STUDY UNIT 2: ESTABLISHMENT AND FINANCIAL STATEMENTS OF A PARTNERSHIP PARTNERSHIP - A partnership is a legal relationship which arises when an agreement is entered into by two to twenty people. Each partner contributes something – cash‚ assets‚ knowledge etc to the business with the aim of making a profit which is shared according to an agreement. 2.2 Reasons for forming partnerships o To increase the amount of capital in the business o To eliminate competition o To bring capital and
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Classification Or Types Of Financial Institutions In financial market there are many types of financial institutions or intermediaries exist for the flow of funds. Some of them involve in depositary type of transactions whereas other involve in non-depositary type of transactions. The type of financial institutions can be divided into two types as follows: 1. Depository Institutions The depository types of financial institutions include banks‚ credit unions‚ saving and loan associations
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In comparing small businesses with corporations‚ the aspects of both types of businesses must be taken into direct consideration. By definition‚ a small business may be regarded as a business with a small number of employees. The legal definition of "small" often varies by country and industry‚ but is generally under 100 employees. These businesses are normally privately owned corporations‚ partnerships‚ or sole proprietorships. Corporations can be defined as an organization of people legally bound
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SMEs ’ available financial source and why it is difficult to be raised? Module code: ULMS767 Name: Yi Jiang Student ID: 200893869 November 19‚ 2012 Supervisor: David Brookfield SMEs ’ available financial source and why it is difficult to be raised? Abstract This paper will have a brief introduction of what kind of financial sources are available for small or medium-sized enterprises (SMEs). Moreover‚ these sources have been categorised as 3 different types‚ namely‚ first‚ Self-Raised
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Civil Law SUMMER REVIEWER CHAPTER 1: GENERAL PROVISIONS PARTNERSHIP - a contract wherein two or more persons bind themselves to contribute money‚ property‚ or industry to a common fund‚ with the intention of dividing the profits among themselves. (see Art. 1767‚ CC) (General Professional Partnership‚ Art.1767¶2) Two or more persons may also form a partnership for the exercise of a profession. ELEMENTS OF A PARTNERSHIP: There shall be a partnership whenever: 1. There is a meeting of the minds; 2. To
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How Can Small Businesses Survive in Today’s Economy? The idea of working for yourself and managing your own time is interesting. Thinking about some advantages of being your own boss‚ many professional designers are trying to find their place in the market. Discussing when is the best time to start a business‚ if it’s really worth‚ and how to get started are relevant issues. When this important decision‚ there are many view points to consider. Why do people start their own business? Some are
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Banking Regulation Financial regulation relates to laws and rules that govern what financial institutions such as banks‚ brokers and investment companies can do. These may be set though legislation or be stipulated by the relevant regulatory agency‚ for instance the FSA in the UK . Regulation is needed to ensure consumer’s confidence in the financial sector . It does this by providing smaller retail clients with protection against potential losses and by protecting consumers against monopolistic
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to Bentley Physiotherapy’s partnership agreement that Tim‚ Kathy and Martin are partners and that Bentley Physiotherapy is operating as a partnership so no further analysis into the essential elements of a partnership is necessary. It is stated that Adam made it clear that he didn’t want to be a partner. This does not give us any reason to believe that Adam is not a partner of the business. Whether a partnership exists is a mixed question of fact and law. WA Partnership Act 1895 – S8 sets out some
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1. Introduction Today‚ life insurance actually the one of everybody needs. As we know‚ it is a type of financial protection to anyone who bought it. Basically‚ life insurance is an agreement between insurance policy holder and insurer‚ where the insurer promises to pay an amount of sum assured to beneficiary upon the death of the life insured. In other words‚ an individual’s pure risk is shifted to insurer in the consideration of premium paid by the policyholders. The premium is either paid regularly
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Financial Statements ACC 290 March 4‚ 2013 Financial Statements come in four basic types; income statement‚ retained earnings‚ the statement of cash flow and the balance sheet. These statements are used both internally and externally to calculate the profitability and liabilities of a company. The financial statements of a company are the window for managers‚ investors‚ and creditors into the stability of a company. The details of a financial statement differ from the type of the
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