DEFINITION OF COMPANY: The Companies Act Cap 110 definition section states that “company” means a company formed and registered under the Act or an existing company. The companies Act does not sufficiently define what a company is but authors have developed a definition of a company. Professor David Bakibinga in his book company law in Uganda at page 2 defines a company as an artificial legal entity separate and distinct from its members or shareholders. This legal person is distinguishable
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Separate private company accounting standards With the development of world economy‚ U.S.GAAP becomes more and more complex to meet public companies’ needs. Private companies cost a great fortune to compliance with U.S.GAAP. So‚ setting public-private accounting standards is a different issue debated for decades. it goes without saying that setting new separate accounting standards have its advantages and disadvantages. Background In USA‚ there are a large number of nonpublic companies‚ much more than
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RajKumar wishes to convert his business entity from Sole proprietorship to a Private limited company. I have informed him the advantages and disadvantages of a private limited company. Can you also do the same? Inspite of knowing the disadvantages‚ He still insist for help and guidance in forming a private limited. | | | Firstly Mr. Rajkumar must understand that a limited company is a type of company which when set-up allows an entrepreneur to keep their own assets and finances separate from
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The sole proprietor also owns all the profits that his/her business takes in. They themselves own the business and therefore do not have to distribute the profits with anyone else. The only thing that he/she needs to do with the profits is pay the company expenses and the rest is theirs to do with as they please. This tends to be a great incentive for a sole proprietor. Next‚ we have the disadvantages. The sole proprietorship has unlimited personal liability. The sole proprietor is personally liable
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self-discipline to work alone and motivate themselves‚ with no one telling them what to do. Some companies are also looking for this self-discipline and motivation; job advertisements often talk about the need for recruits to be self-starters. Some organisations (such as advertising agencies) want to find ways of motivating their people to be ever more productive and creative. Employees and their managers in this type of organisation are relatively autonomous - they are not given exact procedures on how to
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BUSINESS LAW COURSEWORK ASSIGNMENT: 2013-2014 Craig Shaw Contents 1. Introduction 2. Company vs Partnership 2.1 Benefits of adopting a company 3. Types of company 4. Shareholding model 5. Starting the company 6. The Articles of Association 7. Conclusion and recommendations 1. Introduction As an employee of a management consultancy specialising in starting up business ventures‚ I have been approached by 3 graduates wish to develop an idea into a business venture. This report aims to give
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: TYPE indicates that a question is new‚ modified‚ or unchanged‚ as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. true/false questions 1. A limited liability company is a citizen of every state of which their members are citizens. ANSWER: T PAGES: Section 1 TYPE: + BUSPROG: Analytic AICPA: BB-Legal 2. Members of limited liability companies are
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Business World Instructions Save this file in your course folder‚ and name it with Assignment‚ the section number‚ and your first initial and last name. For example‚ Jessie Robinson’s assignment for Section 1 would be named Assignment1JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day‚ be sure to save your progress. Review Lesson 4 of the Course
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this planning is determining what type of business structure is the proper structure for the business. There are several types of business structures. The purpose of this paper is to identify the different business structures‚ and to explain how each business structure may and might not be advantageous. Business Structures There are three different types of business structures. The first type of business structure is a sole proprietorship structure. The second type of business structure is a partnership
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Business Type Decision for a Successful Company Ernst Dorval American Intercontinental University Abstract This paper will evaluate the advantages or disadvantages of each business type with the business issues facing. It will discuss the management decision to make concerning which legal form of business that will facilitate my firm to succeed. Key words: Management decision‚ advantages‚ disadvantages‚ legal form of business. My business Type Decision for a Successful Company My invention
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