Limited Liability Corporations: Advantages and Disadvantages

Limited Liability Corporations: Advantages and Disadvantages INTRODUCTION Definition of a limited liability corporation (LLC) This paper will first commence by giving the exact meaning of a limited liability corporation. A limited liability corporation (LLC) is the usual incorrect name used instead of a limited liability company. Therefore the limited liability company and the limited liability company both refer to the same thing. Following the clarification made above it is therefore correct to say that a limited liability company (corporation) is a legally known business institution that gives a limited type of liability to its members (owners). It must be remembered that the limited liability corporation as it is known is not a corporation but is also a kind of association that is unincorporated. The only existing feature that is similar between a limited liability corporation (company) and a corporation is that both have or give their owners limited liabilities. The LLC bears the flexibility advantage over the normal corporation. In order to further simplify the definition of an LLC; it is a business entity that has both the qualities of a partnership type of business and a corporation (Mancuso, 2007). The Internal revenue service authority has realized that the LLC are very popular due to their flexibility. The owners of these LLCs are also known as members and these members could range from individual to corporations, foreign institutions and even other LLCs.the American LLCs have an unlimited number of maximum members. Its also true as regulated by the IRS that certain business institutions cannot be LLCs these institutions include:- Banks Insurance companies Nonprofit organizations History of limited liability corporations (LLC) This type of business has been in existence for a while now and it has been adopted in many parts of the world, this type of business is also protected and bound by law in the many different countries. There operations might be slightly different but the main principles that govern their running remain the same (Shenkman, Weiner Taback, 2003). The different history stories will give a clear a picture of how the LLCs operate in the different countries and their governing principles. This paper will look at the history of LLCs in the United States of America. History of LLCs in the United States of America The LLCs in the United States were as a result of inspirations from a German business organization, the business organization is known as the GmbH.The American LLCs also got their inspirations from the business model of many Latin American countries also known as the Lamitadas (Wood, 2000). The history of the LLCs in America is quiet interesting with the LLCs making their first appearance in the year 1977 in a state called the Wyoming. The Wyoming state had come up with a Limited liability Company act for an oil company, three years later there was a ruling by the Internal Revenue Service (IRS) and a private letter was issued to the LLC Company that was formed under the Wyoming LLC act. The letter had stated that the IRS would treat the LLC under the Wyoming LLC act as a partnership for the purposes of Federal Tax (Humphreys, 1998). The IRS would later propose legislations that would deny all business enterprises (that had owners whose liabilities were limited) the partnership classification, further complicating matters for the LLCs. Many American states introduced the LLC act in the year 1988 due to the uncertainties that were arising due to the tax issue that were facing the LLCs. This is because the IRS in that year did pass a revenue ruling that finally accepted the Wyoming type of LLC companies formed under the Wyoming LLC act as partnerships for tax related purposes. Every state had installed an LLC act by the year 1996 and in that same year a body called the National Conference of Commissioners on Uniform State Laws worked to adopt the Uniform Limited Liability Company act. This act was then revised in the year 2006. Facts about taxation of LLCS There are a few facts about the Taxation of LLCs that must be noted, these facts include the regulation and guide lines that have been issued by the IRS to give direction on the system of taxation for the LLC owners. The guidelines also highlight the type of tax returns to be filed and how to file the tax returns. The following are some of the guidelines given by the IRS For single owned LLCs For the purposes of filing a federal tax return, it is a common practice by the IRS to ignore the fact that the business entity is an LLC. This step is only meant for the taxation process and the business entity is still legally recognized as an LLC. There are two categories of reporting the income and expenses. The first category is for those LLCs that are owned by individuals and the IRS expects the LLCs income and expense to be reported on the form 1040, schedule C, E or F. In situations where the only member of the LLC is a corporation then the LLCs income and expenses must be reported on the corporations return which is form 1120 or 1120S (www.irs.gov) Taxation for LLCs with multiple owners These types of LLCs usually file a partnership return which is done in the form 1065 (www.irs.gov) Employment taxes All LLCs must meet their employment tax requirements as stipulated by the IRS, it is therefore a fact that all the LLC employees are subject to withholding tax. The LLCs must also file form W-2 and form 1099 upon request. The issue of self employment is also captured by the IRS and it is a requirement that the LLCs must file the schedules C or F where the owners are subject to self employment taxes on their earnings. In situations where the LLCs file for the partnership returns then the members must pay taxes on their share of partnership earnings (www.irs.gov) There is a special rule that applies in a situation where the LLC has operating losses, and this rule also limits the amount of deductions because of the owners Limited liabilities for the LLC debts. Advantages of an LLC Tax flexibility The LLCs usually enjoy a degree or room to choose in what category to be taxed i.e. the LLCs can either choose to be taxed as a sole proprietor, corporation or even as partnerships. The owners liabilities are limited Depending on the legislation of a given country the owners usually enjoy a degree of protection against Liability for the debts of the LLC, this would depend on the laws that govern the LLC in that particular country. Reduced Administrative Work The LLCs usually enjoy a much more reduced level of paper work and also administrative works compared to the corporations meaning that they would incur less costs by reducing their administrative works. No double taxation The LLCs are normally taxed once unless they choose otherwise for example if they decide to be taxed as the(C) corporations No taxation at LLC level According to the tax category in which the LLCs are placed they are usually only taxed from the individual level, this means that the owners of the LLCS are the ones who are taxed but the LLCS are not taxed as the company. Separate entity Some laws to provide or state that the LLCs are different entities from the individuals, hence if an individual or owner is affected in any way by the law then this does not affect the company or if the company is involved in a legal suit then this does not affect the owners of the company. According to Shenkman, Weiner and Taback (2003), the other advantage of the LLCs is that the owners can usually retain the gains of the company as capital gains or even better as income that is foreign sourced meaning that the LLC is able to maintain the character of its income this only happens in cases where the LLC has chosen not to be taxed as a corporation. Easy setting up of the LLC It is quiet possible to set up the LLC in some states of America because it only requires one person to be involved (physically). Assigning of membership interests When it comes to the LLCs it is possible to assign the membership interests; the economic advantage brought about by the interests can be separated and even assigned, this gives the assignee the benefits that result from distribution. These listed advantages that are enjoyed by the owners are most appreciated and the owners are keen to work within the confines of the Law. The owners have particularly been keen on the tax flexibility of the LLCs as stipulated by most laws, thus the owners can enjoy a far much reduced burden of taxes that are levied thus they enjoy significant profit margins (www.irs.gov). The fact that most laws recognize the LLCs as separate entities it is easy for the owners not to be victimized incase of a Legal tussle between the company and any other entity. With proper and strategic utilization of the advantages the owners can be able to maximize their business potential and have a competitive advantage in the business market. The disadvantages of LLCs Lack of definite title of authority One of the major challenges facing the LLC is the fact that the LLC as a business entity lacks a definite title of the designated authority that can enter into an agreement or a contract on the behalf of the LLC for example the title used by LLC include President, Chief executive officer, partner and managing director. Threat of being treated as a disregarded entity Since the LLCs are a new a concept and the many states apparently do not really recognize the LLCs but instead view them as sole proprietorship incases where it is owned by an individual or as partnership incases where it is run by a group. This means that the LLCs lose the advantage and instead their liabilities become unlimited. The third disadvantage is that in a situation where the LLC is outside the American jurisdiction then there is a greater possibility for the LLC to be treated as a corporate therefore stripping it of the advantages it enjoys as the LLC. The fact that the LLCs structures not properly understood by many is a clear indicator that its reception is also limited among the greater public. The LLC also does not have a board of Directors. In some situations where the LLCs are just starting the members are usually required by creditors to personally guarantee the loans on the behalf of the company, this directly implies that the members or owners become directly liable for the debts incurred by the company. Difficulty in raising capital This may occur due to the fact that the general operating structure of the LLCs is not understood well by the investors; hence they are more relaxed to invest their money simply because they do not have the hopes of making profits through the Initial public offer (Mancuso, 2007). There is also a possibility of the owners of the LLC getting into trouble for not having an operating agreement; this is possible mainly due to the fact that there is no legal requiring for the members to have one. How the disadvantages affect the company Some of the above disadvantages greatly affect the company, starting by the increased inability to raise capital; when this occurs or when a company is unable to attract the required number if investors to help it raise capital the operation costs of the company become difficult to meet, secondly without the optimum amount of capital the company becomes unable to meet optimally its set out objectives and it then even becomes difficult for this particular company to even expand. The lack of a definite title authority to enter into agreement might make the potential business partners to enter into any binding business agreement for fear of losing out by either entering into an agreement with a company representative who does not have the authority to legally enter into a binding agreement, meaning the company might lose out on many business opportunities (Humphreys, 1998). The issue of jurisdiction and taxation issues might be unfair to the company and in turn hurt the company profits in the long run, this is mainly because of the fact that the US LLCs might be considered as corporate for tax purposes which should not be the case thus they will lose more revenue through the taxes levied on them. Another thing that could really hurt the company is the fact that some creditors demanding that the owners guarantee loans that have been taken for the LLC,this not only strips the owners of their right to limited liabilities but also limits the capacity or the amount of credit that can be taken for the LLC for one simple reason and that is the fact that the individuals might have a limited capacity to guarantee the loans compared to if the LLC took the loan as separate entity (Humphreys, 1998). The fact that the LLCs are not really recognized in many states and that incase of an individual the LLC is only recognized as a sole proprietorship does actually limit its extent of operations and also exposes it to liabilities that face the sole proprietorship as a business entity. Operational tax issues At the state level The operational tax issues might not have guidance at the state level simply because different states do have there different laws and guidelines event though the laws are harmonized there are those states that would differently treat the issue of operational tax. Self Employment There are two aspects to this operation tax. The first aspect is the LLCs category of filing namely C and F This mostly requires that the members file their self employment taxes on their earning. The filing of partnership returns Here there is a general requirement that the owners must pay tax from their share of partnership earnings. Passive activity This usually limits the owners or members on the amount of loss that they are able to deduct References Cody, T., Hopkins, D.A., Perlman, L.A. (2007). Guide to Limited Liability Companies. (9th ed.). Boston: CCH. Humphreys, T.A. (1998). Limited liability companies. Sydney: Law Journal Press. Mancuso, A. (2007). Form Your Own Limited Liability Company. (5th ed.). Edinburgh: Nolo. Mancuso, A. (2007). Your Limited Liability Company: An Operating Manual. (5th ed.). Edinburgh: Nolo. Shenkman, M.M., Weiner, S., Taback, I. (2003). Starting a Limited Liability Company. (2nd ed.). New York: John Wiley and Sons. â€Å"The American Recovery and Reinvestment Act of 2009: Information Center.† Retrieved August 24, 2009 from http://www.irs.gov/newsroom/article/0,,id=204335,00.html?portlet=6 Wood, R.W. (2000). Limited liability companies: formation, operation, and conversion. (2nd ed.). Atlanta: Aspen Publishers Online.

Moving a Website

Reggie A. Conner Professor Stan Buch CIS 210 Term Paper 09/09/2012 Abstract In this paper I will assume a new company has hired me to manage a project that will move the old Website from an externally hosted solution to an internal one. The company’s leadership is very concerned about redundancy for their site, insisting that a back-up site be available as a failover in case the main site goes down. In addition, they want the site redesigned to allow customers to order products online.As part of my job, I must complete a 10-to-15 page paper that follows this project through the system development life cycle (SDLC). This assignment will require I to do the following: * Discuss what it will take to build a Web architecture, move an existing Website with minimal downtime, and provide a disaster recovery solution to ensure the site is always available. * * The Web architecture should describe and justify operating system choices (i. e. , Linux, Apache, MYSQL, PHP, Windows, IIS, SQ L, etc. ). Evaluate alternatives to the company self-hosting the site. * Build a Gantt chart using Microsoft Project or equivalent software, showing all tasks associated with implementing the Website. * The chart should include a minimum of five (5) tasks, each with three (3) sub-tasks. * Explain and justify the system architecture you have selected. * Illustrate the system architecture using Visio or equivalent software. * Create a use case that documents the event of a customer ordering a bag of chips from the new Website. The use case should include a graphical representation using Visio or equivalent software and a text description of the events. * Discuss the support operations that the internally hosted Website will require after implementation. * Explain how you will evaluate the performance of the new site and the success of your project. Term Paper Whether you are planning to implement a new site or upgrading an existing site to meet growing needs, the following provides gu idelines for meeting the performance and availability demands of today’s online business environment.The mature business site is multi-tiered, with several hardware components, including: †¢ Firewalls and routers †¢ Load balancers †¢ Web servers/front ends †¢ Application servers †¢ Database servers †¢ File servers †¢ Storage hardware The software environment that runs on this hardware can be equally complex, and may include: †¢ Operating system software (i. e. , Linux, Apache, MYSQL, PHP, Windows, IIS, SQL, etc. ) †¢ Web/application server software †¢ Database software and applications †¢ Storage management software (backup/recovery, clustering and failover, etc. Design an architecture that ensures availability. Build redundancy and scalability in your design so the architecture will grow as your business grows. Choose highly available and manageable system platforms. Make sure that the foundation for the various componen ts is as robust as possible, while creating an operating environment in which you can manage constantly. All of the critical components of the site should be built on platforms that optimize the availability and manageability of the total solution.The combined hardware/software platform should keep downtime of all kinds low – including unplanned failures and planned, administrative downtime. Requirements are a high mean time between failures for all hardware components, fast recovery from outages when they do occur, good administrative tools and policies for system maintenance, and support for online administrative activities where possible. Choose solutions that optimize performance regardless of system load, as the site needs to run at peak performance, all the time.Many factors affect site performance, from architecture to application design to processor speeds. Good application design is the most important contributor to performance. After that, processor speed is signifi cant. Building on this groundwork, you can achieve better performance by optimizing I/O and off-loading data-intensive activities from production systems. The business site both hosts and generates a rich array of data that is a critical asset to the business: web content, user profiles, and e-business transaction data.It is critical to protect this data against loss from a variety of potential risks, including disk failure, application or user error, and physical damage due to localized disasters. Highly available storage configurations do not protect data against software or user errors. Recovery from some errors typically require the presence of adequate backups. It is imperative to maintain good backup procedures. The more frequent the backup, the faster the recovery in time of error. Databases have special backup and recovery needs.Oracle databases in particular consist of many files that must be restored appropriately for a database recovery to take place. Although basic backu p and recovery products can work for some Oracle databases, databases of a critical nature or significant size require Oracle-specific backup tools that can support online backups and recoveries, and can handle archived redo logs and other control files appropriately. Whatever tool you use, taking frequent backups, testing recoveries, and cross-training DBAs are all crucial to effective Oracle administration.Be sure to protect the applications. Site availability depends on the availability of many components. You must take an application-level view of availability and protect all of the components required to deliver online services to your customers. The best approach for this is clustering software that leverages the hardware redundancy you built into your site to provide sophisticated failover at an application level. There are different approaches to clustering, depending on whether or not the various nodes of the cluster will access the same data at the same time.Be sure to alw ays plan for change. Change is the one apparent constant in the Internet economy. Your site infrastructure must be able to adapt to change rapidly as you add new services or change strategies – providing fast time-to-market with reliable site performance. Evaluate alternatives to the company self-hosting the site. Alternatives to self hosting sites are web based hosting. Web hosting is the ability to move a business or information, product content, and research to the Internet.Actually, web hosting service is an Internet hosting service that permits an individual or an organization to provide their websites accessible via World Wide Web. Web hosts are those firms or organizations that provide space on a server they own for use by their clients as well as providing Internet connectivity, typically in a data center. These also furnish data center space and connectivity to the Internet for servers they do not own to be located in their data center. Create a use case that documen ts the event of a customer ordering a bag of chips from the new Website.A proposed system is shop online. The application provides the online shopping facility available to everyone. Any type of the product will be available for the customer. In this case a bag of chips. Shop online concentrates more on user friendly interfaces and promotes users to make purchases faster, and easier. In the User interface of Shop online there will be accomplished purchases with options to find new products available, most purchased, and customer satisfied products. All products in the website will be highlighted with the image of the product.By clicking on the image, it will take you directly to the buy page, where the customer can purchase easily. Shop online is also provided with a customer support page. Using this page a customer can get assistance from the available CSR online. As security issues pay a major importance of online shopping, extra attention is applied to security. A digital signatu re is incorporated to ensure protection for the customer. Discuss the support operations that the internally hosted Website will require after implementation.Explain how you will evaluate the performance of the new site and the success of your project. Manage Application Service Requests (application problem resolution, functionality, new structures). 1 Document 2 Prioritize 3 Execute 4 Collaborate with operations 5 Help Desk Application Monitoring & Maintenance 1 Schedule and monitor automated processes. Application Patching (including testing) †¢ Internal controls set up and monitoring Database Monitoring & Maintenance Interface Maintenance 1

The Awareness Of Children s Perception Of Disabilities...

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Differences Between Family And Parent Families - 3378 Words

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Indonesia Is A Culturally Rich Nation - 2255 Words

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Ethics and Values in Modern Media Free Essays

Ethics and Values in Modern Day Media â€Å"The public has an insatiable curiosity to know everything. Except what is worth knowing. Journalism, conscious of this, and having tradesman-like habits, supplies their demands. We will write a custom essay sample on Ethics and Values in Modern Media or any similar topic only for you Order Now † — Oscar Wilde. Few would doubt that the media is one of the few platforms that affords people the ability to inform, entertain, and influence society. The privilege of having such voice and influence comes with great responsibility. It is crucial that those in a position of such power behave in a responsible and ethical manner. Journalist across all mediums are held to a strong ethical standard in their profession as their work can to completely change the publics view of any given topic or event. It is obvious that technology is having a tremendous impact on all forms of media. While past generations waited for the evening news or the morning paper, people today are reaching for the internet at any time of the day or night to get the latest information. While this instant access has helped curb the public’s insatiable curiosity for information, it has also raised a whole new set of questions regarding the ethics and values in the media industry. One of the most compelling questions to arise out of this new era is whether the media industry has forsaken its core ethics and values for its own gain. Values are very personal choices which are compromised of the individual experiences in life. They are choices that help one prioritize their life. Values can be influenced by a number of factors such as family, upbringing, religion, and society. They help one define and project character attributes such as loyalty, compassion and honesty. Values are instrumental in how we behave and the choices we make. Ethics are professional rules that define how different groups of people should behave. There is a distinct sense of right and wrong with little room for â€Å"grey† or questionable behavior. Ethics guide and dictate what is professional and acceptable to each given profession. To behave ethically is to behave in a manner consistent with what is right and or moral for the profession. Values and ethics are forever at a crossroads because today’s society pushes towards personal wealth. The stakes are constantly raised as far as what it takes to gain that wealth. (,2010). It is not uncommon for people to share private information, set someone up, edit what a person has said or completely alter a picture someone has taken for their gain. It is in situations like this that values are tested and ethics are ignored. Professional values and ethics are commonly derived from government laws and regulations, state licensing boards, and trade associations. A professions code of conduct will â€Å"contain provisions that are designed to advise, guide, and regulate behavior on the job. † (Madsen Shafritz, 1990, p. 205). There are also federal, state and local laws which regulate and enforce most professional industries. According to The United States Department of Labor (n. d), Government agencies such as OSHA (Occupational Safety and Health Administration) were created to â€Å"assure safe and healthful working conditions for working men and women; by authorizing enforcement of the standards developed under the Act; by assisting and encouraging the States in their efforts to assure safe and healthful working conditions†¦Ã¢â‚¬  . Professional associations such as the Society of Professional Journalist also have their own values and ethics which are set forth to guide their members. Conscientious journalists from all media and specialties strive to serve the public with thoroughness and honesty. Professional integrity is the cornerstone of a journalist’s credibility. (Society of Professional Journalist, 1996). Each association clearly outlines its expectations in hopes that all members will abide by them and act in a professional manner. One of the biggest sectors of media affected by e thical conflicts is the advertising market. â€Å"For some business ethicists, advertising is one of the most crucial issues in corporate ethics because its pervasiveness and because of its power to mold consumer thinking and behavior. For example, many have argued that advertising is a form of a behavior control, given its subtle psychological persuasion and its repetitiveness. One such argument holds that advertising creates in the mind of the consumer a need – not just want – for that which is advertised. When the consumer in question happens to be a child subjected to a barrage of TV ads about toys, sugared cereals, candy, and so on, then the ethics of advertising taken as a form of behavior control is even more crucial. † (Madsen Shafritz, 1990). Photographers also face backlash as women’s advocacy groups rail against the use of airbrushed models in print media. â€Å"You have to accept that fashion is fantasy. It’s wearable art,† says Andrew Matusik, a New York fashion photographer and the owner of Digital Retouch, which specializes in celebrity and fashion retouching. â€Å"It’s all about creating drama. † (Bennett, 2008). It is widespread knowledge that any photographer with any basic graphic design skills can and will alter an image to suit his client’s needs. As technology evolves so do the ethical standards which advertisers and photographers are held to. Another form of media mired in controversy is reality based investigative news shows. One such show, Dateline’s â€Å"To Catch a Predator† purported to take child sex predators off the street as they taped a series of sting operations set up by various law enforcement agencies. The show faced a firestorm of criticism when a Dallas, Texas man committed suicide moments before he was to be arrested on charges of engaging in sexually explicit chat with a minor. The man’s family sued the network and won a substantial award. The presiding judge ruled â€Å"that the network crossed the line from responsible journalism to irresponsible and reckless intrusion into law enforcement. † (Shea, 2008). Although the show was very successful for the network, it was cancelled shortly after the lawsuit. While it is widely believed that being ethical and sticking to one’s values will lead to an honorable and decent career, the examples illustrated above show that more and more people are willing to push the envelope of professional values and ethics. Personal gain has taken a back seat to deceny and commen sense in many professions. This leaves us with an urgent and pressing question-what are professional ethics and values worth today? References: Values and Ethics. (n. d. ). Strategic Leadership and Decision Making. Retrieved from http://www. au. af. mil/au/awc/awcgate/ndu/strat-ldr-dm/pt4ch15. html Values, Morals and Ethics. (n. d. ). Changing minds and persuasion — How we change what others think, believe, feel and do. Retrieved from http://changingminds. org/explanations/values/values_morals_ethics. tm United States Department of Labor. (n. d). OSHA. Retrieved from http://www. osha. gov/oshinfo/mission. html Madsen, P. , Shafritz, J. M. (1990). Essentials of Business Ethics. New York, New York: Penguin Group Society of Professional Journalist. (1996). Code of Ethics. Retrieved from http://www. spj. org/ethicscode. asp Bennett, J. (2008, May). Picture Perfect. Newsweek, (), . Shea, D. (2008). The Huffington Post. Retri eved from http://www. huffingtonpost. com/2008/06/25/nbc-settles-to-catch-a-pr_n_109261. html How to cite Ethics and Values in Modern Media, Papers

Challenges In Cyber Business For Security â€Myassignmenthelp.Com

Question: Discuss About The Challenges In Cyber Business For Security? Answer: Introduction Cybersecurity refers to the processes and techniques that are applied in order to protect the computer systems and networks from the various security attacks and risks. There are a number of security related issues that have been observed in the current times that lead to adverse impacts on the cyber systems and networks. There are many challenges that are associated with cyber security in the form of the implementation of the security protocols and many others. The project includes the identification of the challenges that are associated with Cybersecurity. Project Objectives The primary objectives of the project are as listed below. Analysis of the Cybersecurity challenges that are associated with the businesses Listing of the Cybersecurity issues in association with the three business organizations Learning the possible solutions that can be applied to overcome the challenges Project Scope The following activities will be accomplished in the project: Selection of the topic to carry out the research work Literature review on the topic as Challenges in cyber security for business Presentation of the research proposal on the selected topic Preparation of a reflective journal on the research work that is carried out Literature Review There are a number of challenges that are associated with the vendors and users of the computer and web-based solutions and services. Cybersecurity is associated with many different challenges in the areas of network security, implementation issues etc. Lancope is an organization that is now a part of Cisco and works in the field of providing Cybersecurity solutions to its customers. There are newer threats and forms of security attacks that are being developed by the malevolent entities. The security team and solution providers work on the known threat and issues with the use of firewalls, intrusion based detection systems, anti-malware tools etc. Lancope also faced the same challenge as there were network security solutions that were present for the threats that were already identified. With the expansion of the systems and services, attacks such as Advanced Persistent Threats (APTs), insider threats, Distributed Denial of Service attacks etc. have been developed. There are still mechanisms that are required to be developed to put a check on the threats that occur in real-time. Lancope is an organization that did not limit itself to the traditional practices to deal with the cyber issues and security problems. One of its applications makes use of Deep Packet Inspection (DPI) along with behavior analytics to deal with the Cybersecurity issues. The primary challenge that occurred in association with Lancope was to deal with the increased amount of data traffic and ensure the performance of its flow sensors accordingly. There were speed and complexity issues that were identified (Rohde-Schwarz, 2016). Cybersecurity is an advanced branch that includes the various methods and processes that shall be used and applied in order to deal with the cyber risks and attacks. There are still businesses and sectors that are not aware of the requirement and necessity of including Cybersecurity mechanisms and protocols in their architecture. One of such industries is the hospitality industry that has been observed to have many loopholes in terms of the Cybersecurity methodologies that are applied. The case study includes the analysis of Cybersecurity mechanisms in five different hotels in Reno, Nevada located in the United States. The level of Cybersecurity that was analyzed and identified in the process was found to be extremely low with a number of loopholes (Shabani, 2016). The primary issues that were observed in association with the hotels included a number of identity thefts and data breaches. The breaching of the data led to the loss of the information properties such as availability and confidentiality of the information. There are many of the silent criminals and attackers that are present in the hospitality industry. There is a large use of web based systems and applications across the entire hospitality industry. It is because of this reason that there are many access points that are present which are used by the malicious entities to enter the system that is used and silently observe the flow of activities and information. Such silent invasions lead to the problems of password captures and unauthorized recording of the activity flow which leads to the damaging impacts. Another primary issue that was observed in the hotel chains was the execution of the security audits and reviews to find out the vulnerabilities that were present. It is because of the reason that there were no updates and enhancements that were being done at a regular interval. All of these issues and security attacks lead to the loss of competitive gains and advantages over the competitors in the market. The set of issues that were identified with the hotels and the hospitality industry included a major gap in understanding the requirement of Cybersecurity mechanisms and protocols. The level of awareness of the staff members and the management units engaged with the hotels was not enough and as per the required standards. There are still obsolete methods and practices that are being used due to the lack of the knowledge and awareness in the area. The implementation of the Cybersecurity solutions also gets troublesome in such businesses as the staff members are required to be provided with the trainings on the operational and technical parameters. Loyalty programmes are run by the hotels to expand the customer base that is associated with the hotels. In case of the occurrence of security attacks and threats, the customer loyalty is also negatively impacted. Once a customer experiences a data breach, the level of customer trust and engagement drops down (Pilling, 2013). There is another case study that has been reviewed and analyzed to understand the Cybersecurity challenges that are present in various business sectors across the globe. Ontario Local Distribution Company (LDCO) is an organization that works in the area of providing electrical services and solutions to its customers. There is a wide use of smart grids, smart meters along with numerous Internet of Things (IoT) applications in the organization (Herzog, 2011). There is a lack of support staff and tools that were observed in LDCO that led to a number of different problems to manage the IT assets and to develop and implement the Cybersecurity solutions. There are manual processes that are being used for inventory control and management which may result in the configuration and security challenges. IT asset management is extremely difficult to be carried out in such cases. There is a lack of technical skills and abilities that were identified in LDCO that resulted in many of the technical issues in association with the cyber systems and solutions. The organization did not have any process of maintenance of the logs which led to difficulties in order to track a particular activity. Vulnerability management and the level of threat intelligence that was present in the organization were also very limited (Stratejm, 2016). As a result, there were a number of Cybersecurity challenges and issues that were identified in LDCO in terms of operation, technical and managerial issues. User awareness is again one of the primary challenges that has been observed in the organizations that belong to non-IT or non-technical sectors. Business organizations in the current times deal with a lot of information and data that belongs to the various categories of information, such as, sensitive information, critical information, private data, public data etc. There are three properties that are associated with each of these information categories as confidentiality of the information, integrity of the information, and availability of the information. It is extremely necessary to make sure that all of these three information properties are maintained and secured at all times. However, with the execution of a number of security risks and attacks, these properties of information get impacted in a negative manner (Vidalis, Jones and Blyth, 2004). There are many challenges that are associated with Cybersecurity that have been observed in the execution of the research processes on various business sectors. In case of the non-IT industries, the awareness of Cybersecurity and the technical skills to implement and maintain the solutions and services is extremely limited. There are many start-ups and small-scale industries that are present in these sectors. These units cannot afford to spend much on the establishment of a designated department for security control and management. There are basic tools that are being used by such organizations that provide the malevolent entities with the ability to execute the risks and attacks and gain entry to the systems. There are also many of the operational issues that have also been identified in association with these industries because of the lack of operational knowledge and skills (Lee, 2012). There are many of the newer forms of threats and attacks that are being developed. These new threats and attacks are being executed by the attackers before the resolution and prevention mechanism is created. Such threats may cause huge damage as it takes time to put a check on the same. There is a continuous work of research and development that is being carried out in the field of Cybersecurity; however, the number of issues and problems are also increasing at the same pace. The reason behind the same is the excessive use of the automated tools and applications by the clients all across the globe (Gavas, 2012). There are huge clusters of information that is present in the business organizations and units of the current times. Due to the presence of these data sets and huge information clusters, it is difficult to assign the data ownership and authority to the required personnel of department. There are ownership and responsibility issues and challenges that have been observed. As a result, the authority of the Cybersecurity practices that shall be applied along with the review to understand the standardization of the same is lacking (Crespigny, 2012). There are performance and maintenance issues that often come up in association with these systems and solutions that go unnoticed because of inadequate ownership resulting in numerous security challenges and problems. Risk management strategies and solutions that are also applied to make sure that the risks that are associated with the cyberspace are overcome. There are many of the automated tools and applications that have been developed in order to manage the risks and issues that are involved. However, these tools have a problem of their own. Some of these tools are extremely expensive which may not be in accordance with the budget of most of the organizations. The basic version of these tools does not come with the required set of features (Thannum, 2013). Also, there is a continuous monitoring and maintenance that is required in association with these tools that further enhances the cost. As a result, there are many businesses that make use of the alternative tools and practices that are not as effective as required. This results in the occurrence of many cyber risks and attacks (Markelj, 2016). Change management is another Cybersecurity challenge that has been observed in association with the business organizations. There is an immense shift in the business practices and activities that are carried out (Choi, 2013). It has led to the emergence of numerous changes and transformations in terms of the nature of activities, flow of the tasks, operational and technical activities etc. The management of all of these changes is not easy to be executed and an enhanced duration of the management and handling of these changes result in the negative impact on the productivity and efficiency levels. Conclusion The modern day businesses cannot be imagined without the use of computer systems, networks and other elements of Information Technology. There is an enhanced shift in the business practices and solutions that are being used in various sectors and industries. As a result, there are many Cybersecurity challenges that have come up. These challenges can be classified in the areas of technical challenges, operational challenges, management challenges, user awareness issues and budget constraints. It is necessary to develop the departments that may handle the risks and attacks that are involved in association with the cyberspace in the cost-effective manner to prevent and detect the same. References Choi, S. (2013). A model of analyzing cyber threats trend and tracing potential attackers based on darknet traffic. Security and Communication Networks, p.n/a-n/a. Crespigny, M. (2012). Building cyber-resilience to tackle threats. Network Security, 2012(4), pp.5-8. Gavas, E. (2012). Winning Cybersecurity One Challenge at a Time. IEEE Security Privacy, 10(4), pp.75-79. Herzog, S. (2011). Revisiting the Estonian Cyber Attacks: Digital Threats and Multinational Responses. Journal of Strategic Security, 4(2), pp.49-60. Lee, M. (2012). Cyber crimes: preparing to fight insider threats. Computer Fraud Security, 2012(6), pp.14-15. Markelj, B. (2016). Comprehension of cyber threats and their consequences in Slovenia. Computer Law Security Review, 32(3), pp.513-525. Pilling, R. (2013). Global threats, cyber-security nightmares and how to protect against them. Computer Fraud Security, 2013(9), pp.14-18. Rohde-Schwarz (2016). Lancope accelerates security performance and time-to-market with Dell, RohdeSchwarz Cybersecurity Napatech. [online] Available at: https://cybersecurity.rohde-schwarz.com/sites/default/files/download/casestudy_lancope_misc_en_3607-2390-32_v0201.pdf [Accessed 15 Aug. 2017]. Shabani, N. (2016). A Study of Cyber Security in Hospitality Industry - Threats and Countermeasures: Case Study in Reno, Nevada. [online] Available at: https://arxiv.org/ftp/arxiv/papers/1705/1705.02749.pdf [Accessed 15 Aug. 2017]. Stratejm (2016). Case Study: Cyber Security-as-a-Service. [online] Available at: https://stratejm.com/wp-content/uploads/2016/11/SECaaS-Case-Study-Cyber-Security-as-a-Service.pdf [Accessed 15 Aug. 2017]. Thaanum, J. (2013). Threats to Cyber Security: The Dangers of Malicious Mobile Code, Users, and the iPhone. Journal of Applied Security Research, 8(4), pp.490-509. Vidalis, S., Jones, A. and Blyth, A. (2004). Assessing cyber-threats in the information environment. Network Security, 2004(11), pp.10-16.