As this article is being written, the Australian Open is underway in Melbourne, and it strikes me that there is no sport so equal across gender lines as tennis. This is not to say there hasn’t been a struggle to get there. Women did not always have equal prize money in tennis, and as we saw even at the 2018 U.S. Open during the women’s final, women can sometimes be treated differently by officials as well. However, thanks to pioneering efforts by the likes of Billie Jean King, modern feminist icons like Serena Williams, and even some of the professional men on tour who have advocated for equality, such as Andy Murray, tennis - for the most part - looks and feels equal.
Attend a major tennis tournament and you’re likely to see just as much of a crowd for a match featuring female stars as their male counterparts; turn on the TV during a tournament like the Australian Open and it’s a coin flip as to whether they’ll be showing men’s or women’s matches. Save for mixed doubles matches (which don’t get much publicity), the professional men and women don’t actually play against each other. For all intents and purposes though, they’re competing in the same event.
This got me thinking: why don’t other major sporting events work this way? Aside from tennis, the Olympics, and I suppose UFC, it’s hard to find examples of men and women competing in the same sport and being showcased at the same time, or in a similar way. Yet when this happens it goes a long way, not just in generating viewership and revenue for the women, but in helping viewers who are so often blindly partial to men’s sports realize that the entertainment value of the competition and the respectability of the athletes is typically equal across lines.
These are merely one writer’s ideas and suggestions, but it seems that these events could go further to promote women’s sports the way tennis manages to do.
1 - The NBA Playoffs
If you’re a basketball fan who pays attention to social media, you may have noticed that the WNBA is actually getting a lot more respect of late. The league is packed with extremely talented stars, and to their credit some of the biggest voices in NBA media (such as Shea Serrano) have gone out of their way to show and tell their followers that the WNBA can be every bit as exciting. However, the wage gap remains real and the attendance gap is massive, which means there’s still a long way. It would seem that the two leagues could help to bridge the gap by involving the start of the WNBA season (typically in May) with the NBA playoffs (which begin in April). Rather than simply advertising games, as happens now, the leagues should consider airing early WNBA showcases, or even an early season tournament, in between days on the NBA playoff schedule, or during off hours. With so many eyes on the NBA during the playoffs, it seems an ideal time to directly involve the women’s game as well.
2 - The Masters
Women’s golf is taken quite seriously in golf circles, and the LPGA Tour does have a following. With that said though, the tour has nothing even approaching the prestige of The Masters, which is quite possibly the most famous golf event on the planet. Now, a golf tournament means a fairly packed schedule, so despite the fact that the tournament has the smallest number of starters of any major (at 90 to 100 players), it’s probably not feasible to make it a two-tournament event, like a tennis major. However, having an LPGA event at Augusta National in the days right before or right after The Masters could go a very long way toward boosting attention for the women’s tour, and establishing a sort of signature event.
3 - The World Cup
While it presents a logistical challenge of substantial proportions for the host nation, the World Cup should simply be a men’s and women’s event. The Women’s World Cup is a fairly strong draw in and of itself, but putting it at the same venue, and over the same dates as the men’s tournament would enhance both events. It would turn the Cup into a true Olympics-level event surrounding just the beloved sport of soccer, and it would naturally bring some extra eyes to the always compelling women’s game. Given that most of the World Cup schedule tends to involve just two or three matches per day (four earlier on), this seems reasonable doable.
4 - The Boat Race
The Boat Race is a British sporting competition that is in fact already doing a wonderful job of putting men and women on equal footing. Held each year on the River Thames between two prestigious universities (Cambridge and Oxford), it’s a series of rowing races that, a long time ago, was only for young men. However, when Cambridge won the women’s race last spring, it was noted that it was the 73rd women’s race, meaning this has been a dual-gender event for the better part of a century. The suggestion here is simply that this event - which is big in London and around England to some degree - should get more international press.
Business entities can be defined as the corporate, tax and legal structures which an organization chooses to officially follow at the time of its official registration with the state authorities. In total, there are fifteen different types of business entities, which would be the following.
- Sole Proprietorship
- General Partnership
- Limited Partnership or LP
- Limited Liability Partnership or LLP
- Limited Liability Limited Partnership or LLLP
- Limited Liability Company or LLC
- Professional LLC
- Professional Corporation
- Nonprofit Organization
- Cooperative Organization
As estates, municipalities and nonprofits do not concern the main topic here, the following discussions will exclude the three.
Importance of the State: The Same Corporate Structure Will Vary from State to State
All organizations must register themselves as entities at the state level in United States, so the rules and regulations governing them differ quite a bit, based on the state in question.
What this means is that a Texas LLC for example will not operate under the same rules and regulations as an LLC registered in New York. Also, an LLC in Texas can have the same name as another company that is registered in a different state, but it's not advisable given how difficult it could become in the future while filing for patents.
To know more about such quirks and step-by-step instructions on how to start an LLC in Texas, visit howtostartanllc.com, and you could get started with the online process immediately. The information and services on the website are not just limited to Texas LLC organizations either, but they have a dedicated page for guiding fresh entrepreneurs through the corporate tax structures in every state.
Sole Proprietorship: Default for Freelancers and Consultants
There is only one owner or head in a sole proprietorship, and that's what makes it ideal for one-man businesses that deal with freelance work and consulting services. Single man sole proprietorships are automatic in nature, therefore, registration with the state is unnecessary.
Sole proprietorships are also suited to a degree for singular teams such as a small construction crew, a group of handymen, or even miniature establishments in retail. Also, this puts the owner's personal financial status at jeopardy.
Due to the fact that a sole proprietorship entity puts all responsibilities for paying taxes and returning loans, it directly jeopardizes the sole proprietor's personal belongings in case of a lawsuit, or even after a failed loan repayment.
This is the main reason why even the most miniature establishments find LLCs to be a better option, but this is not the only reason either. Sole proprietors also find it hard to start their business credit or even get significant business loans.
General Partnership: Equal Responsibilities
The only significant difference between a General Partnership and a Sole Proprietorship is the fact that two or more owners share responsibilities and liabilities equally in a General Partnership, as opposed to there being only one responsible and liable party in the latter. Other than that, they more or less share the same pros and cons.
Registration with the state is not necessary in most cases, and although it still puts the finances of the business owners at risk here, the partnership divides the liability, making it a slightly better option than sole proprietorship for small teams of skilled workers or even small restaurants and such.
Limited Partnership: Active and Investing Partners
A Limited Partnership (LP) has to be registered with a state and whether it has just two or more partners, there are two different types of partners in all LP establishments.
The active partner or the general partner is the one who is responsible and liable for operating the business in its entirety. The silent or investing partner, on the other hand, is the one who invests funds or other resources into the organization. The latter has very limited liability or control over the company's operations.
It's a perfect way for investors to put their money into a sector that they are personally not experienced with, but have access to people who do. From the perspective of the general partners, they have similar responsibilities and liabilities to those in a general partnership.
It's the default strategy for startups to find funding and as long as the idea is sound, it has made way for multiple successful entrepreneurial ventures in the recent past. However, personal liability still looms as a dangerous prospect for the active partners to consider.
Limited Liability Company and Professional LLC
Small businesses have no better entity structure to follow than the LLC, given that it takes multiple good ideas from various corporate structures, virtually eliminating most cons that are inherent to them. Any and all small businesses that are in a position to or are in requirement of signing up with their respective state, usually choose an LLC entity because of the following reasons:
- It removes the dangerous aspect of personal liability if the business falls in debt or is sued for reparations
- The state offers the choice of choosing between corporation and partnership tax slabs
- The limited legalities and paperwork make it suited for small businesses
While more expensive than a general partnership or a sole proprietorship, a professional LLC is going to be a much safer choice for freelancers and consultants, especially if it involves risk of any kind. This makes it ideal for even single man businesses such a physician's practice or the consultancy services of an accountant.
B, C and S-Corporation
By definition, all corporation entities share most of the same attributes and as the term suggests, they're more suited for larger or at least medium sized businesses in any sector. The differences between the three are vast once you delve into the tax structures which govern each entity.
However, the basic differences can be observed by simply taking a look at each of their definitive descriptions, as stated below.
C-Corporation – This is the default corporate entity for large or medium-large businesses, complete with a board of directors, a CEO/CEOs, other executive officers and shareholders.
The shareholders or owners are not liable for debts or legal dispute settlements in a C-Corporation, and they may qualify for lower tax slabs than is possible in any other corporate structure. On becoming big enough, they also have the option to become a publicly traded company, which is ideal for generating growth investments.
B- Corporation – the same rules apply as a C-Corporation, but due to their registered and certified commitment to social and environmental standards maintenance, B-Corporations will have a more lenient tax structure to deal with.
S-Corporation – Almost identical to a C-Corporation, the difference is in scale, as S-Corporations are only meant for small businesses, general partnerships and even sole proprietors. The main difference here is that due to the creation of a pass-through entity, aka a S-Corporation, the owner/owners do not have liability for business debt and legal disputes. They also are not taxed on the corporate slab.
Cooperative: Limited Application
A cooperation structure in most cases is a voluntary partnership of limited responsibilities that binds people in mutual interest - it is an inefficient structure due to the voluntary nature of its legal bindings, which often makes it unsuitable for traditional business operations. Nevertheless, the limited liability clause exempts all members of a cooperative from having personal liability for paying debts and settling claims.
This should clear up most of the confusion surrounding the core concepts and their suitability. In case you are wondering why the Professional Corporation structure wasn't mentioned, then that's because it has very limited applications. Meant for self-employed, skilled professionals or small organizations founded by them, they have less appeal now in comparison to an LLC or an S-Corporation.