sales greatness. He was called the most successful life insurance advisor of all time, and he may have been the most remarkable salesman in sales history. In July 1974, Fortune magazine pointed out that Ben Feldman had sold more life insurance than most of the nation’s 1,800 insurance companies had on their books. When Feldman died in 1993, he left a record that almost defies belief. His lifetime sales volume exceeded $1 billion of insurance—a career average of more than $20 million per year. His peak year exceeded $100 million, and his record for a single day was a $20 million sale. He worked in the business market, selling the types of plans discussed in this book. Moreover, Feldman did not work in a large metropolitan area, corporate center, or wealthy retirement playground; he worked in East Liverpool, Ohio, a river town of 20,000 near where Ohio, Pennsylvania and West Virginia converge. |
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