Define Each Key Element of Public Policy Process and Provide

question 19

Essay

Define each key element of public policy process and provide an illustration or example for each element.

Understand the implications of personal income taxation on sole proprietorship earnings.

Identify the degree of secrecy allowed by different forms of business ownership.

Recognize the conditions under which a business can be easily formed or dissolved.

Distinguish between the various forms of business ownership with respect to their establishment, regulation, and operation.

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Definitions:

Foreseeable Plaintiff

A person who is readily identifiable as likely to be harmed by the defendant's conduct, thus owed a duty of care in negligence law.

Qualified Opinion

An opinion issued by an auditor saying that, as of a given date, the books of a firm represent its financial health; however, the auditor may qualify the opinion either because the firm is facing some uncertainty that might affect the company in the future or because the firm has deviated from generally accepted accounting principles (GAAP) in some minor way.

Sarbanes-Oxley Act

Legislation that places an affirmative duty on the directors of publicly-traded corporations to monitor whether they are conforming to all legal requirements.

Duty of Care

A legal obligation to adhere to a standard of reasonable care while performing acts that could foreseeably harm others.