Limited Liability Partnership as a Hybrid Business Organization - Free Essay Example

Sample details Pages: 3 Words: 1049 Downloads: 4 Date added: 2017/09/12 Category Advertising Essay Did you like this example? The limited liability partnership; A hybrid of two different forms of business organizations – the partnership and the company. The Limited Liability Partnership (LLP) was introduced as a new business entity in Singapore in 2005. Its definition under S14 of the Limited Liability Partnership Act (LLPA) shares a resemblance to S1 of the Partnership Act (PA): it comprises of two or more persons carrying on a lawful business in view of profit upon registration with the Accounting and Corporate Regulatory Authority (ACRA). Partners may be individuals, other LLPs or companies registered under the LLP agreement and thus bounded by the laws governing the act. As a hybrid business entity, the LLP combines the limited liability features of companies with the operational flexibility of partnerships. The LLP is a corporate body recognized as a separate legal entity from its members S4(1) LLPA. This was previously existent only in companies locally. Hence, it can enter into legal contracts, own property, sue and be sued in its own name S5(1) LLPA. Don’t waste time! Our writers will create an original "Limited Liability Partnership as a Hybrid Business Organization" essay for you Create order As such, it enjoys perpetual succession in S4(2) LLPA whereby any changes such as the resignation, death or bankruptcy of the members do not affect its existence, rights or liabilities S4(3) LLPA, thus being similar to S19(5) of Companies Act (CA) and in opposed to S33 PA whereby the partnership is dissolved due to such changes. Likewise to public companies, LLPs can have unlimited members but it must consist of at least two partners (S22 LLPA). Additionally, LLP managers share similar qualification and disqualification criteria to company directors as stated in S23 and S34 of LLPA and S145, S149, S149A and 154 of CA. Under S9(1) LLPA, just as in partnerships, every member of the LLP is recognized by law as its agents. Hence their actions within their scope of authority bind the LLP. However in S9(2) LLPA, it does not shields individual members from legal liability resulting from any personal acts not done on behalf of the LLP. Should a member commit tort in the name of the LLP he may be charged under the Tortious Act. Hence members are personally liable for their own negligence and other wrongful acts committed in their personal capacity. Conversely, due to the LLP members’ limited liability in S8(1) LLPA, they are protected from personal and unlimited liability resulting from negligent and wrongful acts done for the LLP S8(3) LLPA. Likewise to companies, such actions are solely attributable to the LLP by law. Hence it assumes the liability for its own debts and the members and stakeholders are subjected only to the extent of their respective stakes and contributions to the LLP. This protects the partners’ personal assets. Additionally, they are protected from the wrongful acts of other members. Furthermore the process of winding up LLPs is similar to companies. Members may voluntary wind up if it is able to pay all its debts within 12 months after winding up commences. It may opt for creditors’ voluntary winding up if its business cannot continue due to the weight of its liabilities. Lastly, it may undergo compulsory winding up by order of court if it is unable to pay off its debts. Like partnerships, administration is a easier process for LLPs than companies as per S25(1-2) LLPA, there is no requirement for it to audit or file annual returns with the ACRA. This benefits partners who intend to keep their profit contribution details private from competitors and to be free of costs and time in producing such information. However in S24(1-3) LLPA, the appointed manager must make an Annual Declaration to ACRA stating its solvency state in their normal course of business, in which failure to comply will result in penalties. In view of the way the business is being run, it enjoys similar flexibility to partnerships by allowing partners to adopt their preferred form of internal organization. The management structure may be centralized like a company or it may be decentralized with every member sharing the rights in the management of its business affairs. Most of the rules for the structure of partnerships can be overridden with consent of other members. Furthermore, as the members of the LLP share profits and losses in the partnership as stated in S24(1) PA, hence they owe a duty of good faith to each other. They must account to the LLP for any secret profits that they make from the partnership without the consent of the other members, including profits gained from any competing business S29(1) PA. Another similarity is in the capital raising process via partners’ individual contributions and bank loans which differs from companies whereby securities can be issued to raise funds. The aspect of limited liability also makes raising capital easier by attracting investors to join as silent partners. Lastly, LLPs are taxed similarly to partnerships as disclosed by the IRAS. No income tax is assessed at the entity level as the members are considered to be running a personal business. Therefore their personal income are assessed and taxed in accordance to their respective share of the profits in the LLP. In conclusion, the introduction of the LLP as a hybrid business entity encompassing traits of both partnerships and companies serve to cater to industries whereby there is minimal need for large organizations but a need for greater flexibility in business operations. Before its introduction, these businesses were grey areas whereby there was no proper provision of regulations to cater to these business forms. Through the consideration of its successes in the UK, it was eventually implemented locally in which regulations are ideally catered to but not limited to professional firms such as law and medical firms. Benefits include stronger rights to participate in management, less stringent financial reporting procedures, ease of tax and licensing regulations thus consisting of characteristics of both entities. References Websites †¢ †¢ †¢ †¢ †¢ †¢ †¢ https://statutes. agc. gov. sg/ https://www. iras. gov. sg/irashome/default. aspx https://www. acra. gov. sg/Services/LLP/ https://www. businesslink. gov. uk/bdotg/action/detail? type=RESOURCESitemId= 1073789611 https://www. aepronet. org/pn/vol12-no1. html https://www. singaporelaw. sg/content/BA. html#section4 https://www. business. gov. sg/EN/StartingUp/RegisterYour Business/ChooseABusin essStructure/regbiz_type_llp. htm https://www. rikvin. com/Partnership-in-Singapore. html Texts †¢ Singapore Business Law 4th Edition by Benny S Tabalujan and Valerie Du ToitLow

The Effects of Inflation on Company Financial Statements Term Paper

Essays on The Effects of Inflation on Company Financial Statements Term Paper ï » ¿FINANCIAL STATEMENTS AND REPORTING The Effects of Inflation Critically discuss the effects of inflation on company financial statements and how that will affect their usefulness to users of them. The Historical Cost Concept The historical cost concept is one of the fundamental conventions upon which accounting theory is based. Historical cost accounting convention is defined as â€Å"an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition† (Morgensen Campbell, 2004). Essentially, what it means is that assets and services that the company acquires or purchases are recorded in the accounting books at cost, or at the price they were acquired or purchased. The alternatives to historical cost accounting are current cost accounting and general purchasing power (GPP) accounting. Current cost accounting takes into account the changes in the current or prevailing values of the asset or service based on market fluctuations. The GPP is also known as the General Price-Level-Adjusted Historical Cost Accounting (GPLAHC) and in fine requires purchasing power gains and losses to be included in the computation of net income. Current cost and GPP accounting are also known as fair value accounting (Doupnik Perera, 2007). For financial statements to be meaningful, amounts of dissimilar items must be stated in similar units, which is the reason why a monetary figure must be assigned for each item (Day, 2008). Stating the value of different types of assets in terms of monetary amounts enables them to be dealt with arithmetically. But more than this, the amounts may not be subjectively determined, otherwise there would be little sense in trying to establish a standard by which they could each be equally treated and subjected to mathematical operations. Market values, on which current and replacement costs are based, have a strong element of subjectivity. Under the historical cost convention, the value of an asset is held constant as of the time it was acquired – that is, at the price that was actually paid for it. Impact of Inflation on Financial Statements The historical cost concept has the effect of holding an asset’s value at the acquisition price, although the asset may have a long life, during which time the asset’s economic value may have changed. One influence on the economic value of an asset is inflation. Technically, â€Å"inflation is a persistent increase in prices, often triggered when demand for goods is greater than the available supply or when unemployment is low and workers can command higher salaries† (Dictionary of Financial Terms, 2008). Viewed alternatively, it is the loss in the purchasing power of money (Evans and Evans, 2007). Inflation affects the market price of goods and services, such that in monetary terms, the goods and services become more expensive over a period of time. Moderate inflation is generally acknowledged to accompany economic growth. However, extreme levels of inflation can be detrimental in the use of historical costs in determining the financial position and result of operations of a company. Double-digit inflation, hyperinflation (when prices rise by 100% or more annually), and deflation (widespread decline in prices) tend to create distortions particularly in the recording of costs of assets and services over a period of time. Among the underlying distortions created by inflation under the historical cost-based system of accounting is that the information conveyed by prices lose their relevance quickly in the context of a high inflation rate environment. The various purchases would be recorded against the varying purchasing power of money, creating differing bases among the costs. Since the numbers appearing in the financial statements represent currency expended under different amounts of purchasing power, strictly speaking they are not additive. For instance, in the balance sheet adding cash worth  £10,000 held on the 31st of December with  £10,000 representing real estate cost of a piece of land acquired in 1960 would yield an entirely inaccurate value of the assets, since the land valued in 1960 would have a significantly different value in today’s terms, maybe by a factor of 100 or more, without taking into account the effect of development of the surrounding real property. Other repercuss ions of this distortion are the following: 1. In the income statement, profits that would be reported during a period of inflation would generally be overstated, that is, would convey a higher perceived value than the new purchasing power level would impose. 2. The asset values for fixed assets such as plant and equipment, and current assets such as inventory, will not reflect (i.e., will understate) their economic value to the business. Non-monetary assets retain their true and intrinsic value inspite of inflation, but their expression in monetary terms based on the previous purchasing power level creates a distortion when viewed under the current purchasing power after inflation, making them appear less valuable. 3. Monetary assets would tend to erode in real value during high inflation, creating losses for the company; on the other hand, monetary liabilities will tend to create profits, because the real value of the debt is reduced by inflation. 4. The effect of inflation on the account for inventory stocks would depend on accounting policies. Firms that use the last-in, first-out (LIFO) inventory cost valuation would most closely match costs and prices during inflation, because it understates inventory value, overstates the cost of sales, and thus lowers reported earnings. On the other hand, the first-in, first-out (FIFO) inventory valuation method, because it tends to accomplish the opposite of the LIFO, would tend to make the company more vulnerable to distortionary information in an inflationary environment. Distortionary Effects on Decision Making The distortions created by a high inflation rate regime would tend to cause errors, some major, in managerial decision making based on the figures in the financial statements. For instance, since the profits reported for the period would be overstated, this could result in: (1) the overpayment of taxes, since net income is the basis of tax computations; and (2) the inopportune declaration and distribution of dividends to shareholders. Since the cost of operations and capital acquisitions looking forward would cost more, the company may actually be distributing more in dividends than it could afford, thereby impairing the continued operations and financial health of the company. Had the true current value been assessed after inflation, the company may have decided to retain more of the earnings instead of distributing it, in order to internally finance continued operations and planned expansions. Another difficulty introduced during inflationary economic conditions is the forecasting of future capital requirements, since the future prices for capital equipment would alter depending on market supply and demand. This would generally lead to increased leverage in the form of debt financing, and since high inflation rates tend to lead to higher interest rates and more stringent credit terms, this increases the financing risk to which the business is exposed. Furthermore, inflation would have different impacts across different companies. These usually introduce discrepancies among the accounts of that various companies, resulting in a lack of comparability among their financial statements, or even the financial statements of the same company prepared at different years or for different fiscal years. Inflation also has impacts on supplies and materials as well as capital equipment to varying extents. Those supplies and materials that are more closely correlated to the inflation index will experience greater price volatility than the mere change in purchasing power. Conclusion Historical cost accounting provides a stability to accounting processes that enhances the reliability of financial statements. However, there are economic phenomena that would tend to create distortions in financial statements prepared on the basis of historical costs. These include foreign exchange rate volatility, interest rate changes, and most importantly, inflation rates. These factors tend to change the purchasing power of currencies, and since assets are either monetary or expressed in monetary terms, the information conveyed by historical values tend to differ from real values in an inflationary regime. Care must thus be taken in the interpretation of financial statements, that accounts be first adjusted for inflationary effects before they are made the basis of financial analysis. References Brown, C C 2002 Conference Paper: Effects of Inflation in Financial Statements. Banco Central de Chile. Dictionary of Financial Terms 2008 Lightbulb Press, Inc. Doupnik, T Perera, H 2007 International Accounting. McGraw-Hill Higher Education. Evans D L Evans, O W 2007 The Complete Real Estate Encyclopedia. The McGraw-Hill Companies, Inc. Loth, R 2009 What You Should Know About Inflation. Investopedia. Accessed 2 January 2010 from http://www.investopedia.com/articles/01/021401.asp Morgensen, G Harvey, C R 2004 The New York Times Dictionary of Money and Investing. Accessed 2 January 2010 from http://www.duke.edu/~charvey/. Scott, D L 2003 Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor. Houghton Mifflin Company.

Mans Impact N the Environment Free Essays

Chante Hamilton Maturity Maturity. What makes an individual mature? Maturity comes with age and time. It is the ability to make wise decisions. We will write a custom essay sample on Mans Impact N the Environment or any similar topic only for you Order Now It is also the way in which people act toward different situations. Maturity can be shown in the way organisms develop. Society claims that females mature faster than males, physically and emotionally. However this is not necessarily true because everyone grows differently. Although maturity has much to do with aging, it can also be seen in the way animals and plants grow. Almost anyone can identify the difference between a mango seedling and a fully developed mangola . The contrast is obvious. A mango seedling is small, hard, bitter and green. On the other hand, a mangola is large in size, bright yellow and succulent due to its maturity. This instantly brings to mind the origin of the word mature. The word is derived from the Latin term ‘maturare’ which means â€Å"to ripen†. We can also see maturity in animals. For example, a toad and a tadpole are completely different in structure. However, a tadpole changes into a toad due to metamorphosis. A tadpole is limited to only a tale and a head and is incredibly. Whereas a toad particularly bulky and has webbed feed, protruding eyes and lacks a tale. Maturity is also shown in the way human beings grow as they age. In this case, some people mature faster than others. The body of an adolescent female is far less developed than an adult female. A mature female has broad hips and large busts compared to younger females who lack such assets. Body maturity also applies to males. When a male is young his entire body has a â€Å"young† look. His shoulders are not broad, his arms look a bit wimpy and he has little to no facial hair. However, a grown male has facial hair, he is taller, his arms and his chest and shoulders are built. Recently I’ve witnessed just how immature some people can get. Politicians of the PLP and FNM exposed each other’s personal life to the nation as if it were concerned anyone. They did this just to gain more votes. Anyone that can stoop this low has to be immature. To be immature is to be mentally primitive. It causes human beings to display a â€Å"childish† attitude towards others. They should have played fair and worked in their constituencies to the best of their abilities. That would have been the mature thing to do. Immaturity is also seen at its best in young children. For example, as a child I would throw the biggest of tantrums whenever I candy and â€Å"no† was the answer. I would cry, scream and throw things over until I accepted the fact that I just was not getting the candy. Now, as an adult I can hear the word â€Å"no† and move on because of the level of maturity I’ve gained over the past few years. The best way to show maturity is to show our knowledge instead of bringing childish acts to the table. Each and every one of us has the ability to do so if we would just think before we act. We should also show respect for our peers and give help where it is due. Maturity is also shown through manners, courteousness and being graceful. All of these things are what makes an individual mature. How to cite Mans Impact N the Environment, Essay examples Mans Impact N the Environment Free Essays Chante Hamilton Maturity Maturity. What makes an individual mature? Maturity comes with age and time. It is the ability to make wise decisions. We will write a custom essay sample on Mans Impact N the Environment or any similar topic only for you Order Now It is also the way in which people act toward different situations. Maturity can be shown in the way organisms develop. Society claims that females mature faster than males, physically and emotionally. However this is not necessarily true because everyone grows differently. Although maturity has much to do with aging, it can also be seen in the way animals and plants grow. Almost anyone can identify the difference between a mango seedling and a fully developed mangola . The contrast is obvious. A mango seedling is small, hard, bitter and green. On the other hand, a mangola is large in size, bright yellow and succulent due to its maturity. This instantly brings to mind the origin of the word mature. The word is derived from the Latin term ‘maturare’ which means â€Å"to ripen†. We can also see maturity in animals. For example, a toad and a tadpole are completely different in structure. However, a tadpole changes into a toad due to metamorphosis. A tadpole is limited to only a tale and a head and is incredibly. Whereas a toad particularly bulky and has webbed feed, protruding eyes and lacks a tale. Maturity is also shown in the way human beings grow as they age. In this case, some people mature faster than others. The body of an adolescent female is far less developed than an adult female. A mature female has broad hips and large busts compared to younger females who lack such assets. Body maturity also applies to males. When a male is young his entire body has a â€Å"young† look. His shoulders are not broad, his arms look a bit wimpy and he has little to no facial hair. However, a grown male has facial hair, he is taller, his arms and his chest and shoulders are built. Recently I’ve witnessed just how immature some people can get. Politicians of the PLP and FNM exposed each other’s personal life to the nation as if it were concerned anyone. They did this just to gain more votes. Anyone that can stoop this low has to be immature. To be immature is to be mentally primitive. It causes human beings to display a â€Å"childish† attitude towards others. They should have played fair and worked in their constituencies to the best of their abilities. That would have been the mature thing to do. Immaturity is also seen at its best in young children. For example, as a child I would throw the biggest of tantrums whenever I candy and â€Å"no† was the answer. I would cry, scream and throw things over until I accepted the fact that I just was not getting the candy. Now, as an adult I can hear the word â€Å"no† and move on because of the level of maturity I’ve gained over the past few years. The best way to show maturity is to show our knowledge instead of bringing childish acts to the table. Each and every one of us has the ability to do so if we would just think before we act. We should also show respect for our peers and give help where it is due. Maturity is also shown through manners, courteousness and being graceful. All of these things are what makes an individual mature. How to cite Mans Impact N the Environment, Papers

Career Opportunities in Information Technology

Question: Discuss about the Career Opportunities in Information Technology. Answer: Introduction Information technologies change the of people play, live and conduct business. The IT industries are dominating job market and major reasons behind it are significant growth in e-commerce and the internet, increased demand for information security and rapid growth in the mobile computing era (Rogers 2013). This report is made to focus on the career options provided by IT industries all over the world. Major components of IT industry are identified in the following section and based on that career opportunities are also find out in several areas. Overview of IT Industry Across the globe, IT industries are growing exponentially with investments, demands, and technical capabilities, which are very crucial to support sustainable growth. Since 2014, the IT industry invests a lot and enhances their IOT (Internet of Things) solutions, which help to develop advance business intelligence applications (Shulock and Moore 2013). The growing information age revolutionizes business operations allowing organizations to improve their value propositions. Large investments in IOT contribute to obtaining data generation and application benefits. The industries always try to upgrade their technologies and its applications which have significant impacts to mine structured, unstructured and semi-structured data. In addition, big data applications generated from IOT solutions drive the organization to move in cloud operational infrastructure (Agarwal and Ohyama 2013). Furthermore, increasing cyber security breaches all over the world due to misconfiguration issues, invol vements of third parties, network loopholes and most importantly the lack of skilled security talents is the most worrying fact for everyone. Figure 1: Career Growth in IT industry (Source: Freeman, Cardin and Jeffries 2014, pp-100) The facts mentioned above and sheets show that there are lots of opportunities in IT industries to create employment branding and to provide advanced career opportunities, which can help on reducing the deficit in the talents gap. Components of IT industry Figure 2: Components of IT Industry (Source: Coetzee and Stoltz 2015, pp-85) From the above figure, it is clear that IT industries offer service opportunities in four areas which are IT hardware domain, IT software domain, service areas and telecom services. The educational qualifications needed to work on these specialized areas are illustrated as follows IT Hardware: In order to work in IT hardware filed, students must have possessed Bachelor degree in computer science or computer information filed. Besides, the student should have properly skilled knowledge on computer programming language such as C, JAVA, PHP and others (Brand, Valent and Browning 2013). In this domain, people are hired to install and monitor the operations of basic hardware equipment required to make effective computer system for the business organization. In order to work a network, speiclist should have extensive knowledge about network protocols, connectivity, network types, security devices and basic operating systems such as LINUX or Windows (Engineer 2015). Network security specialists diagnose and repair the instructions remotely and monitor the bottlenecks or security threats related to system connectivity. IT Software: In software field, IT industries have lots of career options to be offered to start from computer programmers, application programmers, system programmers, database administrators, system analysts to a web designer. In order to carry out this field as a professional, people should have a bachelors degree in computer engineering or information system (Simosi, Rousseau and Daskalaki 2015). People should also do several courses in programming languages to cover database management, system design and development activities and SQL (Structured Query Language). IT Services: This includes the implementation plans and processes of equipment and systems related to network or computing devices of the organization. People should have graduate degree in any computer-related field such as information science, computer science or network administration (Agarwal and Ohyama 2013). Various certification programs can provide practical experience of the network system administration. IT Telecom Services: IT telecom services facilitates installation of equipment required for transmitting broadband and cellular data. People must have skills in electronics or electrical domain. In addition, specialized courses should be done in broadband telecommunication or telephone networks (Biemann, Zacher and Feldman 2012). Furthermore, telecom engineers should have good experience in networking filed, must have problem solving abilities, great knowledge in software developments to deal with telecommunication systems and should possess basic knowledge about electronic and electrical knowledge. Career Options Offered by IT industry With the expanding business needs, IT industries offer a wide variety of career opportunities, which are mainly, categorized under two sections; one is hardware, and other is software. Career Opportunities In Hardware Career Options Descriptions Computer Engineers Computer engineers deal with hardware, system design aspects, and development. They are hired to design computer related devices or entirely a new computer system (Moore et al. 2012). These people also have the responsibilities to supervise the activities of hardware manufacturers or device controllers. Network Specialist Network specialists are the key people who are hired to administer security of the designed network system so that business operations will run smoothly. In addition, these people also help to adapt best hardware and software packages, which can make an effective network system for the organization (Sandy 2014). The network experts have five specialized areas which are as follows 1. Cisco Certified Network Associate- Can install, operate and configure LAN (Local Access Network) and nodes of small networks. 2. Cisco Certified Network Professional-Can handle a network of more than 100 to 500 nodes. 3. Multi-Layer Switched Network Engineer- Helps to explain how flexible networks can be designed and configured 4. Remote Access Network Engineer- Helps to interconnect the central cities with a home office or branch office. 5. Internet Troubleshooter- Can train the learners to troubleshoot the problems of a converged network. Table 1: Career Opportunities in IT Industry (Hardware) (Source: Drost et al. 2016, pp-15) Career Opportunities In Software Career Options Descriptions Computer Programmers Computer programmers test and maintain the software or program, also design and test the logical structure to solve the problems with the help of computers. Application Programmers Application developers concentrate on business operations and engineering areas (Mohedas et al. 2015). They also write software and can revise the existing software package. System Programmers System programmer deals with the functioning related to operating system and compilers. Database Administrators Database administrators (DBA) have the responsibilities to maintain database efficiency, accuracy, and development. DBA monitors the functioning related to database planning, conceptual design, transactional design, testing and final implications (Tolentino et al. 2014). Conversion, migration, support, and training are also the major roles of database administrators. Database Specialists Database specialists design, install, modify, repair and maintain computer databases. These people customize commercial databases to meet organizational needs, solve problems to meet clients needs and can develop a new database for new clients. Interface Designers Interface designers design the interface of the computer system, which helps to make communication between human and computer. Software Engineers These people are recruited to carry out the application developments by analyzing the users needs (Simosi, Rousseau and Daskalaki 2015). Software engineers design and modify basic computer applications and program. System Analyst With the use of computer technologies, system analysts develop new network system or reshape the existing system and its resources to meet organizational needs (Neilson et al. 2013). These people also help to prepare the return on benefit and cost benefit analysis to check whether the proposed system is economically feasible or not. Web Designer These people are hired to create, maintain and support internet sites of the organization. Web designers have to monitor day-to-day activities of these sites and develop new web application as per the clients requirements. Table 2: Career Opportunities in IT Industry (Software) (Source: Wilson et al. 2014. Pp-10) Future Opportunities Technology is the backbone of the organizational economy. Achievements in data storage, computer processing power, and chip design and enterprise mobility enables the IT industry to create potential opportunities, which were not possible economically and technologically in the previous days. Business Industries reached to a point where big data analytics, cognitive computing, internet of things (IOT) and cloud computing change the business growth exponentially. In order to gain competitive advantages in this world and to provide a unique quality of services to the customers, the organizations also make advancements in software, materials, machine design and fabrication technique that can help the industries to grow in a positive way. A career in information technology is challenging but rewarding as well and open many paths for individuals to achieve higher excellence in a career. Some of the advanced career opportunities to make higher growth in IT industry are described as follows Information System Manager: Business industries should recruit information system managers who act as a liaison between IT specialists and top management of the organization. Information system managers must have both the understanding of organizational needs as well as technological skills. The major responsibilities of information system managers are to monitor and measure the performance of the implemented network or computer system, which can increase organizational productivity. In addition, the information system managers should also have the responsibilities to check hardware installation, software upgrades, implementation of computer programming and development of digital security. The major role of information system manager is to generate digital reports to support clinical and administrative decision-making operations. Computer Support Specialist: In order to provide technical assistance to the system users, the organization needs computer support specialists. Computer support specialists resolve the problems from remote locations or via telephone. These people can provide assistance related to computer software, hardware, word processing, operating system and installation. In addition, these people should monitor daily activities of the system and should perform according to that. Data and information related to the transaction should be recorded on a daily basis and problems should be mitigated by taking proper actions against them. Cloud Engineer: Cloud architecture enables the organizations to handle a large array of data and information daily. The greatest advantage to move current business operation in the cloud is that it needs no additional hardware requirements and can back up crucial data and information effectively. Therefore, cloud engineers are in high demand who must understand the business needs to run the cloud operations properly. The cloud engineers should have proper knowledge about the storage networking, user management, open source solutions, optimization options, security virtualization and others. Big Data Specialists: These people are required in the organization to extract useful information from a large collection of data to run standard business practices and policies. Big data specialists should have good knowledge of Hadoop to crunch the data and help to understand the impacts of distributed and clustering file system on the cloud environment. Computer Animator: These people are in huge demand in this growing industry as they can help to design interesting video game applications and animations of different characters in a movie frame. In order to make a career in animation, people should have bachelor's degree in computer animation or fine arts. The hiring of computer animators can help the organization to create 2D and 3D graphics for different platforms, including computer games, videos, websites and computer applications. In this aspect, advanced technologies such as digital sculpting tools and pens should be used to make best applications of animations for business uses. Ethical Hacker: IT industry has their network or computer system, which have some security threats or vulnerabilities. The security threats create potential barriers, which slows down the entire business operations. This creates the needs to hire ethical hackers who can help the organization to mitigate the security weaknesses of the network or computer system. Ethical hackers scan the network ports by scanning tools such as Nessus, Nmap to identify security vulnerabilities present in it, so that best possible solutions can be adapted. Ethical hackers also have the responsibilities to monitor the activities of patches, including the installation of security applications such as firewall, an encryption technique, intrusion detection system and others. These are very crucial to maintain greater security throughout the organization. Conclusion Conclusively it can be stated that IT industries have significant opportunities, which can accelerate one's career in a positive way. Advanced technologies like cloud computing, big data, and others force the organizations to hire skilled people who can effectively manage these complex operations with great expertise. IT industry provides career opportunities in four domains, which are hardware, software, maintenance and telecommunication services. In the software domain, people can grow their careers in various field such as system administrators, computer programmers, database administrators and many others. All of these professions should have basic knowledge of computing languages and networking systems. However, in future these industries have many more career opportunities such as cloud engineer, big data analytics, computer administrators and many others, which can meet up the growing demands of technical field. References Agarwal, R. and Ohyama, A., 2013. 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