Management bodies of a joint stock company. (page 1 of 2)

Characteristics [edit | edit code]

Shareholders of this company have a preemptive right to purchase shares sold by other shareholders. As a rule, a non-public joint stock company is not required to publish financial statements to the public, unless otherwise provided by law.

The legislation of the Russian Federation distinguishes a type of joint stock company in the form of a joint stock company of employees

(national enterprise). The legal status of ZAOrNP is determined by the Federal Law of July 19, 1998 No. 115-FZ “On the Peculiarities of the Legal Status of Joint-Stock Companies of Workers (People’s Enterprises)” (Law on People’s Enterprises). The provisions on closed joint-stock companies established by the Federal Law of December 26, 1995 No. 208-FZ “On Joint-Stock Companies” may also be applied to national enterprises, unless otherwise provided by the Law on National Enterprises.

It is worth noting that a joint-stock company of employees (national enterprise) is a rather rare form of joint-stock company. As of 2020, their number was estimated to be about 200 throughout the country [3].

The municipality represented by the local administration in the Russian Federation, on the basis of Art. 68 of the Federal Law “On the general principles of organizing local self-government in the Russian Federation” dated October 6, 2003 N 131-FZ, with the approval of local legislative bodies (dumas, deputy assemblies, councils), can act as a founder and co-founder of a closed joint-stock company and LLC. [4]

Comparison with public society[ edit | edit code]

The main differences between a non-public joint-stock company (JSC) and a public joint-stock company (PJSC):

Number of shareholders:
there are no restrictions in the law for JSC;
for PJSC is not limited.
Preemptive right to purchase shares alienated by shareholders of the company:
in a JSC, shareholders enjoy a preemptive right on the offer price to a third party (similar to the distribution of shares in an LLC);
In PJSC, preemptive rights are not allowed.
Share distribution:
in a joint-stock company - among the founders or a predetermined circle of persons;
in PJSC - among an unlimited circle of people (open subscription).
Authorized capital:
in joint-stock companies - from 10,000 rubles;
in PJSC - from 100,000 rubles.

Hello, dear readers of the KtoNaNovenkogo.ru blog. A little earlier, we talked in detail about what joint-stock companies (joint stock companies) are, why they are needed, how they are structured, and what advantages and disadvantages they have.

But within JSC there is a division into NJSC (non-public) and PJSC (public) companies. Moreover, until 2014, NAOs were called CJSCs (closed joint-stock companies), and PJSCs were called OJSCs (open joint-stock companies). Confused yet? Have you lost the thread? Great.

Today I will try to talk very briefly and as simply as possible about PJSC (public joint stock companies) and how this form differs from the previously existing one (OJSC). I hope it will be interesting.

PJSC (OJSC) is a public joint stock company

What does PAO mean? Explanation of the concept - Public Joint Stock Company (until 2014 it was OJSC - open joint stock company). We are talking about a company whose shares (what is this?) without restrictions .

If a company positions itself as a Non-Public JSC, it is not obliged to list its shares on the market, and can redistribute shares with the consent of its shareholders.

The renaming of the JSC was adopted by law in 2014 due to the need to bring Russian legislative standards closer to European corporate law standards.

The publicity in the name of the JSC emphasizes its openness: a PJSC has a much greater opportunity to attract investors by offering them a share in the authorized capital. The number of members of a PJSC can be any: there are no restrictions either up or down.

Today in the business world you can see both updated names - PJSC and JSC (NAO), and those that existed before the changes were made: OJSC and CJSC. According to the new articles of the Civil Code of the Russian Federation, all organizations registered today are not required to urgently change their names. They will change it at the moment when they make changes to the charter, in working order.

What changes when a company becomes a PJSC instead of an OJSC?

The method of creating authorized capital will change. The governing bodies will have to work differently. There will be no visible changes for ordinary employees, only the entry in the contract will change.

Nothing except the names of documents will change for those who use the company’s services. So, if KAMAZ is now called PJSC, the operational characteristics of the trucks it produces will not improve.

If we consider the issue from a legal perspective, the differences between the concepts of PJSC and OJSC are expressed in several important points:

Activities of the Board of Directors.

In the absence of the Council, management functions were assumed by the General Meeting of Shareholders, which is much more difficult to organize than convening a meeting of the Council. Moreover, the holding of the General Meeting is regulated by the Federal Law on the activities of joint-stock companies.

Minimum allowable amount of authorized capital

Allowed number of shareholders

Minimum 1, maximum not limited by law

Availability of the right to conduct an open subscription for the placement of shares

Possibility of public circulation of shares and securities

Does not have such right

Allowed not to create if there are no more than 50 shareholders

Features of executive structures

The executive body is the direct management body, which is formed by decision of the board of directors or a meeting of shareholders. Its functions are defined in legislation or the company's charter.

Responsibility of the management bodies of a joint stock company arises in the event that losses are caused to the enterprise as a result of unlawful actions or inactions.

The executive structure can be individual or collegial. In many societies, both types of governing bodies operate simultaneously. At the same time, in the charters of such companies, the competence of these structures is clearly delineated.

The entity performing the functions of the sole management body also acts as the chairman of the collegial structure.

General characteristics of PJSC

The main features of public joint stock companies are the following:

The number of shareholders is not limited;
Free circulation of shares is allowed.

If we talk about the authorized capital, its size is also determined by federal legislation. The formation of the authorized capital of a PJSC occurs due to the fact that shares are issued for a certain amount of money.

The size of the authorized capital in this case is a value that can vary, decrease or, conversely, increase. This depends, first of all, on how the shares are redeemed. As can be seen from the table above, the size of the authorized capital is 100,000 rubles.

As practice shows, control by inspection authorities is stricter than in other cases. This is explained, first of all, by the fact that all the statutory documents indicate that this company is as open as possible to third parties. That is, it is absolutely clear that citizens can purchase company shares. Accordingly, supervisory authorities require maximum transparency and accessibility of all data.

For more complete information on this issue, you should refer to the Civil Legislation of the Russian Federation.

Statutory documents

The main document for a PJSC is the charter. As a rule, it reflects all the provisions governing the activities of the organization, and also records information about openness.

The charter spells out in detail all the procedures for issuing shares, and also contains information on the calculation and procedure for paying dividends.

Availability of property fund and shares

PJSC property funds are formed primarily through the turnover of the organization’s shares. At the same time, the net profit that will be received during the organization’s activities can be included in the property fund. The law does not prohibit this.

PJSC governing bodies

The main body for carrying out management activities in a PJSC is the general meeting of shareholders. It is usually held once a year and is initiated by the board of directors. If such a need arises, the meeting can be held on the initiative of the audit commission, or based on the results of the audit.

It often happens that a PJSC issues a large number of its shares on the market, and then the number of shareholders can number more than one hundred people. Gathering them all at one time in one place is an impossible task.

There are two ways to solve this problem:

The number of shares whose owners can participate in the meeting is limited;
Discussions are conducted remotely, using the method of sending out questionnaires.

The meeting of shareholders makes all important decisions on the activities of the PJSC and plans events for the development of the company in the future. The rest of the time, management responsibilities are performed by the board of directors. Let us explain in more detail what kind of control body this is.

In large companies, the number of board members can reach 12 people.

Forms of management activity

Formed on the basis of the legislation of European countries. Usually this:

Meeting of all shareholders;
Board of Directors;
General Director in a single person;
Control and Audit Commission.

As for the types of activities, it can be anything that is not prohibited by the law of our state. There can be only one main activity.

Some types of activities require licensing, which can be obtained after the PJSC has completed the registration procedure.

The legislation of the Russian Federation requires all PJSCs to post the results of annual reporting on the official websites of the companies. In addition, the results of operations for the year are checked for compliance with reality by auditors.

How to write a term paper on speech therapy

07.09.2010 169314

These guidelines are compiled to help students gain an understanding of the content and structure of coursework in speech therapy.

Logopedia of pedagogical science that studies anomalies of speech development with normal hearing, explores the manifestations, nature and mechanisms of speech disorders, develops the scientific basis for overcoming and preventing them means of special training and education.

The subject of speech therapy as a science is speech disorders and the process of training and education of persons with speech disorders.

The object of study is a person suffering from a speech disorder.

The main task of speech therapy as a science is the study, prevention and elimination of various types of speech disorders.

Coursework in speech therapy is a student's scientific and experimental research. This type of educational activity, provided for by the educational and professional program and curriculum, contributes to the acquisition of skills in working with literature, analyzing and summarizing literary sources in order to determine the range of insufficiently studied problems, determining the content and methods of experimental research, processing skills and qualitative analysis of the results obtained. The need to complete coursework in speech therapy is due to the updating of knowledge concerning the content, organization, principles, methods and techniques of speech therapy work.

As a rule, during their studies, students must write two term papers - theoretical and practical.

The first course work should be devoted to the analysis and synthesis of general and specialized literature on the chosen topic. Based on this analysis, it is necessary to justify and develop a method of ascertaining (diagnostic) experiment.

In the second course work, it is necessary to provide an analysis of the results obtained during the ascertaining experiment, as well as determine the directions and content of speech therapy work, and select adequate methods and techniques of correction.

So, let’s present the general requirements for the content and design of coursework in speech therapy.

The initial and most important stage of working on a course project is the choice of a topic, which is either proposed by the supervisor or chosen by the student independently from a list of topics that are consistent with the areas of scientific research of the department.

Each topic can be modified, considered in different aspects, but taking into account a theoretical and practical approach. Having chosen a topic, the student needs to think through in detail its specific content, areas of work, practical material, etc., which should be reflected both in the formulation of the topic and in the further construction of the study. It should be recalled that the chosen topic may not only have a purely theoretical orientation, for example: “Dysarthria. Characteristics of the defect”, “Classification of dysgraphia”, but also take into account the practical significance of the problem under consideration, for example: “Speech therapy work on speech correction for dysarthria”. It should also be taken into account that when formulating a topic, excessive detail should be avoided, for example: “Formation of prosodic components of speech in preschoolers of the sixth year of life attending a preschool institution for children with severe speech impairments.”

The course work includes such mandatory parts as: introduction, three chapters, conclusion, bibliography and appendix.

The text of the term paper begins with the title page . An example of its design can be seen here.

Then the content of the work is given, in which the names of chapters, paragraphs, and sections are formulated in strict accordance with the content of the thesis. An example of its design can be seen here.

In the text, each subsequent chapter and paragraph begins on a new page. At the end of each chapter, the materials are summarized and conclusions are formulated.

The introduction reveals the relevance of the problem under consideration in general and the topic being studied in particular; the problem, subject, object, and purpose of the study are defined. In accordance with the goal and hypothesis, objectives and a set of research methods aimed at achieving the objectives must be defined.

The relevance of the topic lies in reflecting the current level of pedagogical science and practice, meeting the requirements of novelty and usefulness.

When defining the research problem, it is important to indicate what practical tasks it will help to implement in training and educating people with speech pathology.

The object of research is understood as certain aspects of pedagogical reality, perceived through a system of theoretical and practical knowledge. The ultimate goal of any research is to improve this object.

The subject of research is some part, property, element of an object, i.e. the subject of research always indicates a specific aspect of the object that is to be studied and about which the researcher wants to gain new knowledge. An object is a part of an object.

You can give an example of the formulation of the object, subject and problem of research:

– The object of the study is the speech activity of preschool children with phonetic-phonemic speech disorders.

– The subject of the study is the features of intonation speech of children with phonetic-phonemic speech disorders.

– The research problem is to determine effective directions for speech therapy work on the formation of intonation expressiveness of speech in the system of correctional intervention.

The purpose of the study contributes to the specification of the object being studied. The goal of any research is to solve a specific problem. The goal is specified in tasks taking into account the subject of research.

The research objectives are formulated in a certain sequence, which determines the logic of the research. The research objectives are set on the basis of a theoretical analysis of the problem and an assessment of the state of its solution in practice.

The first chapter is an analysis of literary sources, which examines the state of this problem in historical and modern aspects, and presents the most important theoretical principles that formed the basis of the study.

When writing the first chapter, you should pay attention to the fact that the text of the course work must be written in a scientific style. When presenting scientific material, it is necessary to comply with the following requirements:

– Specificity – a review of only those sources that are necessary to disclose only a given topic or solve only a given problem;

– Clarity – which is characterized by semantic coherence and integrity of individual parts of the text;

– Logicality – which provides for a certain structure of presentation of the material;

– Reasoning – evidence of thoughts (why this and not otherwise);

– Precision of wording, excluding ambiguous interpretation of the authors’ statements.

A literary review of the state of the problem being studied should not be reduced to a consistent presentation of literary sources. It should present a generalized description of the literature: highlight the main directions (currents, concepts, points of view), analyze in detail and evaluate the most fundamental works of representatives of these directions.

When writing a work, the student must correctly use literary materials, make references to the authors and sources from which the results of scientific research are borrowed. Failure to provide required references will reduce your coursework grade.

As a rule, in coursework on speech therapy, references to literary sources are formatted as follows: the number of the cited source in the general list of references is placed in square brackets. For example: General speech underdevelopment is a speech pathology in which there is a persistent lag in the formation of all components of the language system: phonetics, vocabulary and grammar [17].

When using quotations, in square brackets, in addition to indicating the source number, the page number from which this excerpt is taken is indicated, for example: Speech rhythm is based on a physiological and intellectual basis, since, firstly, it is directly related to the rhythm of breathing. Secondly, being an element that performs a communicative function, “correlates with meaning, i.e. controlled intellectually” [23, P.40].

However, course work should not be of a purely abstract nature, so you should not abuse the unreasonable abundance of citations. Quoting should be logically justified, convincing and used only when really necessary.

In the second chapter , devoted to experimental research, the organization should be described and the program of the ascertaining experiment should be presented. The survey methodology, as a rule, consists of a description of several series of tasks, with detailed instructions, visual and lexical material, the procedure for completing tasks by experiment participants, and scoring criteria. This chapter also provides a qualitative and quantitative analysis of the results obtained.

When analyzing the results of an experiment, it is necessary to use a scoring system. Examples of various criteria for quantitative and qualitative assessment are presented in the following works:

– Glukhov V.P. Formation of coherent speech in preschool children with general speech underdevelopment. - M.: Arkti, 2002. - 144 p.

– Fotekova T.A. Test methodology for diagnosing oral speech of primary schoolchildren. - M.: Arkti, 2000. - 56 p.

– Levchenko I.Yu. Pathopsychology: Theory and practice. - M.: Academy, 2000. - 232 p.

In order to visually present the results obtained during the experimental study, it is recommended to use tables, graphs, diagrams, etc. Histograms can be used in a variety of ways - columnar, cylindrical, planar, volumetric, etc. An example of the design of tables, figures, and histograms can be found here.

The third chapter provides a rationale for the proposed methods and techniques and reveals the content of the main stages of correctional work.

The conclusion contains a summary of the material presented and the main conclusions formulated by the author.

The bibliography must contain at least 25 sources. The list includes bibliographic information about the sources used in preparing the work. An example of its design can be seen here.

In the application you can present bulky tables or illustrations, examination protocols, observation records, products of activity (drawings, written works of children), notes from speech therapy classes, etc.

The volume of one course work must be at least 30 pages of typewritten text.

In general, coursework in speech therapy is the basis for a future thesis, in which the study of the begun problem can be continued, but from the standpoint of a different approach or a comparative analysis of the disorders being studied in different age categories of people with different types of speech disorders.

The content and format of theses in speech therapy can be found here.

Literature:

1. How to write a term paper on speech therapy: Methodological recommendations. Educational and methodological manual / Comp. Artemova E.E., Tishina L.A. / Ed. Orlova O.S. – M.: MGOPU, 2008. – 35 p.

2. Research work of students in the system of higher professional pedagogical education (specialty 031800 - Speech therapy). Methodological recommendations for completing the thesis / Compiled by. L.V. Lopatina, V.I. Lipakova, G.G. Golubeva. - St. Petersburg: Publishing house of the Russian State Pedagogical University named after. A. I. Herzen, 2002. - 140 p.

General characteristics of NAO

Currently non-public are JSC (joint stock companies) and LLC. The main requirements that legislation imposes on NAO are as follows:

The minimum amount of authorized capital is 10,000 rubles;
There is no indication of publicity in the title;
The shares must not be offered for sale or listed on stock exchanges.

An important fact: the non-public nature of the organization implies greater freedom in carrying out management activities. Such companies are not required to post information about their activities in publicly available sources, etc.

Statutory documents

The charter is the main document. It contains all the information about the organization, information about ownership, and so on. If legal problems arise, this document can be used in court.

Therefore, the charter must be written in such a way that all kinds of loopholes and flaws are completely excluded. When the charter is at the drafting stage, you should carefully analyze the regulatory documents, or seek advice from specialists who have experience in developing documentation of this type.

In addition to the charter, an agreement called a corporate agreement can be concluded between the founders. Let's take a closer look at the analysis of this document.

A corporate agreement can be called a kind of innovation, which stipulates the following points:

All parties to the treaty must vote equally;
The total price for shares owned by all shareholders is established.

But this agreement implies one clear limitation: shareholders are not obliged to always agree with the position of the management bodies on any issues. By and large, this is a gentleman's agreement translated into legal terms. If the corporate agreement is violated, this is a reason to invalidate the decisions of the shareholders’ meeting.

Let us note that the participants of a non-profit joint-stock company can be its founders, who are also its shareholders. This is due to the fact that the shares cannot be distributed beyond these individuals.

The number of shareholders is also limited; it cannot exceed 50 people. If their number is more than 50, the company must be re-registered.

Governance bodies of the Nenets Autonomous Okrug

In order to manage a non-public joint stock company, a general meeting of shareholders of the company is held. All decisions made at the meeting are certified by a notary, and they can also be certified by the person who heads the counting commission.

Property of the Nenets Autonomous Okrug

After an independent assessment, it can be contributed to the authorized capital as an investment.

NAO shares

Not addressed publicly;
Publication by open subscription is not possible.

If we talk about types of activities, then everything that is not prohibited is permitted. That is, if the legislation of the Russian Federation does not prohibit a specific type of activity, it can be carried out.

In general, the essence of NAO is that these are companies that simply do not issue shares to the market; these are closed joint-stock companies that practically existed before the adoption of the new law, but still, this is not the same thing.

There is no obligation to post the results of financial statements for the year for the NAO. Such data is usually of interest only to shareholders or investors, and in this case they are the founders, who already have access to all the necessary information.

Basic schemes in management

According to the law, the following management bodies function in a joint stock company:

the meeting of all its shareholders is the main “legislative body”;
supervisory board (board of directors), responsible for the development strategy;
the board implementing strategic plans;
general director, who solely manages all current affairs;
an audit commission or auditor who checks the state of finances.

Shareholders, through the highest management body of the joint-stock company, have the opportunity to choose a suitable combination from the presented links.

If necessary, for example, in case of business expansion or a change in the direction of development, the management structure can be changed to one that better suits the needs of the company at the moment. It is customary to distinguish four main models of the management structure of an OA.

Each of them has two indispensable elements: the general meeting, as the body vested with the highest power in society, and the sole executive body (general director), acting on behalf of the company in all areas of public relations.

The control body (auditor) is usually not included in the management system, but exists as if in parallel.

But it is also a mandatory body for any joint-stock company.

Model 1.

Complete three-stage control system.

It is the most universal and suitable for any company, but it will be most preferable for large companies with a large number of shareholders.

The use of such a structure allows shareholders to control the activities of executive bodies and influence the adoption of important strategic decisions.

The system includes three levels. Schematically it will look like this:

Model 2.

It is distinguished from the previous one by the absence of a collegial executive body.

All management of current activities is carried out by the general director, whose influence on the board of directors thereby increases significantly.

This model is applicable to all joint-stock companies. The company's charter may contain provisions requiring that the Board of Directors be selected from among the largest shareholders.

In this case, they receive almost complete control over the activities of the sole executive body.

Schematically, this model can be represented as follows

Model 3.

In non-public joint stock companies with substantial capital and turnover, a management model is most often implemented, from which the supervisory board (Board of Directors) is excluded.

As a result, the highest management body of the joint-stock company remains, as well as both executive bodies: the board and the sole general director, which determine the direction of the company's development.

Model 4.

For small companies, in which the number of shareholders does not exceed 50, and most of the shares are concentrated in the hands of one of them, a model that includes only two elements of the management system is beneficial: the general meeting of shareholders and the sole executive body (general director).

This approach will allow the operational management of all areas of current activities to be concentrated on the participant most interested in the prosperity of the company.

In this case, the meeting will determine only the main directions of development.

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Public and non-public business companies

The definition of business companies includes public and non-public organizations engaged in commercial activities, in which the authorized capital consists of shares. The property fund is created from contributions made by the founders.

Business companies are also classified into public and non-public.

Ability to move from one form to another

The law does not prohibit changing one organizational form to another. For example, it is quite acceptable to transform a non-profit joint-stock company into a PJSC. What actions need to be taken for this:

Increase the size of the authorized capital to 1000 minimum wages;
Develop documentation that will confirm that the rights of shareholders have changed;
Conduct an inventory of the property fund;
Conduct audits with the involvement of auditors;
Develop an updated version of the charter and all related documentation;
Carry out the re-registration procedure;
Transfer the property to the newly formed legal entity. face.

As a result of the legislative reforms carried out, many changes have occurred in corporate law. Traditional concepts have been replaced by new ones.

Although all the changes took place back in 2014, in some cities you can still see signs with familiar CJSC or LLC. But all new organizations are registered exclusively as public or non-public companies.

Authorized capital

In this part there are also certain differences between JSC and PJSC. Today, to create an ordinary non-public company you will need only 10 thousand rubles.

For public companies, the amount of authorized capital is provided at a level of at least 100 thousand rubles.

In a public company, the property fund is formed exclusively through the turnover of its own shares. It is allowed to include net profit from the activities of a public company in the property fund.

Why create a PJSC

The creation of a PJSC is dictated by the scale of business tasks.

If the number of business partners is growing and has already exceeded 50, which is the maximum number of participants for an LLC (limited liability company), or the shares are planned to be put on the market to attract additional investors, where they can be sold by interested citizens.

Then the creation of a PJSC is justified, and grandiose goals compensate for the difficulties of its formation.

What is PAO? First of all, it is a commercial organization created to make a profit from its activities. In this case, the activity can be any permitted by the laws of Russia.

The form of ownership of a PJSC can be different: state, mixed, private. But the key feature of the organization is the circulation of its shares on financial markets .

Hello! In simple terms, a joint stock company is an organizational and legal form that is created for the purpose of pooling capital and solving business problems. In this article we will take a closer look at how a PJSC differs from a NAO.

General concepts

Any commercial enterprise is created for the purpose of making a profit and carrying out entrepreneurial activities. The peculiarity of all joint stock companies is that their capital is formed from shares that have the same par value. In turn, the owners of such shares are liable only to the extent of the value of these securities. For example, the same individual entrepreneurs are liable for the obligations of their business even with their own property.

Most often, all joint stock companies are represented in the sphere of medium and large businesses. JSCs and PJSCs have no restrictions on the choice of activities. The main thing is that the activities are carried out within the framework of the law. If required by regulations, it is necessary to obtain special permission and a license, for example, when carrying out pharmaceutical activities or when selling tobacco or alcohol products.

JSC classification

Until 2014 inclusive, all joint-stock companies were divided into two types: closed joint-stock companies (closed) and open joint-stock companies (open). In the fall of 2014, the terminology was abolished, and a division into public and non-public societies began to operate. Let us dwell on this classification in more detail. It is worth considering that these terms are not equivalent; not only the terms themselves have undergone changes, but also their characteristics and essence.

It is fundamentally wrong to assume that just the name has changed, but the content remains the same. This is far from true.

Characteristics of public and non-public companies

Public joint stock companies (abbr. PJSC) create capital through securities (shares), or by transferring fixed assets into securities. The functioning of such companies and their turnover must fully comply with the Federal Law “On the Securities Market” adopted in the Russian Federation.

Also, taking into account all the conditions set by the legislator, publicity must be mentioned in the title.

Non-public companies include limited liability companies and joint stock companies (JSC).

Let's look at the comparative characteristics using the table below. It clearly presents important criteria for comparative analysis, although this list is not complete.

Choosing an administrative structure

The management structure is formed depending on the combination of the above management bodies in the joint-stock company.

The choice of a specific administrative structure is considered one of the most important stages in creating a business entity. Making the right decision will minimize the likelihood of conflicts between managers and shareholders and increase management efficiency.

It should be said that the founders of the company have certain advantages over shareholders. By choosing the management structure they need and skillfully combining the management bodies of the joint-stock company, they will be able to obtain greater economic benefits from the activities of the enterprise. However, any structure cannot exist forever. Shareholders have the right to change it if there are appropriate grounds. In any case, the activities and powers of the management bodies of a joint-stock company must correspond to the scale of the enterprise.

Thanks to the ability established by law to combine different parts of the administrative system, shareholders can choose the most suitable model for them, taking into account the size of the company, capital structure, and specific tasks assigned to the business.