Newspapers / The Charlotte Post (Charlotte, … / Sept. 5, 1996, edition 1 / Page 7
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CIjarlottE ^osit THURSDAY, SEPTEMBER 5, 1996 7A STRICTLY BUSINESS Policies Bridges to head Hardee’s diversity staff you don’t need By Herbert L. White THE CHARLOTTE POST CHARLES ROSS Your Personal Finance W. Maurice Bridges has been named senior vice president for diversity affairs of Hardee’s. His appointment takes effect imme diately. The announcement was made last week by Steve McManus, Hardee’s president and chief executive officer and was made as part of the Rocky Mount- based company’s initiative to create more diversity through out the corporate ranks. Bridges’ primary responsibili ty will be developing and imple menting a strategic business plan for diversity. The initia tives consist of creating fran chise opportunities, workplace and supplier diversity, increas ing market share among ethnic consumers and building stronger partnerships with eth nic communities. “I strongly believe that Hardee’s long-term success will depend on our ability to build a team that reflects diversity and to relate to a more diverse con sumer population,” McManus said. “A key strength of Bridges’ is consensus building and team orientation. He is also one of Hardee’s most diligent champi ons of diversity.” Bridges has been with Hardee’s for 11 years, joining the company in 1985 as manag er of public affairs. He was pro moted to director of public affairs in 1988 and was named vice president of public affairs in 1994. Bridges, an active partici pant in creating business oppor There are many insurance products that you can live with out. One of them is hospital indemnity insurance. The coverage, which may only cost you a couple of hundred dol lars a year, provides extra cash to cover hospital expenses if you are hospitalized. The payout, though, is only around $100 a day. It sounds pretty good at first, but a typical hospital stay can cost you almost $1,200 a day. Unless you have a couple of hundred dollars to waste, spend your money on good health insurance. Another type of insurance you can do without is the “dreaded disease” insurance coverage for illnesses like cancer. If there is a history of a specific illness in your family, insurers may play on your fears in order to get you to buy this insurance that will c(»vcr treatment costs for that illness. If you are under age 65 “dreaded disease” coverage will run around $100 a year. 'Typically the coverage will pay about $100 a day if you are hos pitalized. But hospital stays can cost a thousand dollars a day or more and many cancers and similar illnesses are treated on -an outpatient-bgrsis-, so my advice is to save your money. Insurance for single adults Life insurance for single adults usually doesn’t make sense. Why? Because the pur pose of life insurance is to help replace someone’s income when they die. But if you’re single, chances are your death will not create a financial burden for others. Unless you wish to leave an inheritance to a loved one, save your money. Another type of life insurance that is a waste of money is life insurance for children. Typically you will pay about $100 a year in premiums for $5,000 worth of coverage. The loss of a child, even though it is a tragic event, almost never leads to a loss of family income. Insurance agents suggest that life insurance can be an effective college saving plan. Never confuse or combine life insurance with investments. If you want an investment plan, buy one, but don’t purchase life insurance with the intent of using it as an investment. Remember, the purpose of life insurance is to protect against a See INSURANCE on page 8A A sporting chance off the field PHOTOSAVADE NASH African Americans are sports stars, but are less likely to win jobs in management or executive capacities. Minority hiring slows in pro leagues By Herbert L. White THE CHARLOTTE POST People of color are less like ly to be hired for jobs in America’s major sports leagues, a recent study claims. Northeastern -University’s Center for the Study of Sport in Society shows that major league football, baseball and basketball aren’t hiring as many non-whites in office positions as three years ago. “The intensity of the charge to change front office and on field hiring practices in pro fessional sport to include more people of color has clear ly been disrupted over the past two years,” said Richard Lapchick, director of the cen ter and author of the report. “A few notable gains for peo ple of color in each of the past two reporting years have clearly been outweighed by gradual erosion in certain other categories.” Pro sports is below its peak levels in every category cov ered in the report, including player opportunities, the com missioners and league offices, head coaching and top man agement. The only new all- time highs were in adminis tration and assistant coach ing. “Sport needs to emphasize the need for equal opportuni ty,” Lapchick said. ’Additional public pressure may be needed to bring back the intensity for such an emphasis.” The National Basketball Association had the highest overall grade of the three sports with an A-minus, the same as in 1995. Its position as the top league for minority hiring isn’t as solid as in pre vious years with declines in league office hiring, general managers, team vice presi dents and support staff. There were increases in minorities holding positions of head and assistant coach and in professional adminis tration. The NBA received a B in the top management and administrative categories. The National Football League had a C and B average, respectively, and Major League Baseball scored C- minus and B. See BIG on page 8A tunities for ethnics, is a member of the National Association of International Franchise Association’s minorities and women in franchising commit tee. He is also a member of tho N.C. Banking Commission. Bridges, a graduate of N.C. Central University in Durham, completed the executive educa See BRIDGES on page 8A Structure for your business By Amanda S. Danchi SPECIAL TO THE POST One of the most important decisions you face when starting a business is choosing the legal form under which it will oper ate. Since each business form has its own set of advantages and disadvantages, the North Carolina Association of CPAs urges you to examine each one carefully before making a deci- Sole proprietorship.s A sole propnetorship is a busi ness owned and operated by one person. Since there are no spe cial federal legal requirements for establishing a sole propri etorship and no need for a legal charter, you generally can get started without an attorney. However, some state and local governments do require that you obtain a business license. The most serious disadvantage of conducting business as a sole proprietorship is the unlimited liability you face. Since you and the business are one and the same, you are personally lialilc for the business’ debts and othci' legal and financial obligations. Consequently, your personal assets are at risk. As a sole pro prietor, your business’ net profit or loss is combined with your other income and then taxed at your individual rate. You also may be required to pay self- employment tax. Forms of partnerships A partnership is an unincorpo rated business owned and oper ated by two or more people. It can be established informally or by having an attorney prepare a written partnership agreement that defines the lights and oblig ations of each partner. While the partnership is not a taxable entity, the business reports partnership income and losses on Form 10-5. 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The Charlotte Post (Charlotte, N.C.)
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Sept. 5, 1996, edition 1
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