Comparing and Contrasting of Ethical Perspectives Essay

Comparing and Contrasting of Ethical Perspectives - Essay Example On the other hand, business paradigms are highly volatile which depend on externalities for their sustainable performance. The myriad shareholders and stakeholders of the business emerge as key factors whose interests need to be incorporated within the aims and objectives of the firm for its long term sustainability. As such, the need to become accountable for their actions becomes a highly desirable element of their success. Indeed, the ethical considerations become hugely important issues as they influence the decision making processes that have wide ranging implications for the business and the stakeholders at large. The paper would discuss the issue by comparing and contrasting three articles: ‘What is business ethics’ by Peter Drucker; ‘The social responsibility of business is to increase its profit’ by Milton Friedman; and ‘The relevance of responsibility to ethical business decisions’ by Patrick Murphy. The varying views of the scholars r eflect not only the significance of ethics but also its hugely controversial impact on business outcome. Thus, it is vital to highlight the need to evaluate the extent to which the ethics play role in the overall performance of the business. Most importantly, the paper makes an effort to emphasize the changing dynamics of business imperative in the transforming societal values and emerging new socio-cultural and economic order. What is ethics? Drucker believes that in the contemporary times, the word, ‘business ethic’ has replaced social responsibility. He broadly expounds that ethics are moral obligations that are relative to contexts and people. He says that moral laxity can be defined by the individual behavior but its implications are suspect because of the differing perspectives on the right behavior. Moreover, the ‘extenuating’ and ‘aggravating’ circumstances make the moral behavior highly objectionable as they tend to favor the powerful and the rich. It is true that the wide diversity of socio-cultural and religious paradigms reflects the diverse ethical and moral practices within different societies across the globe. Thus, very often, the actions of people are deemed good or bad as per the different ideologies and views of the people coming from different background. Drucker claims that moral obligations and ethical behaviour therefore depends on the moral norms of one’s society’s culture. Most importantly, he says that individual behaviour cannot be applied to business because morality is relative that relies on socio-cultural norms. Milton Friedman, on the other hand, uses the term social responsibility to define business ethics and says that it is totally irrelevant to the main objectives of business, which is to make profit. He strongly asserts that business can only contribute to social causes to the point where its interests are not clashed. He has linked social responsibilities of business wit h that of issues like unemployment, poverty, pollution control etc. and criticizes the reformers who think that businesses need to focus on wider objectives than merely profits. According to him, burdening the business with social responsibilities adversely impacts its major objective and undermines the postulates of free society. Patrick Murphy’s article reviews the business ethics vis-a-vis moral responsibilities of businesses and how they are employed in decision making processes. He uses different articles to show how various types of social responsibilities: legal, corporate, managerial, social, stakeholder and societal are applied within and across businesses to achieve wider objectives of bus

Renters Essay Example | Topics and Well Written Essays - 500 words

Renters - Essay Example If it there is no comparison, one should lower the tax rate. To report rental income, one can use the form 1040 that comprises of all the schedules from A to F, J, L, M, & SE, and the other form 1040 with few information and no schedules. If your buildings, apartments, or rooms provide only trash collection, heat, and light among others, one should only report the rental income and expenses on part 1 in schedule E form 1040. If the apartment provides extra services that are essential to tenants’ convenience, like maid service, regular cleaning, and changing linen should report the rental expenses and income in Schedule C form 1040. It indicates considerable services of the apartment or business as the real estate dealer One can include rental income from the real state property owned by the taxpayer with the income they are reporting for their convenience store by including it on the schedule C used to report sales activities. This may be helpful as in most cases one may be subject to risk on activities carried out as business or trade. Typically, schedule C highlights the loss and profit from the business. It underlines basic services imposed for tenant’s convenience, and the total rental expenses and income (Anderson, 2011). The rental income is an income that is subject to self employment taxes. It is worth noting that, rental income is indicated on schedule E with Supplemental loss and income of tax return. Such incomes are derived from corporations, rental income, royalties, and trusts just to name a few. Nevertheless, even though such are categorized as income, it is not earned until one rent a personal property rather from real estate. Rental income takes place when one invests money in estates, which is return on investment in the form of rent. Therefore, the rental income can only be subject to self-employment taxes if there is investment obtained. However, if the apartment does not give