photographers‚ are also sole traders. Sole traders do not have a separate legal existence from their owner. As a result‚ the owners are personally liable for the firm’s debts‚ and may have to pay them out of their own pocket. This is called unlimited liability. Advantages * The firms are usually small‚ and easy to set up. * Generally‚ only a small amount of capital needs to be invested‚ which reduces the initial start-up cost. * The wage bill will usually be low‚ because
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Liability for Omissions The law has historically been reluctant to impose a general liability for omissions as opposed to positive acts. This means that there is no general duty of care in tort to act in order to prevent harm occurring to another. In Smith v Littlewoods Organisation‚ Lord Goff stated clearly that “the common law does not impose liability for what are called pure omissions”. Similarly‚ in Yuen Kun Yeu v A-G of Hong Kong‚ Lord Keith stated that people can ignore their moral responsibilities
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Corporate and Partnership Tax Lee – Fall 2013 By: Cullen G. Tatum TEST INFO: • The test will be a take home test that will have to be returned by the original assigned test date. • Interested in comparing between different types of entities. • One question will be some individuals who want to form an entity‚ and you should choose one and elaborate. • You should treat the test as if you were responding in memo form to an attny who already knows some info on the subject so you do not need
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Limited Companies In order to set up a limited company‚ you must firstly set up the company with Companies House and let HM Revenue and Customs (HMRC) know when the company starts its business. Every financial year the company must: Put together statutory accounts Send Companies Home an annual return Send HMRC a tax return The company must register for VAT if you expect its takings to be more than £81‚000 per year. If you’re a director of a company you must: Fill in a Self-Assessment tax return
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Activity 1. Was the relationship among Grace and her sons a partnership for a term or a partnership at will? Grace Tengalhat and her sons‚ Manny and Jason verbally agreed to share the business for five years. “Partnership for a term is a partnership that exists for a specified duration or until a specified event occurs‚” (uslegal.com)‚ since they agreed for five years‚ this is a partnership for term. A partnership at will is when a partnership is made with no fixed term. 2. Did Manny have the authority
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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)
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PARTNERSHIP DEED FOR VEHICLE DIAGNOSTICS CLINIC VEHICLE DIAGNOSTICS CLINIC DEED OF PARTNERSHIP _____________________________________________________________________________ DEED OF PARTNERSHIP Deed of Partnership entered into by and between:- Evans Murevi (born 14 June 1978) Of 19 Melrose‚Marlbrough Harare Zimbabwe. Stanley Shamido (born ………) of No. …………….. Harare‚ Zimbabwe WHERE AS the Parties here wish to enter into business in partnership as Motor Mechanics from offices
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Personal Management Case: A Business Partnership Gone Bad By DeEsta L . Crenshaw Writing Assignment: Personal Management Case March 07‚ 2011 La Verne University Personal Management Case: A Business Partnership Gone Bad Abstract For the purpose of this assignment‚ the names and location of interest have
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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
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features of limited companies A limited company is a business that is owned by its shareholders‚ run by directors and most importantly the company liability is limited. Limited liability means the investors cannot held personally liable for the company’s loses. This encourages people to finance the company‚ and/or to set up such a business‚ they know that they can only lose what they put in‚ if the company fails. For people or businesses who have a claim against the company‚ “limited liability” means
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