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Lesson 8
Business Ownership and Planning投资商业企业和计划
Introduction
As a financial advisor, your clients probably will include small and/or closely held business owners. The business-owner client is much sought after by the professional advisor, as this client usually has a considerable amount of discretionary income available for financial planning and investment opportunities. This lesson acquaints you with the various forms of business entities, as well as with the unique characteristics of the closely held business, a business that is not publicly traded. More often than not, the closely held business is intended to remain within the business owner's family after his or her retirement or death. At the end of this lesson, you will appreciate the unique characteristics of a closely held business, and you will understand some operational and succession concerns associated with such a business.
Lesson Objectives
State a form of available business entity
Identify a characteristic of a type of business entity
Describe the unique factors involved in the context of closely held and/or family business planning
Analyze a given situation to select the most appropriate form of business entity for a given client
Identify an aspect of financing or operating the closely held business
Explain a common technique used in the disposition of the closely held business
Key Concepts
Closely held business planning begins with the selection of the appropriate business form or entity. Among these forms are the sole proprietorship, the partnership, the regular or C corporation, the S corporation, and a relatively new form of doing business created by state statute, the limited liability company (LLC). It is important to understand each of these forms of business, including the non-tax and tax characteristics associated with their use.
The next phase of planning for the business owner involves the consideration of the ongoing operational issues inherent in running and growing the business. At the top of this list is finding both the capital and human resources necessary to operate the business as a going concern. Finally, there comes a time in the life of any business (particularly in the family or closely held business) that succession of ownership becomes critical. Such succession may result in a continuation of family ownership, sale to an outsider, or in some cases, liquidation of the business. This lesson concisely addresses all three of these phases in the life of a business.
Considerations in Advising the Closely Held Business Owner
Many businesses in the United States today are small, closely held concerns. From the standpoint of a financial advisor, they all share certain characteristics that make them different from the better-known and better publicized larger corporations.
Some Characteristics of Closely Held Businesses
The closely held business tends to have a small number of owners and, in many instances, these owners are also family members.
This business typically has no identifiable market. As such, valuation of the owner's (and others') interest in the business is quite difficult to ascertain.
Due to the limited marketability of a business interest (and also the lack of control if the client is a minority owner), sizeable discounts, known as fractional interest discounts, may be applied for estate planning purposes in valuing such a business. .
One of the most popular forms of conducting a closely held business today is the S corporation that allows for the limited liability of shareholders/owners but also permits so-called flow-through tax treatment. This "flow-through" of tax attributes to the shareholder/owner is important since deductibility of losses against taxable income is possible and initial business losses are very common in start-up businesses of any type. Another form of entity that is becoming more and more popular for start-up businesses is the limited liability company (LLC). This is particularly the case for those businesses involved in the service sector of the economy.
The double taxation of corporations (first at the corporate level and second at the shareholder level after a dividend is declared) is avoided with the selection of a flow-through form of taxable entity. As noted, most closely held businesses want to be taxed as flow-through entities. This is particularly the case since the "check-the-box" tax regulations became effective on January 1, 1997: Unincorporated businesses affirmatively elect either flow-through or corporate tax treatment merely by checking a box.
Most owners of closely held businesses are involved in the daily management of those businesses in contrast to a shareholder/investor in a large publicly traded business.
Finally, the owner of a closely held business necessarily has to coordinate business planning with his or her own financial and estate planning. It is therefore difficult, if not impossible, to separate the business from its owner.
In addition to knowing these common characteristics of the closely held business, it is also important to understand those personality characteristics that set the closely held owner apart from the majority of employees today. These characteristics serve the owner well in building a business, but can also make planning for succession of the business exceedingly difficult.
Some Characteristics of Closely Held Business Owners
A domineering personality. Most closely held business owners have strong personalities and insist on remaining in control.
Self-worth tied to position within the business. A business owner's self-esteem is often tied to being in charge. So he or she may find it difficult to envision the day when the business may have outgrown its founder or be in need of "new blood."
The lack of independent financial resources. The business often represents the majority of the owner's wealth. As most closely held businesses lack both marketability and liquidity, cash flow and estate planning become very challenging.
An immortality complex. Most owners believe that they can, and should, remain in charge of the business for years to come.
An inability to appreciate growing problems within the business. An owner's inability to perceive problems may cause the business to decline rapidly and steadily before corrective action is taken. Even then, this action may come too late to save the operations of the business.
When engaging in succession planning -- planning for the ongoing life of the business after owners/key business members retire or die -- one should also take these characteristics into account. It is often difficult for business owners to address succession issues. Therefore, the more proactive you can be in this area -- in terms of listening, getting the client to listen, and making recommendations that are heeded -- the more helpful you can be to your client and to his or her overall success.
Formation of the Business
The first and most important decision to be made when advising a closely held business owner is the selection of an appropriate business form or entity type. A brief outline of the types of available business entities follows.
1 Sole Proprietorship
The majority of closely held businesses operated by one individual take this form. No formal organizational documents or annual registrations are required. The sole proprietor has unlimited liability for obligations of the business with all profits and losses flowing through directly to the owner for tax purposes.
General Partnership
At least two individuals must form the partnership entity and each must have a business purpose. It is advisable, though not mandatory, that a written agreement between the partners specifies the rights and responsibilities of each. The partners of a general partnership are jointly and severally liable for the obligations of the partnership. The entity is a flow-through entity for tax purposes, with all income directly taxable to the individual partners.
Limited Partnership
This form of partnership is defined by state law and must include at least one general partner and one limited partner. The general partner has unlimited personal liability for the obligations of the partnership, while the liability of the limited partner typically is restricted to only his or her investment in the partnership. In return for this limited liability, however, limited partners cannot take part in the active management of the partnership. Unlike the general partnership, a written partnership agreement is required in the limited partnership entity. This business form is frequently used as a means of raising investor capital and is the form of choice for real estate syndicates where proportional losses, if any, may be passed through to the limited partners.
Limited Liability Partnerships (LLPs)
These may be formed in some states under new laws that permit general partners to limit their personal liability for some partnership obligations. In these states, general partners in an LLP are not liable for the acts or omissions of other partners. This form is a favorite of large public accounting firms that wish to limit the liability of their general partners. An LLP must register as such under applicable state law.
Regular or C Corporations
These entities, established under state corporation laws, are referred to as C corporations because they are taxable under Subchapter C of the Internal Revenue Code. They are separate taxable entities with their own tax rates and therefore do not permit flow-through treatment to the shareholder/owners. There is a double taxation event on corporate income -- once at corporate tax rates, and a second time to the shareholder upon payment of a declared dividend. While limited liability is a feature, because of the double tax consequence, most small businesses are not regular or C corporations.
S Corporations
This kind of corporation is a regular corporation under state law that meets certain qualifications under federal tax law and elects not to be taxed as a corporation, which permits flow-through treatment to the shareholder. Also, an unincorporated association that is taxed as a corporation for federal income tax purposes may elect S corporation status. Of all the business entities, the S corporation is unique because its status as an S corporation is determined under federal tax law while it is incorporated under state law. In most respects, the corporation is taxed as a partnership. Stockholders of S corporations are taxed on the net profits of the corporation even if they do not receive taxable dividends. Currently, an S corporation may have no more than 75 shareholders with only one class of stock allowable under law.
Limited Liability Companies (LLCs)
This form of business is also a creation of the states; all 50 states and the District of Columbia now permit such a form. The LLC combines the advantages of the limited liability of corporations with the flow-through tax treatment of partnerships. Persons who have ownership interests in an LLC are referred to as "members." LLCs can also have non-owner "managers," who manage the affairs of a business. Therefore, the entity may be member-managed or manager-managed; however, the former's interest is proportionately worth more because of his or her right of control and participation in business decisions. Given that LLC statutes offer business owners the terrific combination of a single-owner level tax on business income plus limited liability for business debt, it is no surprise that the LLC is the fastest growing type of business entity today.
Family Limited Partnership (FLP)
This form is established and operates like any limited partnership except that, as the name implies, the partnership exists between family members. The entity is primarily used for estate planning purposes to permit gifting of limited partnership interests in a family business at a substantial valuation discount. The general partner in the FLP is typically the parent who manages the business and contributes property to the partnership in exchange for a partnership interest. He or she then makes gifts of limited partnership interests to children, grandchildren, or other family members.
Business Trust
Although nearly all business forms will fall into the standard categories of a C corporation, S corporation, partnership, or LLC, there is also a business trust entity known as a Delaware trust or Massachusetts business trust. This type of entity permits the use of a trust as a form of business. While trusts normally have beneficiaries and owners (or grantors), the Massachusetts business trust form is established such that units are owned by individuals and are separately transferable. This trust also provides limited liability to the beneficiaries or unit holders. This type of trust is taxed as a corporation.
Tax-Exempt Entities
A final type of entity that is available is a tax-exempt business under Section 501 of the Internal Revenue Code. These entities are usually public charities or private foundations. They enjoy exemption from taxation except on income that is deemed unrelated business taxable income (UBTI). Unrelated business taxable income is income of an exempt organization that competes with other taxable operating businesses. For example, income derived from real estate rentals that may be owned and operated by the tax-exempt organization typically constitute UBTI. A separate (and lengthy) process is involved to achieve tax-exempt status with the IRS, and, once achieved, the operations of the entity must be managed carefully so as not to violate the tax-exempt purpose.
Operation of the Business
Most closely held businesses face financing problems -- sometimes on a daily basis. Because managers of the business may not have skills in this area, advisors may be especially helpful in identifying cash flow problems and recommending solutions. As the business grows, its financing needs may change. Typically, in the early years of operation, a business will rely on debt to finance its operations, primarily because the interest paid on this debt is tax-deductible. As such, the effective cost of borrowing funds may be much lower than the stated interest rate on the debt. In addition, closely held business owners typically do not want the to bring in additional equity shareholds because of the inherent obligations inherent and the dilution effect experienced.
Financing needs may sometimes be managed by improving business operations. For example, better inventory control can drastically improve the cash flow of a business. Similarly, stricter controls over accounts payable and receivable may minimize financing needs. Large companies regularly extend their trade payables by delaying payments to cooperative vendors, thus allowing the company use of the funds for an extra few days. Finally, basic strategies, such as scrutinizing collection activities, may be used to reduce the need for external borrowing. Advisors should carefully analyze company financial statements for additional means of maximizing cash flow.
Disposition of the Business
The disposition of a closely held business is an exceedingly complicated, yet fascinating, subject that cannot be detailed in these few pages. Most of the time, deciding which technique to use in disposing of the business revolves around tax considerations. However, a number of non-tax issues also need to be resolved. Generally, the advisor assists the business owner in answering these four questions:
1. Should the business be sold at all or should it be kept within the current closely held context, usually meaning family control?
2. If the business is to be sold, who are its potential buyers?
3. If the business is kept, who should have ownership and control?
4. If the business is kept, who will manage it?
It is only after answering these questions (and remember that these may be difficult answers to obtain given the profile of the closely held business owner) that transfer techniques can be selected.
Disposition or transfer techniques involving a closely held business are many and varied, but primarily break down into those involving either a sale or some form of lifetime gifting. Some of these forms of transfer are briefly mentioned in the following discussion; more detailed coverage is best reserved for an estate planning or trusts and estates course.
Sale Transactions
Sale transactions usually involve the sale of stock or the purchase of assets. Generally, a potential buyer will prefer an asset purchase, since the liabilities of the business inherent in a stock sale are not included. In addition, the buyer may take advantage of tax deductions in the form of depreciation and amortization of purchased goodwill. Such transactions can be structured in a variety of ways, including:
An outright sale for cash
Traditional installment sales over time
Private annuities
Self-canceling installment notes (SCINs)
Each of these techniques has its own advantages and disadvantages, but all are subject to income tax treatment and need to be analyzed carefully by the advisor.
Gift Transactions
Gift transactions, on the other hand, do not result in immediate income taxation to the recipient of the gift. Rather, gifts are subject to the unified transfer tax system, which includes both gift and estate taxation. Such gifts may be either outright or arranged as gifts in trust.
Other gifting techniques include:
A systematic annual gifting of a business interest, taking advantage of the annual $10,000 per donee gift-exclusion ($11,000 as indexed for the year 2003)
A family limited partnership (or FLP)
The use of a charitable remainder trust
The Buy/Sell Agreement
Buy/sell agreements are agreements between shareholders of a business and the corporation to provide a market for an otherwise illiquid asset (i.e., the closely held business). One of their primary purposes is the protection of the remaining shareholders when one shareholder attempts to dispose of his or her stock to an undesirable individual or outsider. These agreements are also critical in protecting an S corporation from having its stock transferred to non-qualifying shareholders, which can compromise its S corporation election.
A buy/sell agreement often will have an agreed-upon price for the buyout of a business interest. Sometimes this price is stated as a formula, such as a multiple of earnings or a percentage of "book" or balance sheet value. Typically, if entered into between unrelated parties -- parties at an arm's-length -- the agreement will be viewed as fair and representative of the actual value of the business. The problem arises in the context of a family business where this not assumed.
If a business owner can show that an agreement price entered into with a family member is similar to that negotiated with an unrelated party, this price will be respected for estate or transfer tax purposes. Given the tax rules since October 1990 (when the implementation of very restrictive provisions, known as the Chapter 14 rules, came into effect), the arm's length requirement is an extremely difficult one to meet. Here the professional advisor may play an important role in assisting to draft and negotiate a recognized agreement.
Exercise 1: Selection of an Appropriate Business Form
As you have read, one of the most important decisions a business owner must make is deciding on an appropriate business form.
Case Study
After many years as a training manager in a large corporation, Laurie Jackson is starting her own educational consulting firm. She has spoken to a number of career and small business advisors, and has developed a list of expectations for her new firm. It is now your role, as her financial advisor, to recommend an appropriate business form.
Ms. Jackson wants:
Something relatively easy to form
Retention of control over daily business operation
Limited personal liability -- that is, she only wants to be liable up to the extent of financial contribution to the business
To be able to deduct any initial business losses against personal income -- that is, flow-through tax treatment
To avoid a separate tax on income from the business -- that is, no double taxation
Flexibility in attracting additional investors to the business
Based on these expectations, what business form do you recommend to Ms. Jackson? Why?
Resources for Small Business Ownership
As you have learned, small and closely held business planning has three phases: 1) formation of the business, 2) financing and operation of the business, and 3) disposition of the business.
The NFIB, a U.S. organization devoted to supporting small businesses, provides much assistance through articles, websites and associations. Below are several aids to entrepreneurs who are considering a business start-up.
A Checklist for Starting a Small Business
If you're in the process of starting a small business, you've probably talked with consultants and financial advisers, studied market research and read dozens of books on the innumerable aspects of beginning a small business. In short, you've left no stone unturned in finding out everything you can about how to make a small business successful.
But there comes a time when you need to begin assembling the pieces involved in moving your idea from paper to reality. To do this, you should prepare a comprehensive checklist that includes everything that you may need to accomplish to get your business up and running. This list is not intended to indicate priorities or any particular order in which things should be done.
1. Develop a name for your business and register that name with appropriate officials.
2. Create a detailed business plan and marketing plan through consultations with the following professionals:
• Financial consultants and advisers, to help create business description, organizational structure, product information, market research and other financial information.
• Marketing and advertising experts, to help with marketing strategies, identification of customer base, pricing, PR, advertising consulting, ad creation and brochures.
• An accountant, to set up and handle your financial and tax details. Keep all records for purchases of equipment and furnishings.
• An attorney, to advise about legal aspects of starting a new business.
• An insurance agent, to advise and set up all necessary business insurance, including property, liability, loss of income, health and life on principals.
3. Set up sources for financing, based on details of the business plan.
4. Develop and print up letterhead, business cards, brochures and flyers.
5. Obtain all permits and licenses required for your business. When applicable, apply for state sales tax permit.
6. Set up business checking and saving accounts.
7. Obtain Employee ID number, if required.
8. Select, lease and design office space.
9. Design and print all in-house/inter-office forms required.
10. Select and purchase all electronic equipment that will be used:
• Computers/printers/modems/scanners/software/Internet provider(s)
• Telephone systems (fixed and mobile)
• Fax machines
• Photocopy machines
• Voice mail
• Pagers
11. Select and purchase all office furnishings that will be needed:
• Office chairs and desks
• Shelves and file cabinets
• Storage compartments
• Lighting
• Carpets and area rugs
• Pictures and other decorations
• Cubicle dividers, if required
• Lunch/snack area equipment
12. Purchase office supplies.
13. Design and create signs and posters advertising your business.
14. Establish means to destroy unused confidential information (shredding, document removal, etc.)
15. Security system.
16. Data storage outside office.
17. Night lighting for buildings and on grounds.
If your business will be home based, the following items should be added to your list:
1. Make sure that all zoning regulations have been satisfied.
2. Design home office for efficiency and professionalism.
3. Check electrical capacity to meet requirements for your equipment.
4. Install any additional telephone lines required for business calls, faxes or Internet.
5. Consult with insurance agent about appropriate business insurance.
6. Consult with tax adviser regarding tax deductions for home use.
7. Make all necessary upgrades to the interior and exterior of your home to maintain professional appearance.
The prospect of going into business can be scary and somewhat overwhelming. As you check items off your list, however, you can see that things are falling into place and rest assured that nothing of major importance is being overlooked.
The NFIB also offers information about the four potential stages of business growth and shows the most common sources of failure at each. These stages are defined as:
1. Creation
2. Growth
3. Maturity
4. Decline
During Stage One of a business (Creation), certain activities are always required, including setting up lines of financing, establishing marketing and networking systems, setting up lines of suppliers and distributors, determining pricing and establishing internal operational processes.
Through the initial phase of Stage One expenses may be more than sales, so every new business needs to have adequate cash reserves to survive cash-flow shortages. The single greatest reason for failure of new businesses during Stage One is lack of financial reserves. These reserves can be in the form of cash on hand, established lines of credit through banks or ongoing loan agreements with banks and other loan sources. Cost containment is important and will continue to be so throughout the stages of a business' life cycle. But during Stage One costs will almost always outstrip income, and sources must be secured to avoid business disruptions that can cause bankruptcy or withdrawal of financing.
During Stage Two (Growth), businesses are just beginning to find their core customers and to establish their niches within a community. They need to continue creating new customers. The most common source of failure during Stage Two is not creating loyalty among a large number of existing customers. Continually creating new customers is extremely cost inefficient. It's far more cost effective to establish and maintain successful customer loyalty programs, which keep customers coming back.
The perfect example of a customer loyal program is offering steady customers a discount on future purchases. Customers may have to purchase an initial amount to obtain this ongoing discount, but after that, the discount applies to everything they purchase. When people know they're going to get an additional 20% off on everything that they buy from you, they'll look to you first.
There are innumerable types of customer loyalty programs, depending on your type of business. Check out what your competition is doing, or what other successful businesses have done in your particular field.
During Stage Three (Maturity), when cash flows have become stable and all marketing and operational channels have been established, the most important thing for a business to consider is expanding and diversifying its sales channels. An analogy can be made between a maturing business and a growing plant or vine. The vine grows from its original roots, but as it puts out offshoots, these offshoots in themselves begin to put down new roots, which support the entire plant's ability to continue further growth. The growth of a business, like a vine, is limited when there is only one root. What does this mean for a business in practical terms? It means that as cash flows stabilize and profitability grows, new avenues of income should be explored. It's dangerous for any business to continue depending on one product line, or one source of business for all its income. Diversity is the key to longevity, in most cases.
While a business may not choose to diversify beyond its original field or industry, it should always continue to generate new sources of income within that field. For example, a music store might begin by selling guitars, drums, amplifiers and related equipment. As the business moves through Stages One and Two and enters Stage Three, it could consider branching out, selling band instruments to students and professionals, and establishing relationships with schools to provide cost-effective rental/purchase/repair plans for students. When that new source of income has been stabilized, the business could create an eStore, using its growing purchasing power to offer competitively priced instruments and services to a wider potential customer base. Eventually, additional stores could be opened, broadening the "root structure" and the stability of income potential of the entire operation.
This principle has been taken to the extreme by certain large corporations, which have diversified into a variety of industries. General Electric, for example, one of the country's oldest and largest corporations, has become a conglomerate. It's "roots" today are in industries as diverse as airplane engines, broadcasting and consumer finance. This diversification serves to protect the company from cyclic business changes, giving it a stability that helps support future growth. While a small business could not diversify to the extent of General Electric, by putting down a variety of roots any small business can work toward creating insulation against ups and downs in its particular market segment.
It is absolutely necessary for a business to integrate all costs accompanied with its expansion and diversification. Few people can grasp the scope of this balance without adequate training and education, and without the advice of experienced business professionals such as accountants, attorneys and consultants. To assure success of required Stage Three activities, you should continue your business education in every way you can: reading books on the subject, continuing college classes, seminars, and all other sources of advanced learning.
Stage Four (Decline) is the inevitable result of any business that does not adequately carry out the key activities of the first three stages. The indications of Stage Four are: sales declines over a period of three or more years; the emergence of competitors who successfully take away formerly loyal customers; and the loss of profitability due to continually increasing costs which can occur even as sales increase. When Stage Four signs are seen in a business, it's usually difficult to return to Stage Three. However, some companies, through sound strategic planning, can revert from Stage Four to Stage Three. To do so requires success in five distinct activities:
1. Redesigning the business plan;
2. Setting up adequate funding to implement new directions indicated in the redesigned business plan;
3. Cutting costs;
4. Obtaining personnel capable of managing the expansion or shift to Stage Three activities;
5. Weathering the psychological ramifications that may result as owners, managers and employees adjust to new directions and cost-cutting measures, which may include reduced benefits, salaries, and perks.
Exercise 2: Recommending Business Formation in Response to Client Goals
As a result of completing all required readings in this lesson, you have learned of the six primary forms of business entities:
A sole proprietorship
A general partnership
A limited partnership
A regular or C corporation
An S corporation
A limited liability company (LLC)
Now, consider the six common goals of a client engaged in business planning, given each of the three business phases:
1) Formation of the business
Limit on owner's liability
Retention of control
2) Financing and operation of the business
Ease in raising capital
Minimum of organizational requirements
3) Disposition of the business
Ease of sale
Possibility of gifting interests
For each common business planning goal, explain which of the six business forms best achieves satisfaction of that goal, and why.
Exercise 3: The Operation and Disposition of a Closely Held Business
This exercise briefly tests your understanding of the last two steps of closely held business planning -- the operation and disposition of the business.
Exercise Questions
1. What are several common methods used by closely held business owners
to improve their business operations and thereby better manage their ongoing financing needs?
2. What are four basic questions that need to be asked by any closely held business owner in succession planning?
3. Disposition of a business often is structured as a transaction involving some form of sale or a lifetime gift. What are several commonly used techniques under each of these general categories?
4. What is the standard that is used before a buy/sell implemented between family members will be respected for estate or transfer tax purposes?
Lesson 8: Quiz
1. Which one of the following taxable entities involves an election under federal income tax law in addition to formation under individual state statute?
A. Sole proprietorship
B. Limited liability company
C. A C corporation
D. An S corporation
2. Which one of the following is a characteristic of the limited partnership form of business entity?
A. A tax is incurred at the partnership level upon making distributions to the limited partner.
B. It may be formed without naming a general partner.
C. It requires the execution of a written partnership agreement between a general and limited partner.
D. Personal liability is incurred for the obligations of the partnership on behalf of all partners.
3. Which one of the following statements correctly describes a characteristic of a regular or C corporation?
A. It generally requires formality of execution under state law.
B. It permits flow-through tax treatment to the respective shareholders.
C. Officers are usually personally liable for the debts of the business.
D. A shareholder's estate can force termination of the entity under state law.
4. A unique factor differentiating the closely held business from the publicly traded corporation is ________________.
A. the lack of the owner's involvement in the daily operations of the business
B. the availability of fractional interest discounts in valuing the business
C. the large number of owners that have made a financial contribution
D. the identified market among businesses of the same type
5. Anthony and Roberto are brothers who want to start a new Italian restaurant in their neighborhood. Both are currently unmarried and without children. They anticipate losses from the restaurant for the first several years, but would like to eventually attract additional investors. They do not, however, want to grow their business too large. Both Anthony and Roberto want to restrict their liability in the restaurant to the extent of their investment. What form of business entity should they use to operate their restaurant?
A. An S corporation
B. A C corporation
C. A general partnership
D. A family limited partnership
6. An initial start-up business most frequently relies upon which one of the following sources of financing?
A. Equity shareholders
B. Venture capital
C. Bank loans
D. Cooperative vendors
7. The use of a buy/sell agreement to transfer a business interest is probably most critical for what form of business entity?
A. An S corporation
B. A regular or C corporation
C. A sole proprietorship
D. A limited liability company (LLC)
8. In a family limited partnership, _________________________.
A. the value of the partnership is increased by using the family as an available market
B. valuation discounts may be obtained for the transfer of a limited partnership interest
C. a bona fide business purpose is not necessary for the entity to be respected for tax purposes
D. the general partner is absolved of responsibility for partnership debts and liabilities
| Translation - Chinese
Lesson 8
Business Ownership and Planning投资商业企业和计划
前言
作为财务顾问，你的客户很可能包括一些小型的和/或者封闭型企业所有者。专业顾问一般都热衷于招揽这部分企业所有者作为客户，因为他们通常都能够动用一笔不小的可随意支配的收入用于财务计划和投资。本专题将向你介绍各种企业形式，以及这些不上市交易的封闭型企业的具体特征。通常情况下，随着所有者的退休或者死亡，封闭型企业的控制权仍将牢牢把持在所有者家族的手中。通过本专题的学习，你将会了解这些企业的特征，理解与之相关的经营和继承问题。
课程目标
说明某类企业实体的形式
辨别某类企业实体的特征
阐述封闭型企业和/或者家族企业计划中的特殊问题
分析具体情况，为特定客户选择最佳企业实体形式
掌握封闭型企业的融资和经营方法
解释封闭型企业处置的一般方法
关键概念
封闭型企业计划应该首先从选择企业形式做起。可供选择的形式包括：独资经营企业，合伙企业，常规的或者被称为C公司，股票股份公司也被称作S公司以及一种新兴的经营形式——有限责任公司。重要的在于理解每一种企业形式，包括采用各种企业形式的纳税和免税情况。为所有者所做的下一阶段计划应该考虑到企业运营和发展过程中固有的经营问题。其中，首要问题在于筹集资金和招募人员，开始企业的运营活动。最后，还必须考虑企业所有权的继承问题（尤其是针对家族企业和股东人数有限的企业）。这种继承可能会延续家族的控制或者是转让给家族以外的人，还有些情况下会进行清算。本专题将简要介绍企业活动的这三个阶段。
封闭型企业的财务顾问必须考虑的问题
当代美国的许多企业都是一些小型封闭式企业。就财务顾问看来，这些企业拥有共同的特征，有别于那些广为人知的大公司。
封闭型企业的某些特征
封闭型企业所有者人数较少，多数情况下，都是家族成员。
这些企业通常没有一个可以辨识的交易市场，因此很难评估所有者在企业中享有权益的价值。
由于企业权益变现能力有限（而且如果客户属于小股东，对企业缺乏控制权），因此在为了产业规划的目的所进行的企业评估中，就要进行大量的折扣，通常被称为部分权益折扣。
现在，大多数封闭型企业都采用股票股份公司的形式，一方面股东／所有者对于债务只承担有限责任，另一方面这种企业形式能够享受直接获得收益的待遇（FLOW-THROUGH）。这种待遇的特点对于股东／所有者意义重大，任何类型的新创企业最初出现亏损的情况非常普遍，这样他们有可能使用预计的亏损抵减个人的应税所得。另一种越来越为创业型企业所青睐的形式是有限责任公司，在国民经济的服务行业中更是普遍。
如果采用这种享受直接获取收益待遇的企业形式可以避免对公司的二次征税（首先是对公司征税，其次在宣告股利之后对股东征税）。因此，大多数封闭型企业期望采取这种减税的企业形式。自从1997年1月1日"打勾"纳税条例生效之后，情况更是如此，条例规定：没有注册的企业只需要打一个勾就有权自主选择按照直接获取收益待遇或者按照公司待遇纳税。
与大型上市公司相比，大多数封闭型企业的所有者都会参与企业日常经营活动。
最后，这些企业的所有者还需要将经营计划同自己的财务计划和产业规划进行协调。因此，业主很难同企业的经营截然分开。
除了理解封闭型企业的共同特征以外，理解这种类型企业所有者同现代大多数雇员的区别也很重要。这些区别有助于所有者创建公司，但是同时也会阻碍了公司的顺利继承。
封闭型企业所有者的特征
具有专权的性格特点。多数封闭型企业的所有者个性很好强，喜欢保持控制权。
企业内部职务体现自身价值。企业所有者的自尊通常建立在其职权之上。因此他或者她难以接受自己的公司发展到自己控制之外或者是需要输入“新鲜血液”的情况出现。
缺乏独立的财务资源。企业通常代表了所有者财富的绝大部分。由于多数封闭型企业难于变现，现金流测算和产业规划非常困难。
不肯放弃权力。多数所有者认为他们能够并且应该一直掌控企业。
无力评估企业内部沉积的弊病。如果所有者无力发现企业的问题并采取应对措施，企业会迅速走向衰败。到时再想整顿经营，也为时已晚。
所有者／企业关键成员退休或者死亡时，必须处理继承权的问题，应该充分考虑到所有者的这些特征。通常所有者自身很难解决继承问题。所以你在这个领域越是能够早作安排——倾听客户的想法，吸引客户的注意并且为他们出谋划策——就越是能够帮助客户圆满解决继承问题。
企业形式
作为封闭型企业的财务顾问，最最基本的就是选择企业形式或者实体类型。主要的企业形式简介如下：
独资经营形式
大部分由某一个自然人控制封闭型企业都采取这种形式，不需要正式的组织文件和年度登记。独资企业必须对企业债务承担无限责任，业主根据自己直接获得的收入和亏损情况交税。
普通合伙企业形式
合伙制需要至少两个人，每个人都有持续经营的意愿。尽管不是法定要求，合伙人最好能够制定书面协议，约定各自的权利和义务。普通合伙制形式的合伙人对于合伙制实体的债务承担连带责任。单个合伙人对于直接获取的所有收入都必须纳税。
有限合伙企业形式
国家法律规定这种合伙形式必须包括至少一个无限责任合伙人和一个有限责任合伙人。无限责任合伙人对于企业债务承担无限责任，有限责任合伙人通常对于债务的责任以全部投资为限。由于承担有限责任，有限合伙人不能对合伙公司事务进行经营管理。同普通合伙企业形式不同，法律规定有限合伙企业必须制定书面合伙协议。此种企业形式经常用来吸收投资，房地产辛迪加也主要采取这种形式，这样可以将可能出现的损失部分转嫁给有限合伙人。
有限责任合伙企业形式
一些州通过了新法律允许无限责任合伙人限制自己对于合伙企业的债务，这就催生出有限责任合伙企业形式。在这些州，有限责任合伙企业形式中的无限责任合伙人对于其他合伙人的行为和疏忽造成的债务不负责任。大型会计师事务所都喜欢采取有限责任合伙企业形式，这样可以限制无限责任合伙人的责任。有限责任合伙企业必须依据各州适用 的法律进行注册。
常规的公司或者c公司
这些公司依照各州公司法建立，也被称为c公司，因为它们都是依据国内税收法c节被课税。它们是独立的应税实体，有相应的税率，股东／所有者不能享受税前直接获取收益的待遇。因此存在两次课税问题，首先公司会被征税，其次股东收取被宣告的股利后还会被二次征税。尽管只负担有限责任，但由于两次征税的存在，多数小型企业不愿意采取这种公司形式。
股份股票公司或者S 公司
这种公司属于州法律下的常规公司的一种，必须要符合联邦税法的条件，才能够选择不按照一般公司形式交税，股东能够享受在公司税之前直接获得收益的待遇。同时，一个没有正式注册的公司可以选择按照股票股份公司注册，按照其标准缴纳联邦所得税。在所有经营实体中，这种公司形式非常独特，因为联邦税法规定了股票股份公司的地位，同时必须依据州法律组建公司。这种公司在各方面都按照合伙企业形式征税。即使公司股东没能收到应税股利，也不得不按照公司净利润被征税。现在，法律规定一个股票股份公司的股东不能超过75人，并且只允许有一种股票。
有限责任公司
这种经营形式也是美国的一个创造；所有的50个州和哥伦比亚特区都认可。有限责任公司综合了公司有限责任和合伙制减免公司税的优点。享有有限责任公司使用者权益的人被称为“成员”。有限责任公司还允许所有者以外的人担任经理，处理经营业务。所以这种实体既可以由内部成员管理，也可以由经理进行管理，当然由于内部成员的控制和参与经营决策，其权益能够相应变得更有价值。正因为有限责任公司能够让公司所有者享受独资企业营业收入的税收优惠，同时只对公司债务负担有限责任，有限责任公司今天成为发展最为迅猛的企业形式也就不足为奇了。
家族有限合伙企业形式
这种形式类似于其他任何有限合伙企业形式，唯一不同的是，这种合伙关系存在于家族成员内部之间。该形式主要是进行在进行产业规划时，允许以较大的评估折扣捐赠家族企业的有限合伙权益。家族有限合伙公司无限责任合伙人一般都是家长，负责公司经营业务，将财产注入合伙公司换取合伙公司权益。他或者她随后将有限合伙公司权益转让给儿孙或者其他家族成员。
商业信托
尽管几乎所有的商业形式都可以归入c公司，s公司，合伙企业形式或者有限责任公司的范畴，但是还是存在一种被称作特拉华信托或者马萨诸塞信托的商业信托。此类实体允许将信托作为经营形式。正常情况下，信托应该具有受益人和所有者（或者让渡人），马萨诸塞商业信托单位可以由个人所有，并且可以独立的进行转让。该信托对于受益人或者信托单位持有者承担有限责任，同时按照公司待遇纳税。
免税实体
最后一种实体是依据国内税法501项所建立的免税公司。这种实体通常具有公众慈善性质或者私人基金性质。它们对收入以外的非关联企业应税收入享受免税待遇。非关联企业应税收入是指那些同其他应税公司进行竞争的免税组织所取得的收入。比如，免税组织获得的房地产租金收入就属于非关联企业应税收入。要依照国内税法取得免税组织的地位需要通过一个独立并且冗长的程序，取得以后，实体的经营范围不得超出免税范围。
公司运营
多数封闭式公司有时会遭遇日常财务困难。由于公司经理在这一领域缺乏技巧，财务顾问在识别现金流问题并提出应对办法方面就显得尤为必要。随着公司规模扩大，财务需求也会出现变化。很典型的是，公司运营初期主要依赖负债经营，因为债务利息可以抵稅。这样，债务的实际成本可以远远低于负债的规定利率。此外，封闭式公司所有者通常不愿意引入其他股东，那样会造成利润稀释效应。
财务需求有时通过改善经营活动来满足。比如加强存货控制能够增加公司现金流。类似的，力行增收节支也能最大限度降低财务需求。大公司通常通过延迟支付销售方货款的方法延长货币使用时间。最后，通过加强收款活动等办法也能降低对外部的资金需求。财务顾问应该仔细分析公司财务状况，最大限度增加现金流。
公司的处置
封闭式公司的处置非常复杂，也很有意思，但是不可能用短短几页的篇幅进行详细阐述。多数时候，决定公司处置方法时必须考虑税收因素。同时，还要解决许多非纳税因素。一般，财务顾问应该帮助公司所有者回答以下四个问题：
1. 公司是否应该出售，或者是否应该保持现在封闭式状态，即家族控制？
2. 如果要出售，应该卖给谁？
3. 如果要保存，应该谁拥有并控制？
4. 如果保存，谁来经营？
只有回答了这些问题之后（记住：因为封闭式公司所有者的性格原因这些问题通常很难取得答案）才能合理选择转让的方式。
处置方式因不同的封闭式公司具体情况而异，但基本上可以划分为销售或者赠送。这些转让方法将在以下讨论中进行简要介绍；详细的内容将留到产业规划或者资产一章讲。
销售处置
销售处置通常涉及股票的出售和资产的购入。一般买方希望购入资产，因为资产不会包括股票交易中所附带的负债。另外，买方可以利用跌价和摊销达到抵税的目的。这种交易有多种类型，包括：
直接的现金销售
传统的分期付款
私有年金
可撤销分期付款
这些方式各有优缺点，但是都需要缴纳所得税，财务顾问应该谨慎分析。
捐赠处置
捐赠处置不会直接导致受赠方缴纳所得税。捐赠将被纳入统一调拨税收体系，包括捐赠税和财产税。这些捐赠将被确认或者视为信托捐赠。
其他捐助形式
利用每个受赠者每年10,000美元捐赠除外责任（2003年为11,000美元），将企业权益每年进行有计划的捐赠
家族有限合伙企业形式
利用慈善剩余信托
购买／销售协议
购买／销售协议由公司股东和公司签署，为非现金资产提供市场（比如封闭式公司）。主要目的在于当一名股东想要将自己的资产处置给外人或者不受其他股东欢迎的人时，可以保护剩余股东权利。协议还能够保证股东不将股票股份公司的股票转让给不符合资质要求的股东，那样可能威胁的股票股份公司的存在。
购买／销售协议通常规定了购买公司权益的协议价格。有时这个价格被规定为一个比例，比如收益的几倍或者资产负债表价值的一定比例。通常，如果价格是在非关联方，或者称作正常交易关系方之间达成的，那么协议会被视为公平，确认为代表了公司实际价值。如果是家族企业就会出现问题，这里不进行讨论。
如果公司所有者能够证明同家族成员达成的协议价格与同非关联方达成的价格相等价，我们也可以把这个价格视为财产或者证券交易的纳税基础。就1990年10月通过的税收条例而言（最严格的部分也被称为14章条例），正常关系交易的要求最难以达到。专业的财务顾问应该努力提供帮助，起草并磋商出一份能够获得承认的协议。
练习 1:选择合适的企业形式
正如你所学习的，企业所有者最重要决策之一就是要选择一个合适的企业形式。
案例分析
劳里杰克逊在一家大公司担任了多年的训练部经理之后，她也想创办了一家自己的教育咨询公司。她征询了许多职业和小企业问题财务顾问，并对自己的公司确定了一定标准。假设你是她的财务顾问，必须向她推荐一种合适的企业形式。
杰克逊女士希望：
相对容易创建
保持对日常经营的控制
有限的个人债务责任——也就是说，她只希望债务以向企业投入的资金为限
能够用初期的企业亏损抵减个人应税所得——也就是说，享受直接获取收益的待遇
避免对企业所的单独征税——也就是说，不能两次征税
能够灵活的吸收投资者追加投资
根据这些要求，你应该向杰克逊女士推荐怎样的企业形式？为什么？
小型企业的资源
如你所知，小型的封闭型企业的计划分为三个阶段：1）、企业的创建， 2）、企业筹资和运营，3）、企业的处置。
全国独立商业联合会是美国的一个致力于扶持小型企业的组织，通过发表文章，建立网站和协会等形式向小型企业提供了大量帮助。以下是对创业企业家提出的建议：
为创建小企业制作一份备查表
如果你处于小企业创建阶段，你也许征询了许多财务顾问，研究了市场调查报告并且阅读了无数关于创建小企业的书籍。简而言之，你已经费尽心机研究了怎么成功创建小型企业这个问题的方方面面。
但是现在需要你把这些工作进行汇总，把你的想法从想象变为现实。为此，你必须制定一份全面的备查表，包括成功建立和运营企业的各种要素。你所做准备活动并不需要按照这份备查表所列事项的先后顺序进行。
1.为企业命名并到相应的官方机构注册。
2.同以下专业人员磋商后，制定详尽的经营计划和营销计划：
帮助你确定市场策略，进行顾客定位，制定价格，公共关系，广告咨询和具体广告和宣传单制作的市场推广和广告方面的专家。
帮助你确定公司形式，组织结构，产品方向，市场研究和其他财务信息的财务顾问。
一名建立和处理财务和税务细节的会计。保存所有机器和设备购买凭据。
一名负责筹建企业期间法律事务的律师。
• 一名保险代理人，向你建议并投保所有必要的企业保险，一般包括财产险，债务保险，亏损保险，健康保险和寿命保险等。
3.根据企业计划确定筹资来源。
4.制作印刷信笺抬头，企业名片，宣传手册和传单。
5. 取得企业需要的所有许可证和执照。准备好之后，申请国家营业税许可。
6.设立企业核算和存款银行帐户。
7. 如果需要，收集雇员身份证号码。
8.选择，租赁和设计办公室。
9.设计印刷内部／办公室需要的各种表格。
10. 选择购买各种需要的电子设备：
电脑／打印机／调制解调器／扫描仪／软件／互联网服务商
电话系统（固定和移动）
传真机
影印机
语音邮件系统
传呼机
11.选择购买所有需要的办公设备
办公椅和办公桌
书架和档案柜
储物间
照明设备
地毯和垫子
绘画和其他装饰
房间间隔板，如果需要的话
午餐／快餐进餐设备
12.购买办公材料 。
13. 设计制作宣传企业的海报和张贴。
14.建立机密文档销毁设施（碎纸机，文件销毁器等）。
15.安全系统。
16.办公区以外的资料保存间。
17. 办公楼及其外部夜间照明系统。
如果将企业设在家里，还需要考虑以下的问题：
1. 确保符合所有地区环境保护条例。
2. 家庭办公环境应该设计的有效而又专业。
3.保证供电容量能够满足设备需求。
4. 安装企业电话，传真或者因特网所需的电话线路。
5. 就必要的企业保险咨询保险代理人。
6. 关于因为使用家庭空间而得到的税收减免咨询税务顾问。
7. 对你家内部和外部装潢进行必要升级，保持专业氛围。
投身企业的各种准备工作可能让人望而生畏，繁琐不堪。但只要按照备查表逐个完成，你会发现一切都已井井有条，没有什么重大遗漏。
The 全国独立商业联合会还提供了关于企业发展的四个阶段的信息，显示了企业在各个阶段最可能的失败原因。
1. 创建阶段
2. 发展阶段
3. 成熟阶段
4. 衰落阶段
在第一个阶段（创建阶段）中，需要进行必要的活动，包括建立筹资渠道，建立营销网络体系，建立进货和发行渠道，制定价格和确定内部经营秩序。
整个第一阶段，都可能入不敷出，因此每个新建企业都必须拥有足够的现金储备应付现金流短缺的困境。导致新企业在第一阶段倒闭的最可能的原因在与缺乏现金储备。这种储备可以是库存现金，也可以是已经建立的银行信用渠道，或者是同银行及其他贷款机构达成的贷款协议。控制成本非常重要，将会贯穿于企业整个生存周期。但是在第一阶段，成本总是会超出收入，因此要保证资金来源的畅通，防止经营中断情况的发生，否则可能导致破产或者撤资。
在第二阶段（发展阶段），企业将开始寻找其核心顾客群，在某一群体打响知名度。同时发展新的顾客。第二阶段中，企业最常见的失败原因没有让现有的大量顾客对自己的产品建立忠诚度。不断发展新顾客花费巨大，但是收效甚微。最有效的手段是建立并保持顾客的忠诚度，让他们成为公司的回头客。
保持客户忠诚度的最佳方法是向固定客户承诺为他们今后的采购提供一定的折扣。客户也许会为了今后的折扣原价购买一定货物，但是此后，他们所购的所有商品都会获得折扣。当人们知道自己向你购买任何商品都会获得百分之二十的折扣时，你将成为他们购买商品的首选。
取得客户忠诚度的策略很多，选择主要应该依据企业的类型而定。查明你的竞争对手采取的方法，或者你所经营领域其他成功企业所采用的策略。
在第三阶段（成熟阶段），现金流已经稳定，所有的市场推广和经营渠道都已经建立，企业重中之重的任务转移到扩大销售渠道上来，并使之多样化。我们不妨将成熟期的企业比作生长的蔓藤。蔓藤植物依靠根部输送养分，一旦分出新枝，就会生出新根，支持植物进一步向外发展。企业的成长，就像蔓藤一样，只依赖一个根源难免单薄。那么这个比较对于企业有何实际意义？这表明现金流稳定之后，收益增加，应该充分利用新增的收益。对于任何企业而言，依靠单一的产品或者单一的收入来源都是很危险的。多数情况下，多样化是长期生存的关键。
一个企业如果不在原有领域或者产业基础上实现多样化经营，那么它就应该在该领域培养新的收入来源。比如，一个乐器商店可能是以销售吉他，鼓，扩音器和相关设备起家。这个商店经过了第一阶段和第二阶段之后进入第三阶段，它可能会考虑建立分支机构，销售乐队乐器给学生和专业人士并且同学校建立长期关系以便能够为学生提供租赁/销售/修理业务。当新的收入来源稳定之后，商店可以考虑发展网上销售业务，利用自己不断增强的销售能力向更为广泛的客户群提供价格低廉的乐器和服务。最后，设立新的商店，为自己扎下“新根”，增强整个经营体系的盈利能力。
这一原则被一些大公司运用到了极致，它们在广泛产业范围进行多样化投资。比如，通用电器公司，我国最大的和历史最悠久的大公司之一，已经发展成为一个公司集团。今天，它的根已经遍布各行各业，包括航空引擎，广播和客户融资等。这一多样化举措有利于防止公司出现周期性变化，为公司今后长期发展提供坚实基础。但是小企业不可能做到通用电器的程度，只有通过衍发新根，抵御自身所处市场的变化可能造成的风险。
对于企业而言汇总扩张和多样化期间发生的成本绝对必要。很少有人能够不经过训练和教育，没有类似会计，律师和顾问等资深专业人士的帮助下完成收支平衡的计算。为了确保第三阶段活动的成功，你需要继续接受各方面的企业教育；阅读这方面的书籍，继续学院课程，参加研讨会并抓住所有其它学习的机会。
第四阶段（衰退阶段）任何企业无可抵挡的，如果企业在前三个阶段没有采取适当的关键措施的话。第四阶段的标志：企业销售在三年或者更长时间持续下降，出现竞争者成功夺取了自己客户的情况；甚至在销售增长的情况下，也可能出现因为成本飙升导致收益率下降的情况。当企业出现第四阶段征兆之后，就很难再返回第三阶段。但是一些公司通过有效的战略调整成功的摆脱第四阶段，返回第三阶段。为了取得成效，必须要进行五个活动：
1.重新设计经营计划；
2.为重新设计的经营计划的执行筹集到足够的资金；
3.削减开支；
4. 找寻到那些能够进行扩张或者实现向第三阶段转型的人才；
5.由于执行新的经营计划和削减开支可能导致福利和工资下降，必须要让所有者，经理和雇员能够调整自己的心理加以适应。
练习 2:依据客户目标推荐企业形式
通过本专题的学习，你了解了六种基本企业形式：
独资经营
普通合伙企业形式
有限合伙企业形式
常规或者 C公司 形式
S公司
有限责任公司
现在按照三个企业发展阶段，考虑客户企业计划的六个共同目标。
1) 公司的创建
所有者的有限债务
保持控制权
2) 企业筹资和企业运营
容易筹集资本
最低的组织要求
3) 企业处置
容易售出
捐赠权益的可能性
对于每个共同企业计划目标，解释六种企业形式中哪一种最能够达到目标，为什么？
练习 3: 封闭型企业的运营和处置
本练习将简要的测试你对于封闭型企业计划最后两步的理解——企业运营和处置T
练习问题：
1. 封闭型企业所有者会使用那几种相同的方法改善企业经营，加强对财务需求的管理？
2. 在继承权的计划中，封闭型企业所有者必须回答那四个基本问题？
3. 企业的处置经常表现为销售转让和终生捐赠转让。在这两个范畴之下，经常使用哪几种策略？
4. 在什么标准之下，才能实施家族成员之间为了财产或者债券交易税目的而达成的购买/销售协议？
第 8课:测试
1. 以下哪一种应税实体是依据各州条例建立，同时有权依据联邦所得税法选择纳税形式？
A. 独资经营
B. 有限责任公司
C. C 公司
D. S 公司
2. 以下哪一种特征属于有限合伙企业形式的特征？
A. 向有限责任合伙人分配利润，合伙企业需要交税。
B. 企业建立无需指定无限责任人。
C. 无限责任人和有限责任人必须签订书面合伙协议。
D. 对于代表所有合伙人的合伙企业的债务承担个人责任。
3. 以下哪一个选项正确描述了常规或者 C 公司的特征？
A. 按照州法律必须办理完成生效手续。
B. 允许单个股东直接获得利润不交公司税
C. 官员通常对企业债务承担个人责任
D. 按照州法律股东财产能够迫使实体中止运营
4. 封闭型企业区别于公开交易公司的一个典型因素是 ________________.
A. 所有者不负责企业日常经营活动
B. 在评估企业时能够取得部分权益折扣
C. 进行投资的所有者的巨大数目
D. 相同企业拥有类似的市场
5. 安东尼和罗贝托是兄弟，希望在附近开办一家餐馆。两人都没有结婚，没有小孩。他们估计企业将在最初几年亏损，但最终能够吸引另外的投资者。他们不希望自己的餐馆太大。两人都希望自己的债务以对餐馆的投资为限。他们的餐馆应该选用以下的那种企业形式？
A. S公司
B. C 公司
C. 普通合伙
D. 家族有限合伙
6. 企业创业之初经常依赖以下哪种融资来源？
A. 资产投资股东
B. 风险资本
C. 银行贷款
D. 合作销售商
7. 对于以下哪种企业实体，销售/购买协议转让权益是其最重要的形式？
A. S 公司
B. C 公司
C. 独资经营
D. 有限责任公司
8. 在家族有限合伙企业中， _________________________.
A. 家族内部存在市场时，合伙企业价值上升
B. 在转让有限合伙企业权益时，可能出现价值折扣
C. 但就税务而言，不需要具有真实的经营意愿
D. 无限债务合伙人被免除合伙企业的债务责任
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More Less | | john's glossary | | MA-Sichuan University | | Years of translation experience: 10. Registered at ProZ.com: Sep 2006. | | N/A | English to Chinese (Translators' Certificate, Personnel Ministry, Chin)
| | N/A | | Adobe Acrobat, Microsoft Excel, Microsoft Word, other, Powerpoint, SDL TRADOS |  CV/Resume (DOC) | | About me
Resume
Hualong Jiang
Professional, reliable, high-efficient and timely English-Chinese translator
ATA Certified English-Chinese translator
Mother tongue: Chinese
With over 10 years of translating experience
Address: P.O. BOX 422
NO. 7, NAN SAN DUAN, ER HUAN LU
Chengdu
Sichuan Province
China
610041
Phone: 86-28-66303775, 86-28-85534067 , Cell Phone: 86-13551012399
E-mail : Johnh_hlong@163.com (paypal)
Johnh_hlong@yahoo.com.cn (moneybooker)
MSN messenger: Johnh_hlong@hotmail.com
Accredentials:
Master’s student in Translation Studies, Sichuan University (2005-present)
B.A. in English Literature, Luoyang University of Foreign Languages(1994-1998)
Test as English Major-8 (1998)
Accounting Practitioner Qualification Certificate issued by provincial Labor Administration(2002)
Accountants' Certificate, Personnel Ministry, China(2004)
Translators' Certificate, Personnel Ministry, China(2005)
Certificate for Completion of Professional Part 1 of ACCA(2006) My ACCA ID Number is 1121708. The courses which I have already passed include Preparing Financial Statements, Financial Information for Management, Managing People, Information System and Corporate and Business Law.
WORK EXPERIENCE:
Freelance English-Chinese Translator (07/1998 - present)
Working as a freelance English-Chinese translator for over 10 translation companies in Shanghai, Beijing and Guangzhou in China, and accomplished translation projects in various fields.
Specialization:
Over 8 years professional English>Chinese (simplified and traditional Mandarin) translation in such fields as accounting, banking, business, commerce, contract, economy, electronics, engineering, financing, insurance, law, mechanical and others
Other services: interpretation, website/software localization
Software:
Windows XP Professional + SP2, Office 2003, Adobe Acrobat 7.0 Professional, Photoshop 8.1 CS, ACDSee 7.0, AutoCAD 2004, WinRAR 3.2, WinZip 8.1, Trandos 6.0 etc.
Hardware:
PC (Pentium Ⅳ 2.4G, 512M DDR RAM, 80G Hard Disk),
Internet connection: LAN (100 Mbps)
Membership:
Translators' Association of China
Selected translation projects:
1. English > Chinese
(1) Mannatech Career and Compensation Plan
(2) Introduction of a law firm
(3) Economist’s several articles
(4) The ADC Global Business Conduct Program
(5) LogPad® qick start guide
(6) Prisoners’ Information Book
(7) Award of arbitrators
(8) Introduction about Law Firm partners
(9) Fannie Mae’s Mortgage Products
(10) Working family credit
(11) Lenovo Acquisition
(12) Lockout Standard and Office Safety
(13) Caterpillar
(14) International Paper’s Internal Control
(15) Gresham Hotel Employee Manual (for Mr. Beljaev, whose comment: I was quite satisfied with Jiang's translations.Sep. 19, 2006)
(16) Licensing Act and its effects on takeaways and late night refreshment houses
(17) Introduction to Health Serviceces of Mills-Peninsula
(18) Complaint by Seiko Epson Corporation ( Oct. 10, 2006)
(19) Toll Production Agreement by Solvay Engineered Polymers, Inc. (Oct. 25, 2006)
(20) Introductions to several marketing books:(AMACOM, 2007)(Nov. 14, 2006)
(21) Note on Yuan Ban Dragon Balm （for Dragon Balm PTE Ltd Singapore, Nov. 21, 2006）
(22) Notice of Consent, Declination and Assignment and Standing Order (for US District Court Norther District of California, Dec. 17, 2007)
(23) Zhonghe USA Marketing Plans 2007 (for Zhonghe USA, Jan. 5, 2007)
(24) Blue Cross’ Health Brochure (for Blue Cross of California, Jan. 8, 2007)
(25) Marketing Strategies (for Brand New View, a global consulting and training company, Jan. 10, 2007)
(26) Multi Ethnic/Cultural Football Cup briefing and its poster(for Darlington Borough Council, Jan. 12, 2007)
(27) Non-disclosure Agreement (for T-Rex Gear in Colorado, Feb. 1, 2007)
(28) Bio of the lawyer( for Leydig, Voit & Mayer, Mar. 14,2007)
(29) Marketing Strategy——Make Them Think（for Delta Point——the Sales Agency, Feb. 20, 2007）
(30) Legal documents (for PAUL, HASTINGS, JANOFSKY & WALKER LLP, Feb. 24, 2007)
(31) BioSpectrum China webpage (for BioSpectrum China, Mar. 30, 2007)
(32) NYC AMERIGROUP Community Connections Handbook（for AMERIGROUP Community Connections, Apr. 7, 2007）
(33) Proposal to Provide Support to Inner Mongolia North Long Yuan Wind Power Company through Bidding Process, Contract Negotiations and Contract Supervision (for Global Energy Concepts, LLC (GEC), Apr. 21, 2007)
(34) REPLY DECLARATION OF NAN-HORNG YEH IN SUPPORT OF DEFENDANT ACTIONS SEMICONDUCTOR CO., LTD.’S MOTION TO DISMISS FOR LACK OF PERSONAL JURISDICTION AND FORUM NON CONVENIENS (for Actions Semiconductor Co., Ltd, Apr. 27, 2007)
(35) Marketing Strategy——How to Improve Performance through Goal-setting (for Integrity Selling, May 5, 2007)
(36) Non-disclosure and Non-compete Agreement（for Val-Matic Valve and Manufacturing Corporation, June 1, 2007）
(37) Sales Contract (for MTS Systems Corporation, June 4, 2007)
(38) An introduction of Mayer, Brown, Rowe & Maw LLP ( for Mayer, Brown, Rowe & Maw LLP, June 8, 2007)
(39) Master Supply Agreement ( standard contract, June 10, 2007)
(40) Sale Rep Training-------Keeping Tabs on the Competition (for Primary Intelligence, June 14, 2007)
(41) Introduction of Jayco Chemical Industries and its Products (for Jayco Chemical Industries, June 15, 2007)
(42) Caterpillar Policy Letters (for Caterpillar, June 20, 2007)
(43) AIG Travel Structure Presentation(for AIG Travel, July 7, 2007)
(44) Equal Opportunity & Respect in Workplace Policy (for Flowserve, July 18, 2007)
(45) Restated Certificate of Incorporation (for Quovadx, Inc. July 29, 2007)
(46) Calculating Contact Rate ( June 22, 2008)
(47) Individualized Family Service Plan ( June 24, 2008)
(48) BAPP® Facilitator Manual (June 30, 2008)
(49) BAPP® Management Sponsor Manual (July 2, 2008)
(50) Transaction Website Localization (July 16, 2008)
2. Chinese > English
(1) The Hotel Market – JIUZHAI (for Sichuan Travel Administration Bureau, 2006)
(2) Company audit reports (for 3 listed companies)
(3) China Flower Expo (for municipal government in Chengdu, China, 2005)
(4) Birth (Marriage) Certificate and Employment History（for Mr. Fayejohn, 2006）
(5) Letter of Hualien County Government (for Hualien County government, Taiwan, Nov. 4, 2006)
(6) Agreement between SHANDONG KERUI PETROLEUM EQUIPMENT COMPANY LTD. and DASK DRILLING LIMITED LIABILITY PARTNERSHIP (beginning and ending of the agreement text, Nov. 23, 2006)
(7) Peter Scherr China Promo of Creative Music (Nov. 24, 2006)
(8) Interview transcriptions from videos of psychiatrist-patient conversations (as dubbing for the video, Nov. 6, 2006)
Hope to obtain a freelance position as an English < > Chinese (native, both simplified and traditional) translator/proofreader
RATE: USD 0.03 per source word (reasonable and negotiable). Normally 4000 source words per day.
| This user has earned KudoZ points by helping other translators with PRO-level terms. Click point total(s) to see term translations provided.
This user has reported completing projects in the following job categories, language pairs, and fields.
| Project History Summary |
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| Total projects | 1 | | With client feedback | 0 | | Corroborated | 0 | | | 0 positive (0 entries) |  positive | 0 |  neutral | 0 |  negative | 0 |
| Job type | | Translation | 1 | | | Language pairs | | English to Chinese | 1 | | | Specialty fields | | Law: Patents, Trademarks, Copyright | 1 | | | Other fields |
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Keywords: Test as English Major-8 (1998)
Accounting Practitioner Qualification Certificate issued by provincial Labor Administration(2002)
Accountants' Certificate, Personnel Ministry, China(2004)
Translators' Certificate, Personnel Ministry, China(2005)
Certificate for Completion of Professional Part 1 of ACCA(2006)
Profile last updated
Feb 19 |
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