StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Widgets and Gadgets - Essay Example

Cite this document
Summary
In United States, courts obligate the information technology industry to operate in a domain of some necessary laws. It is very important to be aware of these laws…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.7% of users find it useful
Widgets and Gadgets
Read Text Preview

Extract of sample "Widgets and Gadgets"

BUSINESS FORMATION AND SECURITY LAWS FOR START-UP BUSINESS OF WIDGETS AND GADGETS Starting up a business of Widgets and Gadgets comes under the broader umbrella of information technology sector. In United States, courts obligate the information technology industry to operate in a domain of some necessary laws. It is very important to be aware of these laws before starting a new I.T business (US Information Technology Law, 2011). Violation of these laws can end up in paying fines and other punishments.

As a result, it is considered appropriate to take the advice of I.T solicitor in forming up an IT based company as well as in managing the business operations of the company. Licensing and registration, shareholder agreement, privacy policies, and confidentiality agreement are the specific areas of high importance when incorporating an IT based company.The business of widgets and gadgets in the form of company requires certain general legislations as well as industry specific rules and regulations.

In the beginning, the major legal points related to incorporation of a business of widgets and gadgets are discussed and then followed by industry specific legislations.In United States, the formation and incorporation of a company is held under the law of local state. Mostly companies get themselves incorporated under the law of Delaware (Division of Corporations, 2011). The core reasons behind the selection of Delaware state law are very well nationally recognized statute available for corporations, well developed and organized case laws facilities and the presence of more than 50% of US corporations in the state of Delaware.

There are two types of corporate entities under United States law (Limited Liability Company, Concept, Similarities and Advantages 2011). These are:1. Corporations2. Limited Liability Company (LLC)Both types of legal structures have their specific features. Some of them are stated below:a) The LLC is established by filing Articles of Organization of the business with the state secretary of State.b) An LLC does not issue shares, thus not creating shareholders but members.c) The LLC can be incorporated with single member.d) Members are not personally liable for the loans and liabilities of the entity.e) No tax liability on the LLC, until the members clearly elect to be taxed in the same manner as the corporation (company limited by shares).

Acquiring a registered agent is a requirement under the law of Delaware as this agent is supposed to act on behalf of the organization and to represent the company in various legal encounters (How to form a Business Entity, 2011).The next step is the formation of a name of the company. By paying around $75.00, name of the company can be reserved for at least a period of 120 days in the record of Delaware Division of Corporations. Legal papers such as Certificate of Incorporation/Formation and Certificate of Status/Good Standing are required to be obtained under Delaware Division of Corporations.

Fees related to incorporation, filing of names and legal papers must be submitted. All companies formed in the State of Delaware are required to submit an Annual Report along with $50. The franchise tax has different tax rates with different amounts of profits the company earns in a given financial year. The payment period also varies in the similar manner. Electronic filing of Annual Reports for domestic corporations is mandatory under state of Delaware. In order to establish a business to produce widgets and gadgets, licenses and permits are need to be obtained from IT division of State Department (US Information Technology Law, 2011).

Widgets and gadgets are related to IT industry which is covered in the following areas of United States IT related laws and legislations: Cyber crime and network securityDomain namesE-signatures and encryption (cryptography)Privacy and data protectionTaxation and e-commerce/telecommunications servicesAfter incorporation of business and commencement of commercial activities, the compliance of above legislations needs to be strictly maintained. Many widgets and gadgets share user’s personal data and information, like pictures or videos, therefore laws and privacy policies should be strictly followed in order to avoid any unpleasant incident pertaining to customers.

ReferencesDivision of Corporation, (n.d.). Retrieved September 26, 2011, from http://corp.delaware.gov/How to form a Business Entity, (n.d.). Retrieved September 26, 2011, from http://corp.delaware.gov/howtoform.shtmlInformation Technology Law, (n.d.). Retrieved September 26, 2011, from http://www.law.stanford.edu/program/centers/ttlf/law/us/it/Limited Liability Company, Concept, Similarities and Advantages (n.d.). Retrieved September 26, 2011, from http://www.us-llc-for-non-residents-of-the-usa-incorporate-llc-in-us.

offshore-companies.co.uk/

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Widgets and Gadgets Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Widgets and Gadgets Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/law/1580411-widgets-and-gadgets
(Widgets and Gadgets Essay Example | Topics and Well Written Essays - 500 Words)
Widgets and Gadgets Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/law/1580411-widgets-and-gadgets.
“Widgets and Gadgets Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/law/1580411-widgets-and-gadgets.
  • Cited: 0 times

CHECK THESE SAMPLES OF Widgets and Gadgets

Planning And Control Of Budgets

Some management accountants argue that budgets are great for planning, but not for control.... The essay "Planning And Control Of Budgets" detailed discusses the above statement and makes the conclusion whether the writer agrees with the statement or not.... hellip; Every organization, company, governmental organizations have the budgeting process that determines expenses and revenues, sales and savings and sets financial goals for the future....
12 Pages (3000 words) Essay

The Process of Finance Benchmarking

Budgets Name College Course Date 1 Finance benchmarking is the process where a company compares itself with another in order to access its performance in reference to the other company used as a benchmark (Platen & Heath, 2009).... By so doing, the company will be able to identify areas that need to be improved and those tasks that are wasting a lot of companies' capital to be completed....
3 Pages (750 words) Assignment

Developments With the Original iPhone: Technology Gadgets

The paper gives detailed information about the iPhone has been one of the most sought after new technology gadgets.... After it was released, updates and even more applications were developed.... Developments with the original iPhone boosted its sales even more.... hellip; It has a touchscreen and Wifi that many believe to be a convenience for them....
1 Pages (250 words) Assignment

Analysis of the Product: Pad 2

The iPad 2 is perhaps one of the best examples of innovations of the human mind.... The product is a tablet PC that has an attractive look and a design that is unmatched by any other product in… The product includes all the features of a notebook and has multiple functionalities that include high end graphics and extended battery life with high degree of portability. The manufacturer of iPad 2 is Apple Inc that is a US based multinational company engaged in The company was established in the year 1976 by the legendary Steve Jobs, Steve Wozniak and Ronald Wayne (Apple, 2011)....
2 Pages (500 words) Coursework

Kitchen Gadgets

Customers get utensils after its shipping, then the customer receives the bill, and the system produces several reports on all Kitchen gadgets Kitchen gadgets are one of the most common companies with very high quality kitchengadgets, and utensils.... The customers of this company order utensils from the website that displays all the latest gadgets that it produces in the stock....
1 Pages (250 words) Assignment

Enterprise Integration System

An author of this essay talks intends to describe the use of an enterprise integration system in business, discussing its concept, structure, particular aspects and implementation process.... The paper reveals the way of developing applications and patterns of its use and integration.... hellip; An enterprise is made of many custom built applications, which operates on different operating platforms....
12 Pages (3000 words) Essay

Budget Accounting and Reporting

It measures the planned acquisitions and forecasts the use of economic resources.... Budget reporting on the other hand assists to provide the basis for controlling the activities of an… Budget reporting helps the organization to monitor and revise between the two sets of performance.... Budget accounting and reporting are two vital processes that assist organizations to Budgets Contrary to financial accounting, budget accounting is a forward looking type of accounting....
1 Pages (250 words) Assignment

Procurement Outsourcing Strategies: Wonderful Widgets

A paper "Procurement Outsourcing Strategies: Wonderful widgets" outlines that it should be noted that operational cost consists of both fixed and variable costs.... The company can reduce the operational cost by adopting Just-In-Time (JIT) model in the production of widgets....  Procurement Outsourcing Strategies: Wonderful widgets SummaryIn the given case, Wonderful Widget is a company that produces widget....
2 Pages (500 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us