"Limited Liability Corporation And Limited Liability Partnership Paper" Essays and Research Papers

  • Limited Liability Corporation And Limited Liability Partnership Paper

    Running Head: Limited Liability Corporation and Partnership Paper Limited Liability Corporation and Partnership Paper University of Phoenix Michael Charley FIN/419 - FINANCE FOR DECISION MAKING Finance 05/17/2011 - 06/20/2011 Instructor: TONY MOSES In today’s economy there are many decisions business owners have to make in order for their business to sustain and grow. With that being said, business owners are now looking at the operations and structure of their business more frequently...

    Corporation, Legal entities, Limited liability 965  Words | 3  Pages

  • Limited Liability Corporation and Partnership

    Limited Liability Corporation and Partnership In the United States, limited liability companies increased rapidly throughout the past 10 years. These structures permit businesses to decrease federal tax liabilities by federal pass-through provisions (Bean & Bilyeu, 1997). Limited liability can apply to any non-corporate business, in any state, and provides characteristics of a corporation and a partnership. Individual states regulate the operations of the LLCs. However, companies with limited...

    Corporation, Legal entities, Limited company 900  Words | 3  Pages

  • Limited Liability Company and Partnership

    Limited Liability Company and Partnership Jasamine L. Stephens Finance for Decision Making FIN/419 October 10, 2011 Maria Johnson  Limited Liability Company and Partnership Every business venture begins with a dream and a basic idea. Beginning a business is a decision that must be made by first deciding what type of entity to establish. There are several factors that need to be decided such as will the new business have one or multiple owners. The most common forms of a business...

    Corporation, Limited company, Limited liability 734  Words | 3  Pages

  • Roles of Limited Liability Corporations and Partnershipsroles of Limited Liability Corporations and Partnerships

    Roles of Limited Liability Corporations and Partnerships Martin M. Komertz FIN 419 3/21/2011 John Wetherington Roles of Limited Liability Corporations and Partnerships In the following paper, I will look to identify the roles and differences between Limited Liability Corporations and Partnerships. Each has different advantages and disadvantages than the other. I will look to break down each and then identify which method of ownership would be the preferred method from an individual...

    Business law, Corporate tax, Corporation 838  Words | 3  Pages

  • Limited Liability Corporation and Limited Liability Partnership: Understanding the Difference

    Limited Liability Corporation and Limited Liability Partnership Paper More businesses are opening every day, which means businesses and personal liability concerns are growing. Many concerns Depending on the type of business, an individual would need to research the advantages and disadvantages of forming a Limited Liability Partnership (LLP) or Limited Liability Corporation (LLC) to weigh the pros and cons of what would work best for the business. The roles of LLC and LLP will be discussed in...

    Corporation, Limited company, Limited liability 883  Words | 3  Pages

  • Limited Liability

    Limited Liability Corporations and Partnerships Rosangelica Gonzalez University of Phoenix FIN/419 Finance for Decision Making Gerardo Blanco September 29,2010 Limited Liability Corporations and Partnerships Starting a new business requires many decisions, and much planning. One of the earliest and most important decisions is the form of the business, or the type of business entity. Common forms of business entities include sole proprietorships, limited liability corporations (LLC’s), limited...

    Corporation, Limited company, Limited liability 901  Words | 3  Pages

  • Fin 419 Limited Liability Corporation

    Limited Liability Corporation and Partnership FIN419 - Finance for Decision Making Date Instructor’s name Limited Liability Corporation and Partnership Paper Limited Liability Corporation and limited liability partnership are two of several types of structures that individuals can give thought to forming when starting a business. To form a corporation each member has limited liability, but the corporation has full liability. Forming a partnership requires at least two people, which...

    Corporation, Limited company, Limited liability 1018  Words | 3  Pages

  • Comparison Between the Limited Liability Company and the Limited Partnership

    Comparison between The Limited liability Company And The Limited Partnership The Limited Liability Company Definition A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit. Often incorrectly called a "limited liability corporation" (instead of company)...

    Corporation, Limited liability, Limited liability company 1147  Words | 4  Pages

  • Limited Liability Partnership

    forms of business entities available, a recent one being limited liability partnerships (LLP), created by the Limited Liability Partnership Act 2000 (LLPA). This act came into force on the 6th of April 2001. As, LLP’s have qualities similar to partnerships, they are seen as a hybrid between a partnership and a company. An LLP is a ‘corporate body’ with ‘separate legal personality’, distinct from its members. Members enjoy limited liability and are not jointly and severally liable for the debts of...

    Bankruptcy, Corporation, Limited company 686  Words | 2  Pages

  • Limited Liability Partnership Act 2008

    A to Z of Limited Liability Partnership A. INTRODUCTION The concept of Limited Liability Partnership (LLP) in India is viewed as an alternative corporate business vehicle that provides the benefits of limited liability and also allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. The revised Bill received the assent of the President of India on 7, January 2009.   LLP is a body corporate formed and incorporated under...

    Corporation, Limited company, Limited liability 1093  Words | 4  Pages

  • A Limited Liability Company

    iA Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities...

    Business, Corporate tax, Corporation 1797  Words | 5  Pages

  • Limited Liability Company

    Brief Overview of Limited Liability Companies Introduction Limited Liability Company (LLC) is often considered as the hybrids of general partnership and corporation. It often referred as a general partnership where the partners have no personal liability and a limited partnership where there is no general partner or a partnership surrounded by a corporate shell (Seipel, Tunnell & Zimmermann, 1995). The LLC is first adopted in Wyoming in 1977 and then in Florida in 1982. However, LLCs...

    Business, Corporation, Limited liability 1444  Words | 4  Pages

  • Concept Of Limited Liability

    Concept of Limited Liability Personal Definition: In the event a liability arises, limited liability prohibits the available assets to only the business entity itself. Essentially, the investor cannot lose more than he or she puts in. This protects the individuals working for the entity on a personal level. Nobody can attack his or her personal assets, unless the individual exhibits some form of activity that qualifies for piercing the corporate veil. Investopedia Definition: A type of liability that...

    Board of directors, Corporation, Corporations law 1299  Words | 4  Pages

  • Limited Liability Partenership

    system of Limited Liability Partnership. Its purpose was to solve the conflict | |between the continually expanding professional service organizations and unlimited joint liability. In 2006, newly revised the | |"Law of the People’s Republic of China on Enterprise Partnership" referenced this system, referred to as "special general | |partnership". This new organization blocked the unlimited joint liability among partners, partners protected by limited | |liability. Because...

    Corporation, Limited company, Limited liability company 716  Words | 3  Pages

  • Limited Liability Partnership as a Hybrid Business Organization

    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...

    Business law, Corporation, Limited company 1065  Words | 3  Pages

  • Limited Liability in Group Companies

    these structure holding companies usually have control and influence over subsidiaries. Limited liability on the other hand, is the logical consequence of the existence of a separate legal entity or generally, the concept simply means that since the company is different from the shareholders, the members are only liable for the amount unpaid or their shares and not for the debts of the company When limited liability is easily and cheaply available can be explained as removing unnecessary legal bars...

    Berkshire Hathaway, Conglomerate, Corporation 1123  Words | 3  Pages

  • Liability Exposure in Business

    Liability Exposure in Business Joshua Houghton Ashford University BUS670 Legal Environment Professor Janet Fiorentino February 17th, 2013 Liability Exposure in Business Creation of a business of any type has to fall under a particular organizational form. There are many elements to starting a business a future proprietor should consider, such as degree of forms and applications that need to be filed, state and federal, legal liabilities, level of difficulty in the formation of a business...

    Business law, Corporation, Legal entities 696  Words | 3  Pages

  • Limited Liability Partnership

    Limited Liability Partnership Limited Liability Partnership entities, the world wide recognized form of business organization has been introduced in India by way of Limited Liability Partnership Act, 2008. A There are no sources in the current document.Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence;...

    Corporation, Limited liability, Limited liability company 5729  Words | 17  Pages

  • Partnership and Limited Liability Partnership Organization

    between both Partnership and Limited Liability Partnership organization and to advise Mr. Tan on the business organization that is more likely to fit his needs for setting up a new consulting business. For this particular project, our group assumed that Mr. Tan used to be an accountant working for a big accounting firm and is now looking to set up a small accounting consultancy business. 1 Process Required to Setup Business Organization Below are the processes to setting up a partnership and a...

    Corporation, Legal entities, Limited company 2365  Words | 9  Pages

  • Limited Liability Partnership

    |PAGE NO. | |1 |Introduction |2-4 | |2 |Overview of Limited Liability Partnership|4-10 | | |Act, 2008 | | |3 |Tax implication ...

    Corporation, Limited company, Limited liability 4721  Words | 15  Pages

  • Business Entities and Liabilities Repaired

     BUS 670 Legal Environment of Business Business Entities & Liabilities Instructor Leah Westerman May 19, 2014 Businesses Entities and Liabilities “A business entity is an organization established as a separate existence for the purposes of taxes (BusinessDictionary.com, n.d.).” Some of the most common known business entities are; sole proprietorships, general partnerships, limited partnerships, corporations, and limited liability companies. Each business entity has its advantages and disadvantages...

    Business law, Corporation, Legal entities 1508  Words | 8  Pages

  • Articles of Limited Partnership

    Articles of Limited Partnership This limited partnership agreement is made on _________[date] in _________ by and between _________ as general partners and _________ as limited partners. Name The name of this limited partnership shall be _________. Term This limited partnership shall begin the day the certificate of limited partnership is duly filed and shall continue until terminated in accordance with this agreement. Purposes The purposes of this limited partnership are to invest in improved...

    Corporation, Islamic Golden Age, Limited liability 1618  Words | 4  Pages

  • Legal Forms of Business Paper

    Forms of Business Paper Law/531 June 3rd, 2011 University of Phoenix Legal Forms of Business Paper Selecting the best form of operating a business depends on the type of business the owner wants to run. The owners have to pick the structure that best meets their needs. “The selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, tax considerations...

    Business law, Corporation, Legal entities 939  Words | 3  Pages

  • Roles of Limited Corporations and Partnerships

    Roles of Limited Liability Corporations and Partnerships In today’s society people are establishing new businesses with different business structures. The individuals need to check with the state they reside to see if the particular entity is acceptable. The paragraphs below will explain the roles of limited liability corporations and partnerships. The paper will also explain the business structure that will be more appropriate to use when opening a small business. Limited partnerships (LPs) ...

    Corporation, Limited liability, Limited liability company 779  Words | 2  Pages

  • Discuss the Advantages and Disadvantages of Partnerships

    Accounting for partnerships Accounting for partnerships – Discuss the advantages and disadvantages of partnerships.  Identify and discuss the Financial Accounting Standards (FAS) that govern accounting for partnerships including both creation, operation, and liquidation.  What are the tax consequences of partnerships.  The legal definition of a partnership is pretty simple. It is an association of two or more persons who have not incorporated; and carry on a business for profit as co-owners...

    Corporation, Limited liability, Limited liability company 1945  Words | 5  Pages

  • Partnerships and Corporations: The Accounting Process

    Partnerships and Corporations – the accounting process Dwight A. Holland II ACC 206 Kristi Rayford 31 May 2010 How do partnerships and corporations differ in accounting processes? With partnerships, you have to look at several key concepts such as direct materials, direct labor, direct expenses, production overheads, process stock accounts. In reference to corporations, you have to consider a laundry list of items including accounts payable, accounts receivable, payroll, financial...

    Accounts receivable, Balance sheet, Corporation 930  Words | 3  Pages

  • The Limited Liability Company

    THE LIMITED LIABILITY COMPANY A popular form of business, especially with small businesses, is the hybrid form of business, the limited liability company (LLC) or a limited liability partnership (LLP), which combine the best features of a partnership and a corporation. In 1988, the Internal Revenue Service (IRS) ruled that the LLC may be treated as a partnership for tax purposes, while retaining its limited liability for its owners. Since this ruling, every state has passed legislation permitting...

    Business law, Corporation, Limited liability 459  Words | 2  Pages

  • Torts and Contract Liabilities and Ways to Avoid Them

    AND CONTRACT LIABILITIES AND WAYS TO AVOID THEM Potential Torts and Contract Liabilities And Different Ways to Avoid Them Abstract People who do business as a sole proprietor or in a partnership are liable for the torts committed by them and for torts committed by the business and its agents. The best way to avoid tort liability is to set establish their business as a corporation or a limited liability company. A corporation or limited liability company will...

    Business law, Corporation, Limited liability 1411  Words | 4  Pages

  • Liability Paper

    Knowing what Nursing Liabilities and Negligence’s are And Preventing them from Occurring Sandy E. Preza HSM-320–10364 Dr. Wojtecki 09/29/2012 To be able to understand and know what a words definition is describing we must know in nursing, the nursing standard that follows clinical words. In defining Liability one can say it means to be responsible of one’s action when committing to patient care. Nursing Liability standards puts every nurse to be an advocate of each patient they encounter...

    Insurance, Law, Medical malpractice 1639  Words | 5  Pages

  • Legal Forms of Business Paper

    Legal Forms of Business Paper N.R. LAW/531 January 21, 2013 Jonathan Mc Govern When seeking to operate a business or operation, there are several structures to take into consideration. With each one, there are advantages and disadvantages concerning profit, tax and other legalities. Some type of legal configuration must be adopted by any business to define the liabilities and rights of the people participating in the ownership, personal liabilities, financial structure,...

    Business law, Corporation, Legal entities 1219  Words | 4  Pages

  • Private Limited Company

    Public Limited Company (Plc) Tesco is a public limited company (plc). A lot of big companies go public. This is because unlike a private limited, a plc is able to advertise the sale of shares and sell them to members of the general public though the stock exchange. Advantages of a Public Limited Company (Plc) · Shares can be advertised · Shares can be sold through the stock exchange · Large plc’s may find it easier to borrow from banks · Shareholders have limited liability...

    Corporation, Legal entities, Limited company 1282  Words | 6  Pages

  • Corporation and Business

    CHAPTER 4 1. Is a limited partnership treated as a separate entity for all purposes? If not, give an example of an instance in which a limited partnership is treated as an aggregate of its partners. No, they are not always considered separate entities when dealing with substantive liabilities and duties of the partners, the limited partnership is considered an aggregate of the individual partners. 2. Why is the fiduciary duty between the general partner and limited partners even greater...

    Corporation, Limited liability, Limited liability partnership 1550  Words | 6  Pages

  • Corporation and Sole Proprietorship

    Identify the different business structures. Write a 350 to 700 word explanation of how each business structure might and might not be advantageous. Business structures: Sole Proprietorship, partnership, or corporation Sole proprietorship allows people with limited funds to run their own business. It’s inexpensive to get started. It also allows people to have absolute authority over all business decisions. A sole proprietorship has complete control and decision-making power over the business...

    Business law, Corporation, Limited liability company 805  Words | 2  Pages

  • Business Research Paper

    up with another person, or buying an existing business, the first thing you should analyze is what form of business you will be partaking in. The four most recent forms of business ownership are sole proprietorship, partnership, corporation, and limited liability. This research paper will cover the definition of each form, the advantages, and the disadvantages. When you decide to open your own business and you make the choice to be the only boss, you have just made the decision to have a sole proprietorship...

    Business law, Corporation, Legal entities 2184  Words | 6  Pages

  • Corporation, Partnership, or Sole Proprietorship? 

    Corporation, partnership, or sole proprietorship?  Now that you have decided to start your own business, you will have to determine what business structure or form of organization suits your needs. The structure of your business will depend on whether you want to run your business yourself or with a partner or associates. There are four types of business structures: sole proprietorships, partnerships, corporations and cooperatives. On this page: 1. 1. Sole proprietorship 2. 2. Partnerships ...

    Business law, Corporation, Legal entities 1451  Words | 6  Pages

  • Healthcare Business Organization Paper

    Business Organization Paper Healthcare has drastically changed over the years in the United States. As our population is growing in size, a shortage of the number of health care professionals is also growing. Entrepreneurs have greatly benefited the world of health care by assisting with creating more jobs, producing products and services to assist and meet the growing needs of the population, and starting new business organizations to meet the needs of today’s economy. There are different forms...

    Business law, Corporation, Legal entities 822  Words | 3  Pages

  • Business Entities, Laws, and Regulations Paper

    Running Head: Business Entities, Laws, and Regulations Paper Business Entities, Laws, and Regulations Paper Abstract The following paper includes the consideration of control, taxation, and liability issues for two hypothetical businesses as well as legal, regulatory, and risk issues each of the two businesses may face. Also included in this paper is a hypothetical hiring manager scenario in which the hiring manager must choose from numerous applicants who possess various levels of qualification...

    Corporation, High school, Limited liability company 1730  Words | 5  Pages

  • Liabilities of a Director

    LIABILITIES OF THE DIRECTORS By: Course: Instructor: University, City, State: Date: LIABILITIES OF THE DIRECTORS A company is usually established by individuals or Directors (officers included) in this case so as to run it in appropriate manner in order to make maximum profits. For this to happen, it is for the company (Pandora Diamonds and Gems Pty Ltd in our case) to enter or make contracts with outsiders like Kaplan Bank Ltd and Space Solutions Pty...

    Board of directors, Business law, Conflict of interest 1483  Words | 5  Pages

  • Term Paper

    CUNY – Queens College ACCT 757 – Taxation of Business Entities Professor: Steven J. Mandelkorn Student: Wang Fang Lei Sole Proprietorships? Partnerships? LLC? S or C Corporations? Which One is the Best Solution? A few years ago, my husband sets up his own computer company, focus on providing computer services to customer. Before he starts doing the business, we went to a CPA firm to get a license to legally set up the new company. After collecting some basic information of our business, the...

    Business law, Corporation, Legal entities 1709  Words | 8  Pages

  • LIMITED COMPANY

     LIMITED COMPANY A limited company is incorporated under the Company Act 1965. it can be : 1. Limited company by guarantee 2. Limited company by share a ) Private limited company ( Sdn. Bhd. ) b ) Foreign Limited company 3. Unlimited company PRIVATE LIMITED COMPANY What is a Private Limited Company? Private Limited company is a company limited by shares, and this type of Company cannot be publicly traded. A Private Limited Company, sometimes simply called a Limited company, is the most common...

    Corporation, Legal entities, Limited company 1019  Words | 6  Pages

  • Personal Liability

    Personal Liability LAW/531 July 17, 2012 Personal Liability By definition, a shareholder is: One who owns shares of stock in a corporation or mutual fund (WebFinance, Inc. , 2012). A corporation’s shareholders own the corporation. Nevertheless, they are not agents of the corporation (i.e., they cannot bind the corporation to contracts), and the only management duty they have is the right to vote on matters such as the election of directors and the approval of fundamental changes in the...

    Business, Business ethics, Business law 919  Words | 3  Pages

  • LLC and partnership

    Jessica Phan Prof. M. Leath English 1301.115 March 22, 2014 Essay 2 Limited Liability Company (LLC) and Partnership “To succeed in business, to reach the top, an individual must know all it is possible to know about that business” (Getty). The first time starting a business is exciting and also a challenge. A person should learn everything about their customers, the market and their competitors. Besides, the most important thing for a businessman to succeed is understand about what business...

    Balance sheet, Corporation, Internal Revenue Service 843  Words | 3  Pages

  • Sole Proprietorship, Partnership and Corporation Business Types

    experience can prove to be difficult. Comparing and contrasting, for the sole purpose of deciding which business type would be beneficial to the scenario given three business types were discussed. Sole proprietorship, partnership and corporation were reviewed. The outcome chosen was partnership being as it relates best to the scenario discussed. The idea of opening a business is not one to take lightly. Being an inventor and spending a lot of time on home projects, the idea to create a new home...

    Business law, Corporation, Legal entities 1251  Words | 4  Pages

  • Business Partnership Disadvantages.

    Business Partnership Disadvantages • Business partners are jointly and individually liable for the actions of the other partners. • Profits must be shared with others. You have to decide on how you value each other’s time and skills. What happens if one partner can put in less time due to personal circumstances? • Since decisions are shared, disagreements can occur. A partnership is for the long term, and expectations and situations can change, which can lead to dramatic and traumatic split ups...

    Business law, Corporation, Limited liability 2028  Words | 6  Pages

  • Business Law Paper

    Business Law Paper Riley T. Yates BUS/415 April 2, 2012 Daniel Marinberg Business Law Paper In setting up a new business the first step is setting up the best business structure for the need of the business. There are many different things that need to be looked at in order to determine the correct entity that will be used. Will there be partners is a big question in this determination, another questions which is the most correct for the business legally. Another consideration needs to be...

    Business, Corporation, Limited company 1419  Words | 4  Pages

  • Sole Proprietorship, Partnership, or Corporation

    owners can form sole proprietorships, partnerships, or corporations. Each type of business entity has its pros and cons that can have a significant impact on the business and its owners. When considering a new product for a saturated market such as the clicker or the three-pronged power cord, there are several pros and cons to consider with each possible choice. Although the author personally has no inventive talents whatsoever, for the purposes of this paper the potential invention will be called...

    Business law, Business terms, Corporate tax 1831  Words | 6  Pages

  • Managing Current Liabilities

    Running head: MANAGING CURRENT LIABILITIES Managing Current Liabilities: The Great Balancing Act 06/26/2011 One of the most crucial steps in running a major corporation is ensuring that the balance sheet truly reflects the viability of the company. If investors feel that a firm holds too much debt reflecting in poor financial ratios, their stock price may become depressed resulting in angry shareholders. Therefore, why do companies engage in leveraging activities and worry about contingencies...

    Balance sheet, Bond, Creditor 2577  Words | 7  Pages

  • Business Entities Paper

     Business Entities Paper Trameka M. Alpough BUS/415 January 31, 2011 Richard Simon When starting a business it is important to choose the correct type of entity that will allow it to be successful. Upon choosing the best entity for the business there are different rules and regulations that need to be followed including issues from liability to taxation. Starting a business requires some research on licensing, state laws, and regulations. Opening a business requires choosing an entity...

    Business law, Corporation, Legal entities 1119  Words | 6  Pages

  • costco wholesale corporation

    and trust in business. Describe the role of finance in business. Distinguish between the different legal forms of business. Explain what has led to the era of the multinational corporation. Slide Contents 1. The Goal of the Firm 2. Legal Forms of Business Organization 3. Role of Financial Manager in a Corporation 4. Income Taxation 5. Ten Principles of Finance 6. Finance and Multinational Firm 1. The Goal of the Firm The goal of the firm is to create value for the firm’s legal owners...

    Corporation, Finance, Limited liability 1224  Words | 5  Pages

  • Small Idea Business Paper

    Running head: SMALL-BUSINESS IDEA PAPER Small-Business Idea Paper Bernard Petris University of Phoenix Accounting ACC/561 November 11, 2011 Small-Business Idea Paper There are five different forms of business organizations that I can consider when planning to start a business. They are 1. Sole proprietorship 2. Partnership 3. C corporation 4. S corporation 5. LLC – Limited Liability Company It is important to...

    Business law, Corporate tax, Corporation 1348  Words | 4  Pages

  • Telstra Corporation Limited

    1.0 Background of the company Telstra Corporation Limited is a telecommunications and media company, which is a leading provider of mobile phones, mobile devices, home phones, broadband internet and operating telecommunications networks in Australia. Telstra’s goal is to be one of the most admire, respected and trusted telecommunication companies in the world with their four strategic priorities of improving customer satisfaction, retaining and growing our customer numbers, simplifying the business...

    Cent, Currency, Dollar 1874  Words | 6  Pages

  • Liability Case

    Robert R. Bily sued Arthur Young, claiming that the accounting firm failed to conduct its audit in conformity with GAAS. The investor further claimed that as a result of Arthur Young's negligence, the company's financial statements understated liabilities and losses for 1982. The plaintiff alleged fraud, negligent misrepresentation, and professional negligence. The outcome of this case is very significant for the audit profession. The jury exonerated Arthur Young with respect to the allegations...

    Audit, Auditing, Auditor's report 870  Words | 3  Pages

  • Partnership: Basic Considerations and Formation

    BASIC CONSIDERATIONS AND FORMATION Partnership -In the contract: Two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profit among themselves. -Two or more persons may also form a partnership for the exercise of a profession. (Civil Code of the Philippines, Article 1767) -The partnership has a juridical personality separate and distinct from that of each of the partners (Civil Code of the Philippines, Article 1768) ...

    Business law, Corporation, Limited liability 1021  Words | 4  Pages

  • Acc 561 Week 2 Paper

    or with partners. Most of the time companies which are started by entrepreneurs are relatively small in size, but some grow into huge corporations, such as Microsoft which is owned by Bill Gates. Entrepreneurs have four different options when starting a business, which include a sole proprietorship, Partnership, limited liability company, and also a corporation. Each form has its advantages and also disadvantages depending on what the type of business is, and also what service it provides. Sole...

    Business law, Corporate tax, Corporation 1320  Words | 4  Pages

  • Finance: Corporation and Intrinsic Value

    forms of business organization are sole proprietorships, partnerships, corporations, and limited liability corporations and partnerships. The advantages of Sole Proprietorships and Partnerships are the ease and low cost of formation. The advantages of corporations include limited liability, indefinite life, ease of ownership transfer, and access to capital markets. Limited liability companies and partnerships have limited liability like corporations. The disadvantages of a sole proprietorship are the...

    Business law, Corporation, Limited liability company 811  Words | 3  Pages

  • Financial Accounts Pass Paper

    general partnership, all partners have unlimited liability for the actions of any one partner when that partner is conducting business for the firm. ANSWER: True DIFFICULTY: Moderate KEYWORDS: general partnership 11. The corporation is the best form of organization in terms of raising capital. ANSWER: True DIFFICULTY: Easy KEYWORDS: corporation 12. There is no legal distinction made between the assets of the business and the personal assets of the owners in the limited partnership...

    Business law, Corporation, Legal entities 765  Words | 6  Pages

  • The Legal Features of Sole Proprietorship, Partnership and Corporation

    The Legal Features of Sole Proprietorship, Partnership and Corporation Submitted by: Darius Immanuel D. Guerrero BAP 3A February 28, 2012 Sole Proprietorship A sole proprietorship is a business entity that is totally inseparable from its single owner. The law treats the business and the owner as the same. Because of this, all liabilities are taken for the owner. The owner does not pay income tax separately for the business, but reports the business income or losses on his/her individual income...

    Corporate tax, Corporation, Income tax 2188  Words | 6  Pages

  • Small-Business Idea Paper

    Small-Business Idea Paper There are many advantages and disadvantages of the different forms of business organizations. Not all entrepreneurs have a specific need that would say one is better than the other; it depends on the needs of the proposed company and the wants of the entrepreneur. Having an interest in a small business in the future the proper analysis is necessary. A deeper look into sole proprietorship, partnership, C Corporation, and S corporation with perspective views around financial...

    Business law, Corporate tax, Corporation 1418  Words | 4  Pages

  • Private Limited companies

     By – Kajol Vaswani Business Project Private Limited Companies A private limited company is a voluntary association of not less than two and not more than fifty members, whose liability is limited, the transfer of whose shares is limited to its members and who is not allowed to invite the general public to subscribe to its shares or debentures. Ownership Control Ownership of a company rests with the shareholders. One share equals one vote, which implies an equal share in the...

    Corporation, Legal entities, Limited company 536  Words | 3  Pages

  • Disadvantages of Corporations

    on what special rights and restrictions are attached to the shares, and how the profits of the corporation are paid out to the shareholders, there is the possibility of double taxation: the corporation must pay taxes on its profits and the shareholder may be subject to taxation on the profits paid out. This can result in greater taxation than if a corporation was not used for the business. C corporations pay taxes on profits when corporate income is distributed to owners (shareholders) in the form...

    Corporate tax, Corporation, Income tax 2161  Words | 5  Pages

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