Legal entities Essays & Research Papers

Best Legal entities Essays

  • Types of Legal Entities/Companies
    COMPANIES Starting a business in India requires one to choose a type of business entity. In India one can choose from five different types of legal entities to conduct business. These include Sole Proprietorship, Partnership Firm, Limited Liability Partnership, Private Limited Company and Public Limited Company. The choice of the business entity is dependent on various factors such as taxation, owner liability, compliance burden, investment and funding and exit strategy. Lets look at each of...
    1,032 Words | 4 Pages
  • company a separate legal entity
     Contents Case Analysis Salomon v. Salomon & Co. 1897 Human Beings are generally legal person but humanity is a state of nature and legal personality is an artificial construct, which may or may not be conferred. The origin of corporation lies in a logical extension of this separation of humanity from legal personality as the group of humans who are engaged in a common activity could attempt to simplify their joint activity by gaining legal personality from the...
    1,613 Words | 5 Pages
  • The doctrine of separate legal entity
    Unit 5.5: The Separate Entity Doctrine “It is a basic doctrine of company law: that for certain purposes a company is a legal entity separate from the legal persons who became associated for its formation or who are now its members and directors. For certain purposes, there is a corporate screen around the members and directors. This is often referred as to the ‘Veil of Incorporation.’ The authority for that proposition is the leading case of Salomon v Salomon & Co Ltd [1897] AC 22....
    1,358 Words | 5 Pages
  • Separate Legal Entity - 342 Words
    Question Advice the directors of Finance Pty Ltd that their chances of success in successfully claiming the tax deduction for the bad debt arising from the failed business project undertaken by Iron Ore Ltd. The Finance Pty Ltd comes within the definition of “subsidiary” in s 46 of the Corporations Act 2001. Firstly, Iron Ore Ltd, as the parent company, controls the composition of the first body’s board: the five directors of the Finance Pty Ltd are come from the Board of the Iron Ore Ltd;...
    342 Words | 1 Page
  • All Legal entities Essays

  • Legal Entities and Sole Proprietorship
    Sole Proprietorship: Sole Proprietorship is a very common form of small business organization. Benefits include having complete and total control as to how the business is run, marketing, hours, as well as the immediate dissolution of the business. Disadvantages range from personal liability for the business. A sole proprietor is also held responsible for all taxes for the business as personal income. Liability: A sole proprietor is held personally liable for any errors or damages caused by...
    1,245 Words | 4 Pages
  • Separate Legal Entities - 5145 Words
    Introduction Separate legal entity is principle law today, but in several cases, the principle is ignore and in justice is serve. The courts are willing asked to “lift the corporate veil” and ignore this principle when fairness and justice demand so. A “company” is an organization that is registered under the companies Act 1965. The incorporation of a company is an artificial entity recognized by the law as a legal person that exists independently with rights and liability. This means that a...
    5,145 Words | 14 Pages
  • Uk Separate Legal Entity Concept
    CORPORATIONS AND LEGAL PERSONALITY THE DOCTRINE OF INCORPORATION Module 4.1 COMPANY (artificial or abstract legal person) A company is an artificial (as opposed to a natural) person which is an entity in its own right with a legal personality separate from that and independent of its shareholders (members/owners) or directors (managers). V E I L SHAREHOLDERS (Members) DIRECTORS (Management) EMPLOYEES (natural legal persons) Relevant Case Authority O F MACAURA v NORTHERN LIFE...
    9,447 Words | 35 Pages
  • Legal Aspect - 1008 Words
    LEGAL ISSUES INVOLVED IN VARIOUS FORMS OF BUSINESS ORGANISATIONS:- * SOLE PROPRIETORSHIP In India to establish a sole proprietorship there is no need of filing any legal documents with the Indian state government. There are four simple steps that should be taken: 1. Choose a business name. 2. File an assumed business name with the county recorder. 3. Obtain licenses, permits, and zoning clearance. 4. Obtain an Employer Identification Number. To establish a sole...
    1,008 Words | 4 Pages
  • Legal Assignment - 1776 Words
    LEGT 2741 MAJOR ASSIGNMENT The chances of successfully enforcing the contractual agreement between Casino Ltd. and its employees depends upon the issues raised, the rules and subsequent applications that could be established by the trade union against Casino Ltd. ------------------------------------------------- Issues 1. Whether Casino Ltd. (the parent company) and Caterers Ltd. (its wholly-owned subsidiary company) are considered as separate legal entities. Additionally, whether the...
    1,776 Words | 6 Pages
  • Business Entities Paper - 1119 Words
     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...
    1,119 Words | 4 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...
    1,508 Words | 5 Pages
  • Types of business entity - 1463 Words
    What is the most effective type of business entity? Introduction: There exists a range of types of business entities, some of which could be more successful than others. It is definite that different legal structures of business operate and make decisions in various ways. This text suggests patterns for organizing the entrepreneurial examples in order to see what type of business is the most effective. It could be included three common types of business entities——sole proprietor, partnership...
    1,463 Words | 4 Pages
  • Separate Business Entities: Conventional and Islamic
    Separate Business Entity – Conventional And Islamic. Nazrin KB Bismillah Ar-Rahman Ar-Rahim The manner of this short essay is that it will discuss my findings regarding the generally accepted accounting concepts and principles a.k.a. the GAAPs that most accountants and professional accountancy bodies worldwide have, in unison, established to be the essence of the most ordinary way of businesses treating their everyday activities within the scope of accounting. All businesses do have in their...
    3,661 Words | 9 Pages
  • The Concept of a Separate Legal Personality
    Tutorial 2: The Concept of Separate Legal Personality 1. State the legal principle in company law established by the case Saloman v Saloman. What do you think? Do you think that the decision would be the same today? 2. ‘The Salomon decision was a scandalous one which unleashed a tidal wave of irresponsibility into the business community.’ Discuss. 3. When does a company become a separate legal entity? 4. What is the legal effect of incorporation of a company? 5. . Explain the...
    338 Words | 2 Pages
  • Legal Structure Of Business Organisations
    Legal Structure of Business Organisations Sole Traders General Partnerships Limited Patnerships Limited Liability Partnerships Companies Key Legislation General Law of Contract Partnership Act 1980 Limited Partnerships Act 1907 Limited Liabity Partnerships Act 2000 Companies Act 2006 Liability Unlimited Liability Each Partner jointly and severally liable Limiteed Liabiliy for limited partners and unlimted liability for general partner Limited to the amount tas they have agreed...
    574 Words | 3 Pages
  • Legal Aspect of Business - 1330 Words
    Legal Aspects of a Business Subjecc: Princples of Business Introduction When starting up a new business it is very important to look at the legal aspects which will influence the company in the future. In this part of the information file there will be the most important legal aspects for running a student company. First there is the selection of business form, in which there will be a compairison between the different possible forms. Afterwards a...
    1,330 Words | 5 Pages
  • Separate Legal Personality - 1254 Words
    The incorporation of a company is an artificial person which exists as a separate legal personality. This separate personality means that the company is separate and distinct from its participants. The company needs to be treated like “any other independent person” with rights and liabilities, even if it is owned and managed by one man. It is capable of holding its own property and may sue or being sued in its own name. The company has perpetual succession which implies that it is able to carry...
    1,254 Words | 4 Pages
  • Legal Business Studyguide - 2311 Words
    Legal 2 Test 2 Studyguide Sole Proprietorships the simplest form of business organization. Sole proprietorships are the most common form of business organization in the US. Major advantages: * Forming a sole proprietorship is easy and does not cost a lot. * The owner has the right to make all management decisions concerning the business, including those involving hiring and firing employees. * The sole proprietor owns all of the business and has the right to receive all of...
    2,311 Words | 7 Pages
  • Legal Form of Business - 1202 Words
    Legal Forms of Business Mike Martin LAW/531 January 9, 2012 Carmina Perez-Fowler Legal Forms of Business Legal forms of business include sole proprietorship, partnership, limited liability limited partnership, limited liability company, S corporation, franchise, and corporation. Each of these legal forms offers distinct benefits to business owners and investors. The decision to incorporate one legal form as opposed to another is often determined by circumstance and underlying factors....
    1,202 Words | 4 Pages
  • Legal Forms of Business - 905 Words
    Legal Forms of Business Law/531 2013 2013 Abstract This paper will consider each of the following legal entities: sole proprietorship, partnership, limited partnership, Limited Liability Company and corporation. In addition, it will explain why sole proprietorship would be the legal entity chosen to set it up a business. Legal forms of business Sole Proprietorship: A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated...
    905 Words | 3 Pages
  • Legal Forms of Business Paper
    Legal 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,...
    939 Words | 3 Pages
  • Legal Forms of Business - 1091 Words
    Legal Forms of Business: Week 2 Legal Forms of Business In business, the first decision that is made is usually the most difficult. When making business decisions, the owner must decide what types of business organization is the best for the company. There are seven forms of business that will be discussed as well as scenarios in which each of these forms of business would be the preferred form. This paper will also justify why the corresponding business form is preferred. The...
    1,091 Words | 4 Pages
  • Legal Forms of Business - 1011 Words
    Abstract There are different forms of legal businesses, like Sole Proprietorship, Partnership, Corporation and Limited Partnership. They all have the aspect of running a business and choosing which one is right for someone starting a new company. Each one breaks down what its sole purpose is in the business world and what benefits there are to offer. All have their own advantages and disadvantages, but doesn’t everything. Everything we choose to do in life has its good and bad outcome; it’s...
    1,011 Words | 3 Pages
  • Legal Forms of Business in Sri Lanka
    Introduction A business also called a company, enterprise or firm is a legally recognized organization, designed to provide goods and services to consumers. According to the purpose of the business, ownership of the business and nature of economic contribution of the business; the business can fall into one of the three standard sectors. There are; private sector, public sector and nonprofit sector. The part of the economy concerned with providing basic government services is called...
    4,346 Words | 13 Pages
  • Legal And Regulatory Influence On Financial Statements
    Legal and Regulatory Influence on Financial Statements All businesses have to meet the internal and external reporting standard of financial activities in order to provide meaningful and acceptable financial statement. There were so many development of regulations in the UK in time past which different business owners used in preparing their financial statement as it suite them. For example in1844 the Joint stock companies Act incorporated by registration of audited balance sheet is required,...
    256 Words | 1 Page
  • Legal, Social, and Economic Environments of Business
    Legal, Social, and Economic Environments of Business I would go with a solo proprietorship, just because I would want to be my own boss. I don’t know too much about the legal side of things, but if I was to own my own business, I would take classes on the legal side of everything and try to stay up to date on everything. Also going with a solo proprietorship I wouldn’t have to worry about dealing with everything a corporation has to deal with, yes everything will be on my shoulders...
    830 Words | 3 Pages
  • Fin/419 Legal Forms of Business
    Legal Forms of Business Organizations Carol Sauceda FIN/419 February 4, 2013 Kristtine Donnelly Legal Forms of Business Organizations In business, there are legal forms that organizations are classified under. There are three most common forms of business organizations, sole proprietorship, partnership, and corporation. The life cycle theory of the firm starts out as a proprietorship. As a firm grows larger, more complex and needs more capital than is available from the proprietor, the...
    920 Words | 3 Pages
  • Corporate Law: Legal Environment of Business
    Institute of Business Administration (JU) BBA (17th Batch) Session: 2007-08 Course: Legal Environment of Business Course Code: BUS 211 CT: Rumana Islam Lecture-1 & 2 History and Background of Company Law in Bangladesh (outline only): The Companies Act of 1994 has been passed consolidating and amending the laws relating to companies and other associations. The present Act is based on the structure of Companies Act 1913. But the first statutory company legislation in this sub-continent...
    5,005 Words | 17 Pages
  • [Separation of legal personality and lifting the corporate veil ]
     TABLE OF CONTENTS Chapter 1 # Section 1.1 # Section 1.2 # Section 1.3 # Chapter 2 # Section 2.1 # Section 2.2 # Section 2.3 # Chapter 3 # Section 3.1 # Section 3.2 # Section 3.3 # INTRODUCTION This report covers the separation of legal personality and the lifting of the corporate veil from the cases of Salomon v A Salomon co ltd (1897), Catherine lee v Lee’s Air farming ltd (1960). Salomon v Salomon was the first principle case of its kind and its principle was that a limited...
    1,189 Words | 4 Pages
  • Three Basic Legal Forms of Business Organizations
    There are three basic legal forms of business organizations: the sole proprietorship, the partnership, and the corporation. Each form of legal organizations has unique characteristics that are important to consider when starting a business. The legal form chosen will make significant differences for things such as ownership, sources of financing, personal and financial risk, taxes, workload, buying or selling a business, and liability issues. A sole proprietorship is a business owned by a...
    562 Words | 2 Pages
  • company law assignment separate legal personality
    The main issue in the question� entails a discussion relates to corporate entity or personality. As noted a key feature of the company is that is a legal person with a separate existence from the company's members� or its directors. It is an artificial person in the eye of law that exist independently and separate from any other entity associated with the company. As a consequences a company can enter into contracts with its own shareholders� and own property in its own right. Beside that, a...
    4,744 Words | 19 Pages
  • Analyze Political, Social, Ethical, and Legal Differences Facing Both Organizations and Determine the
    My 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...
    1,355 Words | 4 Pages
  • Mr. 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?
    LEB | Assignment 1 | | Caselet: Mr. 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...
    729 Words | 3 Pages
  • Effitta - 5589 Words
     Name: Tanasha Duncan Territory: Anguilla School: Albena Lake Hodge Comprehensive School Centre #: 020001 Registration #: 0200010174 Subject: Accounting Acknowledgements………………………………………………………. 3 Introduction………………………………………………………………. 4 Methodology……………………………………………………………… 5 Module One……………………………………………………………………… 7 Aim and Objectives………………….…………………… 8 Related Literature……………….……..………………… 9 Presentation, Analysis...
    5,589 Words | 20 Pages
  • One Man Control - 701 Words
    What is Meant By One Man Control? One man control or one man business (also called sole proprietorship) is the simplest form of business organization. The description ‘One man business’ or ‘one man control’ is sometimes con as misleading one, as there may be more than one persons working as employees in the business. The essential condition of one man control or one man business is that it i.e. a business owned by one person, managed and operated for one’s own profit. Statute of One Ban...
    701 Words | 3 Pages
  • Business Law Group Project FINAL
     Lifting the Corporate Veil Business Law Assignment MGMT 2021 28th October, 2013 Prepared By: BRIGGETTE BRATHWAITE(412000034) JULICA CAVE(412000690) RICHARD COGGIN(412000063) CHARLENE CORBIN(412000064) JOSHUA GAY(412000100) Introduction Business Law is a branch of law that institutes the framework of economic transactions and activities, and their legal implications within a business context. As a result, it provides governance over the manner in which business activities can...
    4,331 Words | 13 Pages
  • Joint Stock Companies - 424 Words
    Joint Stock Companies Among the different forms of business organizations which are functioning as at present, the predominant form of business organization during these modern days is found to be joint stock companies. Joint stock companies are termed as corporations in United States. Such form of business organization is necessary to undertake any business or industry on a large scale. This is because it overcomes the drawbacks of sole proprietorship and partnership. Such form of business...
    424 Words | 2 Pages
  • evahml - 5855 Words
    Shue Yan University Company Law (LAW 331) Topic 1: Corporate Personality Reading: Law of Companies in Hong Kong – 3.001-3.072 Overview Company is a legal person different from its members Doctrine of separate legal entity of a company constitutes one of the major conceptual foundations of company law. Under this doctrine, the company is a different person altogether from the members of the company. The company itself is a legal person. As a separate legal entity separate from its...
    5,855 Words | 19 Pages
  • Piercing the corporate veil since the enactment of the New Companies Act.
    Piercing the corporate veil since the enactment of the New Companies Act.1 A company, as a separate entity, is an acknowledged concept in South African law. It is clearly stated in the Constitution: A provision of the Bill of Rights binds a natural or a juristic person if, and to the extent that, it is applicable, taking into account the nature of the right and the nature of the duty imposed by the right.2 Although a company is acknowledged as a separate entity, it is common sense that...
    1,301 Words | 6 Pages
  • Business Organization - 623 Words
    Vanessa Lefler Bus 210 Week 2 Checkpoint A friend of mine and I are going to try and open a business doing accounting and bookkeeping but are having a hard time choosing if the form of business organization we will operate as will be joint stock, limited liability, partnership, or a sole proprietorship. A joint-stock company is where business owners raise capital by issuing stock certificates of its ownership. This means selling stock to investors that guarantee them a certain...
    623 Words | 4 Pages
  • Corporate Veil - 880 Words
    Introduction The main concept in the assignment is about corporate personality. First of all, we need to clarify the meaning and characteristics of company. In short, company means a body of persons combined for a common object. A company exist there must be a group of persons that more than 1 persons. In eyes of law, a company is a separate legal personality from its members. In Section 16(5) CA1965, it stated that a body corporate obligations and liabilities are its own, and not those of its...
    880 Words | 3 Pages
  • Advantages of Setting Up a Small Business
    v Starting Up a Small Business Franchise: Franchise is a type of business organization in where is an already successful service/company. They then give person to a group of people to market their company/services. Examples of Franchises are McDonalds, Subway, Dominoes Pizza, Body Shop, Co Op etc. Sole trader: A Sole Trader is a self employed person, who owns their business taking on all of the benefits and threats on being self-employed. Examples of sole traders our plumbers, Internet...
    395 Words | 2 Pages
  • Salomon V Salomon - 381 Words
    Salomon vs Salomon The main issue relates to corporate entity or personality, a company being a legal entity independent of its members, can enter into contracts and own property in its own right, can sue and be sued and also taxed in its own name. The principle of corporate entity was established in the case of Salomon v A. Salomon , now referred to as the ‘Salomon’ principle. The facts of this case were that the owner of a business sold it to a company he had formed, in return for...
    381 Words | 2 Pages
  • Sonic - 484 Words
    Sonic Boom Angel Dewberry MAN 1030 Introduction to Business Everest University February 2, 2013 Sonic is a large chain of fast food restaurants with over 3,200 drive-ins all over the country and in Mexico. (http://sonicboomsc.com/sonichistory.html) I would have never thought that it all began as a sole proprietorship, a business owned and managed by one person. There is no way that Sonic would have grown as large as it has today if it had stayed that way. Today Sonic is now a successful...
    484 Words | 2 Pages
  • Importance of English Language - 1551 Words
    JOINT STOCK COMPANY A joint-stock company is a business entity which is owned by shareholders. Each shareholder owns the portion of the company in proportion to his or her ownership of the company's shares (certificates of ownership). This allows for the unequal ownership of a business with some shareholders owning a larger proportion of a company than others. Shareholders are able to transfer their shares to others without any effects to the continued existence of the company....
    1,551 Words | 6 Pages
  • Darlings Chocolate - 824 Words
    Why do you think colonel Darling chose sole trader as a form of business organization and when and why might his company have become a partnership. Joshua Darling was a retired army colonel, who returned after the army to Liverpool, where he was born, opened a chocolate factory and set up his own business as a sole trader in July 1933. Why colonel Darling chose a sole proprietorship as a form of business organization? First of all, a sole proprietorship was suitable for his nature as he...
    824 Words | 2 Pages
  • Sole Proprietor - 2974 Words
    Sole proprietor Advantage (1) Easy to establish: Sole trading concern can be established very quickly and easily. Anybody who wants to start a business can do so, whenever, he likes. In Nepal, only nominal legal formality of registration is necessary. (2) Easy to dissolve: Dissolution of sole trading concern equally simple. There are no legal formalities in this regard. Proprietor can dissolve business whenever he likes to do so. (3) Effective control: In this form of business organization,...
    2,974 Words | 9 Pages
  • Case of Braswell V United State
    Case of Braswell v. United States Team A Bridget Sarris, Bonnie Kyle, Erlyn Cruz, Ernest Snyder LAW / 421 Robert Tisher May 27, 2013 BRASWELL v. UNITED STATES This case presents the question whether the custodian of corporate records may resist a subpoena for such records on the ground that the act of production would incriminate him in violation of the Fifth Amendment. We conclude that he may not. From 1965 to 1980, petitioner Randy Braswell operated his business — which...
    798 Words | 3 Pages
  • Forms of Business Enterprise - 453 Words
    Throughout the world, wherever business enterprises are carried on, there are to be found three basic forms in which the ownership of these enterprises is held. . The individual owning outright his own business and usually managing it himself without much cooperation or assistance.( sole proprietorship) . A group of owners, working together under some form of partnership agreement. . The impersonal owner - the corporation - standing between the business and the individuals who have...
    453 Words | 2 Pages
  • Disadvantages of Limited Company - 350 Words
    Disadvantages of a Limited Company Cost – Some people will have you believe that a Limited Company is expensive to set-up. Not so! Our Company Formation packages start from as little as FREE! And include many related services and products that would cost you highly elsewhere. Complex Accounts – There are more complex and restrictive rules governing the accounts and bookkeeping of Limited Companies than sole traders (for example). The Company is expected to produce years accounts...
    350 Words | 2 Pages
  • Forms of Commercial Organisation - 12488 Words
    DIFFERENT FORMS OF ORGANISATION SOLE TRADING CONCERN ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Suitability PARTNERSHIP FIRM ▪ Meaning ▪ Features ▪ Merits ▪ Demerits ▪ Kind of partnership firm ▪ Types of partners ▪ Partnership Deed JOINT HINDU FAMILY BUSINESS ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages JOINT STOCK COMPANY ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Management ▪...
    12,488 Words | 46 Pages
  • Computer - 4490 Words
    THE COMMON PROBLEMS IN BUSINESS ARISING FROM SOLE PROPRIETORSHIP AND PARTNERSHIP AMONG BUSINESSMEN IN TAGUM CITY ____________________ A Research Paper Presented to the Faculty of the College Department ____________________ In Partial Fulfilment of the Requirements in English 2A ____________________ By: Maghanoy, Laira M. Luma-ad, Chriselle Mae P. Lumotos, Flora Mae D. Chapter 1 THE PROBLEM AND ITS SETTING Background of the Study Sole proprietorship and...
    4,490 Words | 15 Pages
  • Advise to the Liquidator to Do All He Can to Recover the Creditors Money.
    Company Law for Business 1 Advise to the liquidator to do all he can to recover the creditors money. I would start by saying that Chablis ltd and Muscadet ltd are wholly owned subsidiaries and are separate legal entities in their own right. When Brandy loaned the two subsidiary companies money, the loans were secured by fixed and floating charges over all of their assets, so first and foremost, this would need to be paid back with the money recovered when winding up these two businesses. The...
    433 Words | 2 Pages
  • Business Organization - 310 Words
     In a joint stock company, each member has shares in the business depending on the amount of capital contributed. For example a company with $100, 000 can be formed by 5 members who has contributed equally to the capital. Every member will get 20% of the shares. The company has a separate identity and files its own tax return and each shareholder files their individual personal tax return If the company has a tax liability of say $10000 then the individual shareholders cannot be made liable...
    310 Words | 1 Page
  • Sole Trader vs Private Limited Company
    Firstly, one of the main advantages of a Private Limited Company over a sole trader is that, members may enjoy the availability of Limited Liability, hence the business is incorporated (i.e. the business has a separate identity from the owner).Therefore, liability for payment of debts stops at the Company, and owners and shareholders are not personally liable for any other debts than that of which they have purchased. On the other hand, a sole trader’s liability status is unlimited and there is...
    383 Words | 1 Page
  • Types of Organisation - 268 Words
    SECTION 1 *Identification of the purpose of different types of organisation We have two main types of business organisations. Which are Profit-making organisations and Not-for-profit organisations. In the profit making organisation, we have the Sole traders, Partnerships and LLPs, Companies and The Franchises. While on the Not-for-profit organisation we have the Quangos, Voluntary, public sector bodies and the charities. *SOLE TRADER- This is a simple business that is easy to set up, and...
    268 Words | 1 Page
  • The Saloman Principle - 1557 Words
    DRAFT Chapter 2. The Salomon principle Introduction In the previous chapter we considered how the modern company grew of out of the law on unincorporated associations, how it used ideas long identified with town corporations created by Royal Charter, how it evolved from the joint stock company, and how shareholders in companies were granted limited liability by statute. One key element of the modern company, however, remained outstanding: the principle of separate corporate personality...
    1,557 Words | 5 Pages
  • B Communication - 595 Words
     CODE: DIM 1004 BUSINESS ACCOUNTING AND ETHNICS ASSIGNMENT NAME : TEY KIM CHI NRIC : 910517-14-5038 H/P NUMBER : +6016-6583248 STUDENT ID : 200194 LECTURER : MR DOUGLAS AUGUST 2011 SEMESTER 1.0 TABLE OF CONTENTS NO TOPIC PAGES 1.0 Table of Content 1 2.0 Introduction 2 3.0 Background of Limited Company and Sole Trader-Nokia Mobile and Accountant 7 4.0 Main Advantages of Limited Company Over The Sole Trader 13...
    595 Words | 3 Pages
  • Legt 2741 Assignment - 1787 Words
    LEGT2741 Assignment There are three main parties to this case; Flywell Ltd (F), the parent company, Jetover Ltd (J), the subsidiary, and the Australian Pilots Association (APA) which is representing the 200 pilots currently employed by J. F incorporated J as a wholly owned subsidiary of F and appointed four directors for J from the six directors of F. Two hundred of F’s pilots were made redundant and immediately rehired by J on lower wages and entitlement previously enjoyed at F. New pilots...
    1,787 Words | 5 Pages
  • The Invention and Business Organization Forms
    The Invention and Business Organization Forms Lorraine Smalls and Editorial Broad, 2011 American InterContinental University ABSTRACT Lorraine said that invention has been the growth of technology over the years. The simplest ideas she believes have made life easier for people all over the world. Lorraine stated that many inventions have started within a person home just messing around with a thought of something he or she would love to have patent. Lorraine’s invention thought pertains...
    924 Words | 3 Pages
  • Business Organization Checkpoint - 260 Words
    Miguel Flores Checkpoint: Business Organization A sole proprietorship is a business that is owned by one person only. That one person is the sole owner and makes all decisions on their own. Most sole proprietorships are small business likes restaurants, markets, and liquor stores. The owner must have knowledgeable business experience or else his business will not be profitable. Most of this shops end up closing up after a couple of years because the sole owner must take in all the...
    260 Words | 1 Page
  • Advantages and Disadvantages of Each Type of Business
    Ouestion (a) Sole Proprietorship Sole proprietorship is a business owned one person, who has full control of the business and how it is run. They also own all the assets of the business and any profit that it makes. In the same vein, they are also responsible for all the debts and liabilities the business accrues. There are lots advantages by being a sole trader. The first advantage is easy formation. The formation of sole proprietorship business is very easy and simple. No legal...
    1,066 Words | 4 Pages
  • Sole Proprietorship - 572 Words
    Sole Proprietorship It refers to a form of business organisation that is owned and controlled by one individual. He is the only risk bearer and the profit recipient The word ‘sole’ implies only and the word ‘proprietor’ refers to owner. Hence a sole proprietor is the only owner of the business. FEATURES 1. Formation and Closure – Hardly any legal formalities are required to start. But in some cases licence might be required. Closure can be done easily. Hence it is easy to...
    572 Words | 4 Pages
  • Mcgee Cake Company - 1401 Words
    Running Header: CASE STUDY 1 The McGee Cake Company: A Case Study Submitter Instructor BUS Course 2012 CASE STUDY 2 Introduction The McGee Cake Company, owned by...
    1,401 Words | 5 Pages
  • Corporate Finance Solution Quiz 1
    List and briefly describe the three basic questions addressed by a financial manager. What should be the goal of the financial manager of a corporation? Why? What advantages does the corporate form of organization have over sole proprietorships or partnerships? If the corporate form of business organization has so many advantages over the sole proprietorship, why is it so common for small businesses to initially be formed as sole proprietorships? The three areas are: 1. Capital budgeting: The...
    598 Words | 2 Pages
  • Ihrm - 945 Words
    Universidad Pablo de la Olavide International Human Resources Essay Topic International Human Resources trends: complexity, challenges and choices in the future Dario Caliandro (ERASMUS) List of contents List of tables 3 List of figures 4 Introduction 5 2 Complexity of international companies 2.1 General structure processes by going international 2.2 Complexity of international companies in question of human resources Challenges Choices Conclusion 1...
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  • Company Law - 6657 Words
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  • Individual Problem Solving Report
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  • Small-Business Idea Paper
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  • Different Business Forms - 911 Words
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  • different forms of ownership - 2597 Words
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  • E commerce - 368 Words
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  • managing financial resources and decision
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  • Forms of Business Organisation - 3740 Words
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  • Business Environment - 2899 Words
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  • case study 3 entrepreunership
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  • Compare the Sole Trader and Limited Companies
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  • Company Law - 307 Words
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  • Business Organization - 376 Words
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  • Sole Proprietorships and Partnerships - 532 Words
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  • Business Organization Research - 369 Words
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  • start a business - 287 Words
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  • Business Organization - 630 Words
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  • Business Organization - 306 Words
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  • Theories of Corporate Personality - 4403 Words
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  • One Person Company - 246 Words
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  • Financial Management - 916 Words
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  • Business Organization - 386 Words
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  • The main strategic aim and objective fo
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  • Principles of Management - 2382 Words
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  • Company Law - 59121 Words
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  • Factset Csr Proposal - 3674 Words
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  • Btec Business P1 L2
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  • Bus/210 - Foundations of Business Week Two Assignment
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  • Question - 8897 Words
    BUSINESS ORGANIZATION Tutor Marked Assignment (TMA) Course Code : ECO-01 Assignment Code :ECO-01/TMA/2012-13 Total Marks: 100 Attempt all the questions 1. What are the essential requisites of an ideal form of business organization? Explain the criteria for the selection of the form of organization. (20)...
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  • Lit1 - 293 Words
    • LIABILITIES – If the business incurs debt that can not be covered by the profit of the business the owner will be personally liable. You can be sued to satisfy the debt of the company and your personal property can be seized to satisfy company debts. • INCOME TAXES – Forming a Sole Proprietorship allows the owner to avoid the high tax rate that corporations pay due to it not being separate from the individual. • LONGEVITY/CONTINUITY – The business is the same as the owner so the business...
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  • Sole Proprietorship - 310 Words
    QUESTION: Can these creditors collect from Nancy? Explain. Sole Proprietorships: The sole proprietorship is formed very easily and inexpensively which makes it the most commonly used form of business enterprise. The distinctive characteristic of a sole proprietorship is that it is owned and managed by only one person. The sole proprietor has the ultimate responsibility and authority for all decisions affecting the business. In addition, sole proprietors are personally liable for all debts...
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  • Firestone Tyre And Rubber Co
    In Firestone Tyre and Rubber Co. Ltd v. Llewellyn (1956) 1 WLR 464, it was held that the plaintiff company was the wholly owned subsidiary of an American company. The plaintiff company is an American tyre company which manufactures and fulfilled orders for tyre from authorized distributors in Europe. The company made payment in the United Kingdom. The plaintiff company retained some of these payments, and remitted those balance to its parent company in America. The American company had an...
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  • Japanese Shukko Technique - 4104 Words
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