traditional legal structure

14 Oct traditional legal structure

1) My firm is strutted as an LLP, which is a traditional legal structure for the majority of accounting and CPA firms. Such structure allows a number of partners to own equity of the firm and share in the profits (Bradley, 2017). Another reason for the LLP structure is that it provides protection against the actions or debts of the other partners by isolating each partner in the case of any claim. While partners may enjoy the benefits of limited liabilities in case of a lawsuit or a claim, the downside of being a limited partner includes the fact that he or she may have a limited input in the management decisions.

References:

Bradley, J. (2017, November 21). Common Organizational Structure for the Finance & Accounting Industry. Retrieved from https://smallbusiness.chron.com/common-organizational-structure-finance-accounting-industry-74195.html

Response: 4 3 lins

2) Dear All,

USC as a private research university is the oldest organization in California. The license for the business has been obtained from the Californian state government and on City level, It is from Los Angeles

Service Details

references from website

· Are engaged in business in California

· Intend to sell or lease tangible personal property that would ordinarily be subject to sales tax if sold at retail (this includes wholesalers, manufacturers and retailers.)

· Will make sales for a temporary period, normally lasting no longer than 90 days at one or more locations (for example, fireworks booth, Christmas tree lots, garage sale)

Response: 3 lines

3) Vision in a simplified way implies clarity of outcome to achieve and how to implant a strategy to achieve the stipulated goal. Hans Hinterhuber and Wolfgang Popp (1992), has drawn attention to vision as a definitive term for an organization to act as a guide for achieving the desired goal in a specified manner. While Graham Beaver (2000), mentioned that lack of clear vision with its unique objectivity may diverge the organizational ability into the risk of failure since it will not be able to identify the need of transformative change.

According to Kotter (2006), a vision should be arbitrarily flexible and yet focussed to move in a specified direction. He further explained that a clear and focussed vision can help arrive on a strategic and effective decision to move ahead for the achievement of a futuristic goal, but having enough space for flexibility to adapt the circumstantial change arisen due to external or internal factors.

Vision in context with organizational change crucially depends on the organization’s receptiveness towards obliged change and on availability of adequate resources. It becomes an obligation for an organization to facilitate the calculative change, by gaining the trust and confidence of employees and sharing the necessary information to avoid confusion.

As part of the exercise and after interaction with 3 employees from two different organizations, one thing commonly attributes to the conclusion, that shared and comprehensible vision can help engage employees on a happy scale, also, in turn, adds to the contribution for making the effective change possible with positive outcomes.

1. A gaming organization – PlayStation is a subsidiary unit of Sony Corporation. The vision of this company mainly aligns with Sony Division to become a global leader in digital entertainment. A qualified QA engineer from the group was asked to contribute to the change involving complete automation of current processes thus reducing the task of overloading the database and cost reduction along with redundancy of work. The organization ensured that all stakeholders are involved in this automation process and are in alignment with the vision for the set goal. The QA engineer showed enthusiasm since he was involved in the regulated change and was provided with the best tools to execute the change. He could identify this change process with his individual ambitious goals.

2. In the second example, an ETL engineer working with Spherex, a division unit of V2 Solutions having a vision of becoming a global technology service provider and to manage metadata flow in media and entertainment industry had to relocate as part of divisive and transformative change. Reason for him choosing the option was the self – aspiring motivational factor of working for the new project which will help him climb the socially recognisable factor. He was not involved in the methodology of the change nor was conveyed in proper format which later led to insecurity and doubtful resistance. The result – He suffered a setback because he could not deliver the project in given time along with his team members. Since the implied change was not conveyed to him properly which led to confusion.

3. An analyst working with a similar organization (second example) was never the part of any change process. However, he showed a keen interest in understanding the vision of the organization since it would’ve helped him to coordinate his goals in alignment with the organizational objective.

Transparency, clear vision and proper communication are the key channels for any required change. The above examples highlight, that any transformative change can result in disorder if not administered conventionally. Also, with proper support and correct interpretation of change backed by the vision of the organization, the change leader can help navigate the change management resulting in its own success story.

References:

Beaver G. (2000). The significance of strategic vision, mission and values. Strategic Change. Wiley Online library.

Hinterhuber, H. H., & Popp, W. (1992). Are you a strategist or just a manager? Harvard Business Review (online).

Kotter, J. P. (2006). Transformation: Master three key tasks‘, Leadership Excellence. Vol 23. no.1,p.14.

Palmer I., Dunford R., & Akin G. (2016). Managing organizational change: A multiple perspectives approach (3rd ed.). New York, NY: McGraw-Hill

Response: 3 lines

4)  Production planning and budgeting involves various business activities, including sales, budgets, materials and labor across different departments and functions. As Adegbuyi & Asapo (2010) concluded the meaning of production planning that “provide the capacity and production to meet agreed or projected demand, ensure timely and positional availability of materials and components, provision of a steady flow of work through all departments, provide a balanced work between various departments involved in production operation, make available adequate manufacturing instructions to enable proper management, and supervision and records and provide adequate information to arrest failure and delay”.

Flexible budget means that changes can adjust during the production planning. One of advantages of flexible budget is adaptability, which means it matches the rapidly changing real marketplace. So, flexible budget helps the business to be more adoptable and dynamic to face changes from the real world (Ashe-Edmunds, 2019).

Reference:

Adegbuyi, P. & Asapo, E (2010). The Effect of Production Planning and Budgeting on Organizational Productivity. Academic Journal. Retrieved from: http://lejpt.academicdirect.org/A16/201_217.htm

Ashe-Edmunds, S. (2019). The Advantages of a Flexible Budget.  Retrieved from: https://yourbusiness.azcentral.com/advantages-flexible-budget-1006.html

Response:3 line

5) A Departmental Income Statement shows each department contribution margin and net income from operating, after all expenses are allocated. It shows which department of the company are the most profitable, and which departments are costing the company money. It helps the managers to evaluate and control the operations of each department.

This is important for running a top-quality company. Without having the departmental income statement, it would be harder for the company to figure out where the profit and losses are coming from. It is very essential document for the company (Departmental Income Statement, 2017)

Solution to Exhibit 9.17 in the textbook: –

Residual income of LCD Division

= $526,500 – (2,500,000 * 8 %)

= $526,500 – $200,000

= $326,500

Residual income of S-Phone Division

= $417,600 – ($1,850,000 * 8%)

= $417,600 – $148,000

= $269,600

Conclusion: –

Residual income of LCD Division is $326,500.

Residual income of S-Phone Division is $269,600.

Reference

Departmental Income Statement. (2017, Mar 22). Retrieved April 17, 2019, from https://newyorkessays.com/essay-departmental-income-statement/