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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 11, 1963)
MEDFORD MAIL TRIBUNE. MEDFORD. OREGON IT'S YOUR LAW THURSDAY. JULY II. 1963 noert fat Lam Main Demxney Ltrt Editor'i note: Th. following rticl. ru pt.pwed at a pub lic wrvict by th. Oregon Stale Bat and i. ot intended to be legal dvicei peon, having a legal problem should consult an attorney. PARTNERSHIP OR CORPORATION Thinking of going into busi ness for yourself? Perhaps you and Bill Smith have de cided to operate a business to gether. Should this be done as partners or as a corpora tion? The answer to this prob lem involves many legal questions. Perhaps the most important factor is that the business or personal acts of either you or Bill may be binding upon the partnership. The corporation, however, can act only through its officers and agents, and then only within the limita tions granted by the articles of incorporation. As members of a partner Ship both you and Bill will be liable for all of the debts of the business. In the case you have business losses, the Three Governors Plan To Testify Washington - UPU - Three southern governors have ac cepted invitations io testify before the Senate Commerce committee on President Ken nedy's public accommodations proposal. It was learned today that Govs. Ross Barnett of Missis sippi, George C. Wallace of Alabama and Donald S. Rus sell of South Carolina are tentatively scheduled to ap pear late this week or early next week. Today, the Senate group called mayors of two cities which peacefully segregated their public facilities to tes tify on the measure. Ivan Al len of Atlanta, Ga., and Frank Morris of Salisbury, Mo., were to be questioned about how desegregation has affected business and what other effects the move has had in their cities. A committee aide Said At lanta represented a southern city in the medium-size class and Cambridge a small city in a border state. The mayor of a large unidentified north ern city also was invited to attend but declined, the aide said. creditors of the partnership could take all of the assets of the partnership, and all of the personal assets of either you or Bill, or both (except a few exempt by law), in order to satisfy the partnership debts. On the other hand, if you form a corporation the cred itors may go only against the assets of the corporation so that the most that either of you can lose is the amount you have invested in the busi ness. The creditors could not touch the property which either of you own personally and individually, outside of your corporation stock. In event of the death of you or Bill, it would be neces sary to liquidate the partner ship, but in the case of a cor poration the operation of the business is not affected by the death of an owner (stock holder). The firm continues as the same business with the heirs of the one who dies sub stituted as the owner of the stock. Of primary interest to you and Bill will be the amount of income taxes you have to pay. In a partnership, each of the owners of the business In cludes on his individual in come tax return his propor tionate share of the total in come shown on the partner ship return. This is because the partnership is not recog nized as a taxable entity. The corporation is recog nized as a taxable entity, so it pays a tax on the amount of its net income, after de ducting the salaries of you and Bill and other expenses. Then you of course pay in dividual income taxes on your salaries. If over a period of years the earnings of the. corpora tion exceed reasonable sal aries for the two owners, these earnings will be distributed to you and Bill in the form of dividends. The funds with which the dividends are paid have already been subject to tax in the hands of the cor poration, but are again taxed on your individual returns when distributed. The income tax advantage or disadvantage of a partner ship as compared with a cor poration depends on the net income from the business, the salaries the owners receive, the amount of their other in come and the requirements of the business for liquid funds. In the event either of the owners is interested in plan ning his estate to reduce taxes at the time of his death, he can probably do it more easily through a corporation than a partnership. r v iL. -i-vy-a - , r; ( . M .?.( ., - iiHi,;,iii,TjMaiiJ SUCCEEDS WINNER Linda Gail Baucum, 18, of Springhill, left, was crowned Miss Louisiana after Judy Ann Cathey, right, 20, of West Monroe won the title but declined to accept the honor because she will marry in August. (UP1) Sawmill Workers Discuss Extending Industry Walkouts Portland IUPD The execu tive committee of the Lumber and Sawmill Workers Union met here today with the sub ject of further strikes against Northwest lumber producers the major subject. The meeting came on the heels of failure in talks be tween the LSW and Georgia Pacific Corp. Wednesday. Executive Secretary Earl Hartley said the union re jected an offer of a 22V-eent hourly wage increase spread over a three-year period. The union has asked 60 cents. Hartley said no more meet ings were scheduled. Simpson Talks Tuesday Officials of Simpson Timber Co. announced Wednesday they will meet here with rep resentatives of both the LSW and International Woodwork ers of America next Tuesday. It will be the fourth meeting between the two groups in the five - week - long lumber dispute, but the first in which representatives of both unions have negotiated jointly with an employer. Before, one of the unions negotiated while representa tives of the other sat in as ob servers. Federal Mediator George Walker also announced a meeting between the IWA and Yamhill Plywood Co. of McMinnville has been sched uled for Friday. That firm Monday rejected a union offer to withdraw its pickets and put its members back to work if negotiations were resumed. The mill re sumed operation with non union labor after a strike June 6. About 21.000 Idle . Strikes and lockouts in the Northwest lumber industry have idled about 21,000 work ers since contracts with the two unions expired June 1. Meanwhile, contract dis cussions continued here Wednesday between negotia tors for 48 Pacific Coast pulp and paper mill employers and the United Paperworkcrs and Papermakers and the Pulp, Sulphite and Paper Mill Workers unions. Contracts in that industry also have expired, but no strike vote has been taken. Both sides refused to discuss the progress of the talks. Travel Editors To Take Tour of State Salem - (DPD - Oregon will be host to four travel editors on a 14-day tour of the state starting Sunday, State High way Engineer Forrest Cooper said today. The tour, now an annual affair, will take in the scenic highlights of the state, in cluding central Oregon, the Willamette valley, the Ore gon coast, ML' Hood, Crater Lake, and the Oregon Caves. The writers are Mort Cath ro, travel editor of the Oak land, Calif., Tribune; Marge Gilroy, travel editor of the Victoria, B.C., Times; William C. Ellis of San Francisco, edi tor of Motorland magazine, and Richard Barrett, feature writer for the San Jose, Calif., News. Traffic Safety To Again Seek Implied Consent A 3 Salem - UIPD - The Oregon , come critical at low speeds. Traffic Safety commission has decided to renew its fight for implied consent legislation, but postponed a decision on whether to renew its drive for a maximum speed limit. Both measures were reject ed by the 1963 legislature. The commission decided to study possible use of a-breath test instead of the blood test that had been proposed for the implied consent law. Un der implied consent, when a person receives a driver li cense he gives consent to an alcohol test in case of an ac cident, or suspected drunk driving. Both highway engineer For rest Cooper and Capitol Jour nal managing editor James Welch told commission mem bers of comments they had heard from the public and legislators in opposition to a maximum speed law. They said Eastern Oregonians did not feel a maximum limit was needed, and cited cases where accident conditions could be ll-Point List A. P. Bundcrson, district director of the National Saf ety Council, presented a 12- point list of safely recom mendations. He said the state suffered a weekly economic loss of $1.6 million because of traffic acci dents last year. Warne Nunn, Gov. Mark Wilderness Areas Claimed Threatened Washington-IUPD-Scn. Mau rine B. Neuberger (D-Ore.) said today the nation's wilder ness areas are threatened by an "invasion" of mining inter ests. Mrs. Neuberger, in a Sen ate speech, said 537 mining claims have been filed in wilderness, wild and primi tive areas since the Senate first passed the Wilderness Bill in 1961. That is a rate of 23 a month. The Senate has passed the bill to set aside the lands for preservation in the natural state again this year, but a similar House bill is still pend ing in its Interior Committee. "I am disturbed and dis mayed by continued erosion of our wilderness heritage and the threats against its exist ence," she told the Senate. "Indeed, time may be run ning out for our once time less wilderness." STYLES! SIZES1 SAVINGS FOR ALL! NORFIELD'S JULY CLEARANCE SHOE SALE! WOMEN'S ONLY! Wonderful Buys . Don't Mis Thit Sale! Hatfield's executive assistant, said the 261 death toll so far this year set a record for the first six months, and warned if traffic fatalities continued at the present rate more than 600 would die on Oregon Highways this year. Last year's toll was 483. - Bunderson said that in view of Oregon's fast mounting traffic death record this year. efforts should be doubled to implement the specific rec ommendations arising from his analysis of the official traffic safety program. Among his recommenda tions wer? improved accident -record keeping and reporting -procedures, extension of driver education programs, expanded public safety pro grams, periodic statewide motor vehicle Inspection, max imum speed laws, and implied consent legislation. SAVE AT ZALE1 No fake comparatives ... no phoney suggested retail yfxvjHjf . tickets, no wild claims of "wholesale' prices, no VKY worn out phrases like "discount." We let every price WyC "IRr on every Bulova watch speak for itself. V i A. Handiom 23jtwal, wattrremtanl and ihock protacltd. ft. Ntwtit 17-jewal ftulovo with rich gold tona plollng. Lovely band, C. Man't 23-jawel Bulova, wattrrtiilanf. twaap-iacond hand, xpanilon band. D. Irupifad styling, lady's 17.jewel Bulova. 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