Tag: Structure

Total Return Swap (TRS) #swap, #swaps, #total #return #swap, #trs, #asset #swap, #bond #swap,

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Total Return Swap (TRS)

A Total Return Swap (TRS) is a bilateral financial transaction where the counterparties swap the total return of a single asset or basket of assets in exchange for periodic cash flows, typically a floating rate such as LIBOR +/- a basis point spread and a guarantee against any capital losses. A TRS is similar to a plain vanilla swap except the deal is structured such that the total return (cash flows plus capital appreciation/depreciation) is exchanged, rather than just the cash flows.

A key feature of a TRS is that the parties do not transfer actual ownership of the assets. as occurs in a repo transaction. This allows greater flexibility and reduced up-front capital to execute a valuable trade. This also means Total Return Swaps can be more highly leveraged, making them a favorite of hedge funds.

Total Return Swaps (TRS) are also known as Total Rate of Return Swaps (TROR).

The Total Return Swap market is strictly institutional over the counter (OTC). Market participants include investment banks (Goldman Sachs, JPMorganChase), commercial banks (Bank of America, Sumitomo), mutual funds (Prudential, Merrill Lynch Asset Management), hedge funds, funds of funds, private equity funds, pension funds (CalPers), university endowments (Harvard, University of California), credit card lenders (American Express, MBNA/Bank of America), insurance companies (AIG, State Farm), governments, non-governmental (NGO) organizations (World Bank, Inter-American Development Bank), home loan banks (FHLB, Fannie Mae, Freddie Mac), and the Treasury departments of large multinational corporations (Wal-Mart, British Petroleum). A variety of special purpose vehicles (SPVs) such as CDOs and real estate investment trusts (REITs) also participate in the TRS market.

The TRS market was traditionally between commercial banks where one party (Bank A) had exceeded its balance sheet limits, and the other (Bank B) had balance sheet capacity available. Bank A could shift assets off its balance sheet synthetically and gain additional income with less risk. Bank B could “lease” the assets of Bank A by paying some regular cash flows and offering a guarantee against any capital losses.

In the last 10 years, hedge funds and special purpose vehicles have become a major force in the TRS market. Now the most common use of a TRS is for “leveraged balance sheet arbitrage”, whereby a hedge fund lacking a large balance sheet and seeking leveraged exposure to particular assets pays for that exposure by “leasing” the assets from a major bank, mutual fund, or securities dealer. The hedge fund hopes to generate high asset returns without having to tie up its capital by buying those assets for its own account. The bank, fund, or dealer hopes to generate additional cash flow by charging a spread over and above the market returns it receives from lending or other activities, and receiving a guarantee against depreciation of the assets.

A TRS can be structured on any type of reference asset. including single equities, indexes, leases, oil-backed credit obligations, baskets of corporate bonds, mortgages, municipal bonds, other swaps or derivatives, real property, credit card ABS, residential MBS, CDO notes, investment grade convertible bonds, etc. This makes the range of potential market participants extremely broad.

TRS Transaction Structure

A TRS is made up of two legs, the Return Leg (or Total Return Leg) and the Funding Leg. The reference asset or basket of assets exists on the Return Leg. The cash flow payment stream exists on the Funding Leg.

The Return Leg is generally made up of two components: cash flows and capital appreciation of the reference asset(s). The Funding Leg also has two components: floating coupons based on LIBOR +/- a spread and payments to offset any capital depreciation of the reference asset(s).

Additional legs may be structured to account for reinvestment of returns, interest payments on collateral / haircuts, multi-currency flows, or differing payment schedules. Fees, spreads, principal payments, etc. may be added in a customized structure.

The Return Leg counterparty is called the Total Return Payer, Swap Seller, Buyer of protection, or Beneficiary. Here, we will use the term Total Return Payer or TRP. The TRP (typically a bank, fund, or dealer) has a long position in the reference asset or basket of assets, holding them on its balance sheet. The TRP “buys protection” on these asset returns by agreeing to pay all of the future returns of the reference asset(s) in exchange for a floating stream of payments, usually LIBOR +/- a spread, plus a guaranteed offset of any capital losses incurred by the reference asset(s). The TRP gives up one set of expected future returns (capital appreciation, coupons, fees, dividends, etc.) in exchange for another set of future returns (LIBOR coupons +/- a spread) and capital loss insurance. This allows the TRP to lock in the value of its asset(s) and receive additional income.


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Company Structure #sf #business #times


#office depot business

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Company structure

The merger in 2013 of Office Depot and OfficeMax has created a stronger, more efficient global provider of business products, services, and solutions, fully committed to setting a new standard for serving the workplaces of today and tomorrow through innovation and exceptional customer experiences.

Our global headquarters are in Boca Raton, Florida. Our company CEO and Chairman is Roland Smith.

Office Depot’s operations are structured through a North American division and an international division.

North America Division

Our operations in North America provide business products, services and solutions to consumers and businesses across the U.S. and Canada. Our North American operations include a dedicated business-to-business sales organisation; retail stores operating under Office Depot and OfficeMax banners; and a combined website for Office Depot and OfficeMax customers at OfficeDepot.com. Our Canadian affiliate, OfficeMax Grand Toy, serves business customers via an advanced e-commerce website, award-winning customer service centers and direct sales representatives.

International Division

Our International Division includes operations in Europe and the Middle East, Asia-Pacific and Central Latin America, providing business products, services and solutions through a dedicated sales force, the web, retail stores and catalogues, and using a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances and other arrangements.


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Online Course: Chemistry 101 – Learn the Fundamentals #online #college #chemistry, #online #course #class

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Online Class: Chemistry 101

Course Description

At a minimum, a basic understanding of chemistry is needed for it offers a foundation for comprehending the inner workings of biology (how cells function and the behavior of organisms), as well as, the ecological relationships that exist between organisms and their environment.

In short, chemistry offers us a way of understanding the world in which we live.

Chemistry provides us with insights into how our bodies function; the ingredients that are contained within the foods we eat; the reason cars, planes and trains are able to run as efficiently as they do; the manner in which computers are built and operate; and the materials used to construct our homes and buildings within our communities.

Basically, chemistry is a part of almost everything we do for everything is comprised of chemical compounds. The claim that chemistry is everywhere is, thus, entirely accurate.

Chemistry encompasses a multitude of specialized sub-disciplines which have proven highly useful to chemistry as they have provided for the following: the production and testing of stronger materials, creation of pharmaceuticals to treat disease, and the study of life processes.

Lesson 1. Atoms, Molecules, and Ions

The ordination of who was the true “father” of modern chemistry is a disputed point.

  • Lesson 2. Chemical Foundations

    In chemistry the accepted measurement system for mass (m) or volume (v) is the metric system, also known as the System International (SI) system.

  • Lesson 3. Stoichiometry

    Stoichiometry is the field of chemistry used to determine the quantities both for the required reactants of a chemical reaction and the predicted product of said reactions.

  • Lesson 4. Types of Chemical Reactions and Solution Stoichiometry

    Most chemical reactions require a catalyst, a certain condition external to the reactants themselves that facilitates or causes the molecules to react with one another.

  • Lesson 5. Gases

    Matter in gaseous form does not have an absolute density. In order to determine the density of any volume of gas, we must first determine the pressure under which the gas is being held.

  • Lesson 6. Thermochemistry

    There are two types of energy, potential (the amount of energy possible given a certain circumstance) and kinetic (the amount of energy being expended).

  • Lesson 7. Atomic Structure and Periodicity

    Electromagnetic radiation refers to the wavelengths on which energy travels through the Universe.

  • Lesson 8. Bonding. General Concepts

    Hydrogen bonds are the bonds established between hydrogen and elements with a high level of electronegativity.

  • Lesson 9. Valence Bond Theory

    Atoms form a bond when both of these two conditions occur 1) There is an “orbital overlap” between two atoms and 2) only two electrons, both of opposite spin, are present in the overlap.

  • Lesson 10. Properties and Solutions

    Solutions are a combination of solutes and solvents, which are not necessarily composed of the same forms of matter.

  • Lesson 11. Chemical Kinetics

    Chemical kinetics is concerned with the rates of chemical reactions.

  • Lesson 12. Chemical Equilibrium

    The first thing to understand about equilibrium in chemistry is that it is a dynamic state.

  • Lesson 13. Spontaneity, Entropy, and Free Energy

    Spontaneous processes occur without outside intervention. Some of these occur very quickly, such as combustion, whereas others like the formation of diamonds occur very slowly over millions if not billions of years.

  • Lesson 14. The Nucleus, A Chemist’s View

    The nucleus of an atom is not always stable.

  • Lesson 15. Transition Metals and Coordination Chemistry

    Many transition metals commonly form more than one form of oxidized compound depending on the conditions of formation.

  • Lesson 16. Organic Chemistry

    Organic chemistry is the study of carbon based chemistry in the realm of living things.

  • Additional Course Information

    • Document Your Lifelong Learning Achievements
    • Earn an Official Certificate Documenting Course Hours and CEUs
    • Verify Your Certificate with a Unique Serial Number Online
    • View and Share Your Certificate Online or Download/Print as PDF
    • Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media

    Course Title: Chemistry 101

    Course Number: 8900109

    Learning Outcomes

    By successfully completing this course, students will be able to:

    • Define atoms, molecules, and ions.
    • Describe chemical foundations and stoichiometry.
    • Identify gases and thermochemistry.
    • Describe atomic structure and periodicity.
    • Describe bonding and the Valence Bond Theory.
    • Know properties and solutions.
    • Describe chemical equilibrium.
    • Know spontaneity, entropy, and free energy.
    • Know the nucleus, a chemist’s view.
    • Know transition metals and coordination chemistry.
    • Know organic chemistry, and
    • Demonstrate mastery of lesson content at levels of 70% or higher.

    Student Testimonials

    • “I am satisfied with the course I want to continue on.” — Viera V.
    • “She was prompt with all grading and any questions I had. It was a 101 course and offered a well rounded experience. It gave me more background on how I was using chem. in my wastewater, water operations.” — Tim M.
    • “The instructor was very helpful and available. She is very knowledgeable. This was an EXCELLENT course.” — Donna N.

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    Choose a legal structure for your business #business #cards #cheap


    #business partnership

    #

    Choose a legal structure for your business

    4. ‘Ordinary’ business partnership

    In a business partnership, you and your business partner (or partners) personally share responsibility for your business.

    You can share all your business’s profits between the partners. Each partner pays tax on their share of the profits.

    Partnerships in Scotland (known as ‘firms’) are different, and have a ‘legal personality’ separate from the individual partners.

    Legal responsibilities

    You’re personally responsible for your share of:

    • any losses your business makes
    • bills for things you buy for your business, like stock or equipment

    You can set up a limited partnership or limited liability partnership if you don’t want to be personally responsible for a business’ losses.

    A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’, and can also be a partner in a partnership.

    Tax responsibilities

    All the partners must:

    The partnership will also have to register for VAT if you expect its takings to be more than £83,000 a year.


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    Business Structure and Tax Implications #business #credit #cards


    #how to start a business

    #

    When starting a business, you must decide what form of business entity to establish. Your form of business (e.g. sole proprietorship, partnership, LLC) determines which income tax return form you have to file. The federal government levies four basic types of business taxes:

    • Income tax
    • Self-employment tax
    • Taxes for employers
    • Excise taxes

    To learn more about these taxes, visit the Internal Revenue Service’s (IRS) Guide to Business Taxes .

    Federal Income Taxes

    Select the form of your business below to find out which federal tax forms you need to file:

    State Income Taxes

    Nearly every state levies a business or corporate income tax. Like federal taxes, your state tax requirement depends on the legal structure of your business. For example, if your business is an LLC, the LLC is taxed separately from the owners of the business, while sole proprietors report their personal and business income taxes using the same form used to report their business taxes. Consult the General Tax Information link on the State and Local Tax Guide for specific requirements.


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    Joomla! ® HelpDesk Ticketing System #joomla! #ticketing #system, #joomla! #tickets #extension, #helpdesk #ticketing #system,

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    RSTickets! Pro is a professional Joomla! HelpDesk ticketing system that has a high level of personalization and will meet all of your customer support needs. A help desk ticketing system will allow you to provide prompt and efficient support to your clients. RSTickets!Pro comes by default with an integrated knowledgebase system, thus allowing staff members to decrease response time and improve efficiency.

    • Easy to set up
    • Provides a safe and private environment for customers
    • Able to create and reply to tickets directly through emails
    • Multiple email notifications to both customers and staff
    • Knowledgebase system
    • Custom fields available for departments
    • Tickets allow uploads
    • Rating system for ticekts
    • Reports generation

        Joomla!® Help Desk Ticketing System

        Even if your subscription expires, you will still be able to use the component, the component’s functionality is not affected by your subscription’s status .

        The only restrictions applied are the fact that you are no longer eligible to extension related downloads( updates, plugins, modules, component downloads) and you will no longer receive customer support for your registered domain(s).

        Yes. You can upgrade your subscription from Single Site to Multi-site just by paying the difference. This upgrade is available for subscriptions of the same type, meaning you can only upgrade your 12 months single site subscription to a 12 months multi-site one. When upgrading, the subscription period will not be extended, you will benefit from the advantages of the multi site subscription for the remainder of your current subscription.

        Yes. The component can be installed on any domains you want, but support will be provided for 1 domain of your choice. The domain can be changed up to a maximum of 3 times. Don’t forget, once the domain is changed, you will get new licence code.

        All our extensions are listed under the GNU/GPL license. thus once you purchase and download an extension you will have full access to the source code. You are free to edit or modify this according to your needs, but don’t forget that all source code changes are lost when an update is performed.

        Yes! A 30% discount when renewing expired subscriptions (this discount is applied automatically).

        Discounts are not cumulative. You can’t have more than one discount for a subscription.

        RSTickets! Pro Features

        Receive support requests from customers

        Customers can submit support requests without being logged in – they just need to fill in their name and email address. After successfully submitting the information, an account is automatically created for them and the credentials are sent to the email address supplied.
        Along with each ticket additional information is stored about the customer – IP, Browser used, referer and whether he was logged in or not.

        Manage tickets from the backend as well as the frontend

        Tickets can be managed from the backend as well as the frontend. You can flag important tickets for follow-up without having to refresh the page, using AJAX-driven requests, just like you would flag your emails in Google or Yahoo! Mail.
        Internal notes can be set for each ticket – customers will not see them, only staff members will. You can create custom searches and save them for later use – by using predefined searches you can display tickets the way you want (for example, by using a combination of filters you can quickly list all high priority tickets from specific departments)..

        Assign custom fields to departments

        Each department can have its own set of custom fields – this way you can receive valid and relevant information for the selected department.

        Custom field types include custom HTML (so you can add inline HTML code without having to modify any files) and a popup calendar; the popup calendar allows you to specify the time as well. Tooltips can be applied to each field, as well as custom validation messages and default values.

        Track the performance of your staff members

        After a ticket has been marked as closed, customers can rate the staff member’s responses by using an AJAX-powered rating system. Customers can close or re-open their own tickets. There’s also a history log available assigned to each ticket – this way you can efficiently track who opened the ticket and when.

        Increase workflow with automatic ticket assignment

        RSTickets! Pro introduces load-balancing when assigning tickets to staff members – departments can be set to assign tickets either static (ie manually assigned by an administrator) or automatic.

        The automatic setting checks for the staff member with the least amount of open tickets and assigns it to him. The staff member can be automatically notified by email that a new ticket has arrived. Other email addresses can be notified as well by adding them in the department settings.

        Custom priorities and statuses

        By default, RSTickets! Pro uses three types of priorities (low, normal, high) as well as three types of statuses (open, on-hold, closed).
        Priorities can be unpublished, removed and modified as you wish – you can even set a specified color on a priority so that tickets that arrived can be highlighted in that color (eg. you can set a red color for “high” and all high-priority tickets will have a red background). You can add other priorities as well.
        On the other hand, the default statuses cannot be unpublished or removed – only re-labeled, since they are vital to the proper working of RSTickets! Pro (newly submitted tickets or replied by a customer are automatically set to “Open”, tickets replied by staff members are set to “On-hold” and closed tickets are obviously set to “Closed”). You can add an unlimited number of statuses on top of the three default ones.

        Dashboard

        You can now offer your customers a landing page where they can quickly access all areas of your customer support – add new tickets, search them, view their own tickets or search the knowledgebase.
        The knowledgebase search is AJAX-driven and presents results on-the-fly enhancing the user’s experience. The dashboard can also be used for staff members as well.

        Integrated Knowledgebase

        The Knowledgebase is a storage place for articles – for example, frequently asked questions. The advantage of using the Knowledgebase is that it’s easy to reach and search when using the Dashboard.
        There’s also a search box available when you reply to a ticket, so that you can quickly select a message that’s already in the Knowledgebase. Categories provide an unlimited number of nesting levels, meta tags and an icon which is shown in the frontend. Categories and articles can be set to private so that they will only appear to staff members..

        Customize email messages

        Every message that RSTickets! Pro sends can be customized using your favorite WYSIWYG editor – you don’t have to edit any files or hack any code, it’s as simple as editing an article. Emails have built-in multi-language support (without the need of 3rd party components such as Falang) – just select the language you wish to edit the messages.


      Choose a legal structure for your business #business #brokers


      #business partnership

      #

      Choose a legal structure for your business

      4. ‘Ordinary’ business partnership

      In a business partnership, you and your business partner (or partners) personally share responsibility for your business.

      You can share all your business’s profits between the partners. Each partner pays tax on their share of the profits.

      Partnerships in Scotland (known as ‘firms’) are different, and have a ‘legal personality’ separate from the individual partners.

      Legal responsibilities

      You’re personally responsible for your share of:

      • any losses your business makes
      • bills for things you buy for your business, like stock or equipment

      You can set up a limited partnership or limited liability partnership if you don’t want to be personally responsible for a business’ losses.

      A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’, and can also be a partner in a partnership.

      Tax responsibilities

      All the partners must:

      The partnership will also have to register for VAT if you expect its takings to be more than £83,000 a year.


      Tags : , , , , , ,

      Business Structure and Tax Implications #penny #stocks


      #how to start a business

      #

      When starting a business, you must decide what form of business entity to establish. Your form of business (e.g. sole proprietorship, partnership, LLC) determines which income tax return form you have to file. The federal government levies four basic types of business taxes:

      • Income tax
      • Self-employment tax
      • Taxes for employers
      • Excise taxes

      To learn more about these taxes, visit the Internal Revenue Service’s (IRS) Guide to Business Taxes .

      Federal Income Taxes

      Select the form of your business below to find out which federal tax forms you need to file:

      State Income Taxes

      Nearly every state levies a business or corporate income tax. Like federal taxes, your state tax requirement depends on the legal structure of your business. For example, if your business is an LLC, the LLC is taxed separately from the owners of the business, while sole proprietors report their personal and business income taxes using the same form used to report their business taxes. Consult the General Tax Information link on the State and Local Tax Guide for specific requirements.


      Tags : , , , ,

      Choose a legal structure for your business #home #business #ideas


      #business partnership

      #

      Choose a legal structure for your business

      4. ‘Ordinary’ business partnership

      In a business partnership, you and your business partner (or partners) personally share responsibility for your business.

      You can share all your business’s profits between the partners. Each partner pays tax on their share of the profits.

      Partnerships in Scotland (known as ‘firms’) are different, and have a ‘legal personality’ separate from the individual partners.

      Legal responsibilities

      You’re personally responsible for your share of:

      • any losses your business makes
      • bills for things you buy for your business, like stock or equipment

      You can set up a limited partnership or limited liability partnership if you don’t want to be personally responsible for a business’ losses.

      A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’, and can also be a partner in a partnership.

      Tax responsibilities

      All the partners must:

      The partnership will also have to register for VAT if you expect its takings to be more than £83,000 a year.


      Tags : , , , , , ,

      Company Structure #internet #business #ideas


      #office depot business

      #

      Company structure

      The merger in 2013 of Office Depot and OfficeMax has created a stronger, more efficient global provider of business products, services, and solutions, fully committed to setting a new standard for serving the workplaces of today and tomorrow through innovation and exceptional customer experiences.

      Our global headquarters are in Boca Raton, Florida. Our company CEO and Chairman is Roland Smith.

      Office Depot’s operations are structured through a North American division and an international division.

      North America Division

      Our operations in North America provide business products, services and solutions to consumers and businesses across the U.S. and Canada. Our North American operations include a dedicated business-to-business sales organisation; retail stores operating under Office Depot and OfficeMax banners; and a combined website for Office Depot and OfficeMax customers at OfficeDepot.com. Our Canadian affiliate, OfficeMax Grand Toy, serves business customers via an advanced e-commerce website, award-winning customer service centers and direct sales representatives.

      International Division

      Our International Division includes operations in Europe and the Middle East, Asia-Pacific and Central Latin America, providing business products, services and solutions through a dedicated sales force, the web, retail stores and catalogues, and using a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances and other arrangements.


      Tags : ,