to the same word‚ “Responsibility.” Will we let our children forego the consequences of their actions? Even if we try the Parent Liability Childs Act will prevent parents from doing so. The Parent Liability Childs Act of 2000 in California states‚ “Parents jointly and severally liable for willful misconduct causing injury‚ death or property damage.” The Parent Liability Childs Act should be appealed because if the child isn’t punished they will commit more severe crimes‚ it is extremely unfair to
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ACC565 Week 6 Discussion 1 and 2 Name Course University 5/14/2014 Discussion 1 "Partnership Tax Year" Please respond to the following: The IRC restricts the choices for a partnership‘s tax year to prevent the deferral of tax. This causes most partnerships to adopt a calendar year for tax reporting. From the e-Activity‚ create a scenario using a fiscal tax year which allows a partnership to defer taxes that meet the requirements of Sections 706 and 444 of the IRC. Suggest at least one
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QUESTION 2 “Limited Liability Partnership is an alternative vehicle to carry out business which combines the characteristics of a private company and a conventional partnership.” From the above statement‚ discuss the concept of conventional partnership and Limited Liability Partnership. Distinguish LLP with conventional partnership and company. Partnership is a business owned by two or more persons but not more than 20 persons. Identity card name cannot be used as business name. It is registered
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Sole trader to partnership The advantages to Fantastic Entertainment going from Sole trader to partnership are that it provides a healthier foundation for a company. Sole traders assume full responsibility and liability for the actions and finances of the business having an unlimited liability in most cases. Another advantage to Fantastic Entertainment having a partnership is that they are often perceived as professional. They are considered less of a "risk" to invest in or buy than a sole trader company
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Television Broadcasts Limited‚ commonly known as TVB‚ is the first wireless commercial television station in Hong Kong. It was first established on 19 November 1967 with only about 200 staff. The Group has now grown to a size of about 4‚200 including contract artistes and staff in overseas subsidiary companies. The major activities of TVB are television broadcasting‚ programme production and other broadcasting related activities such as programme licensing‚ video distribution and satellite broadcasting
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Minor Project 1: Cochlear vs Proteome Systems Limited by Yan He‚ Li Fan‚ Tamara Leahy‚ Jo Whittaker 1. Introduction Intellectual property has historically been regarded behind raw materials and capital in importance‚ but is increasingly being regard as the most important aspect of business success [1]. Companies that recognise the importance of intellectual property‚ and manage it accordingly‚ are better positioned to receive economic benefits[2]. However‚ in the biotechnology industry
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she has limited partners‚ her parents and her boyfriend Roman‚ who are not actively managing the business. Even in a general partnership‚ she will require articles of partnership that states how the profits and losses of her company are to be shared‚ how the business will be managed‚ the continuity of the business‚ and the provisions for
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SEPARATE LEGAL ENTITY Definition: A legal entity‚ typically a business‚ that is defined as detached from another business or individual with respect to accountability. A separate legal entity may be set up in the case of a corporation or a limited liability company‚ to separate the actions of the entity from those of the individual or other company. Meaning: If a business is a separate legal entity‚ it means it has some of the same rights in law as a person. It is‚ for example‚ able to enter
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income is taxed twice. A corporation cannot deduct from its business income any dividends payed to its shareholders. (Business Formation‚ n.d.). A corporation! Who wouldn’t want to be a CEO or hold a high position in a business like this without any liabilities? The problem is‚ realistically‚ a lot of us don’t have the resources to get a corporation started‚ so unfortunately it remains as a
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Tutorial 2 1. Nor Luc is a Malaysian and has a sole proprietorship in Singapore in the form of a retail shop. The shop is rented. He has a car registered in his name and he uses it for both business and private purposes. He also owns an expensive Rolex watch. He lives in a rented HDB house. He also has $1000 in his local bank account‚ which is in his name. Of late his business has not been doing well and he has run into huge debts. The total debts of the business amount to $170000. (a) Advice
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