Limited liability partnership Essays & Research Papers

Best Limited liability partnership Essays

  • Partnership and Limited Liability Partnership Organization
    Introduction This is a report that shows a comparison between both Partnership and Limited Liability Partnership organization and to advise Mr. Tan on the business organization that is more likely to fit his needs for setting up a new consulting business. For this particular project, our group assumed that Mr. Tan used to be an accountant working for a big accounting firm and is now looking to set up a small accounting consultancy business. 1 Process Required to Setup Business...
    2,365 Words | 9 Pages
  • Limited Liability Company and Partnership
    Limited Liability Company and Partnership Jasamine L. Stephens Finance for Decision Making FIN/419 October 10, 2011 Maria Johnson  Limited Liability Company and Partnership Every business venture begins with a dream and a basic idea. Beginning a business is a decision that must be made by first deciding what type of entity to establish. There are several factors that need to be decided such as will the new business have one or multiple owners. The most common forms of a...
    734 Words | 3 Pages
  • Limited Liability Partnership - 686 Words
    Introduction There are many different forms of business entities available, a recent one being limited liability partnerships (LLP), created by the Limited Liability Partnership Act 2000 (LLPA). This act came into force on the 6th of April 2001. As, LLP’s have qualities similar to partnerships, they are seen as a hybrid between a partnership and a company. An LLP is a ‘corporate body’ with ‘separate legal personality’, distinct from its members. Members enjoy limited liability and are not...
    686 Words | 3 Pages
  • Limited Liability Partnership - 5729 Words
    Limited Liability Partnership Limited Liability Partnership entities, the world wide recognized form of business organization has been introduced in India by way of Limited Liability Partnership Act, 2008. A There are no sources in the current document.Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. In an LLP one partner is not responsible or liable for another partner's misconduct or...
    5,729 Words | 17 Pages
  • All Limited liability partnership Essays

  • Limited Liability Partnership - 4721 Words
    INDEX |S.NO |CONTENT |PAGE NO. | |1 |Introduction |2-4 | |2 |Overview of Limited Liability Partnership|4-10 | | |Act, 2008 |...
    4,721 Words | 15 Pages
  • Limited Liability Corporation and Partnership Paper
    Running Head: Limited Liability Corporation and Partnership Paper Limited Liability Corporation and Partnership Paper University of Phoenix Michael Charley FIN/419 - FINANCE FOR DECISION MAKING Finance 05/17/2011 - 06/20/2011 Instructor: TONY MOSES In today’s economy there are many decisions business owners have to make in order for their business to sustain and grow. With that being said, business owners are now looking at the operations and structure of their business more...
    965 Words | 3 Pages
  • Limited Liability Partnership Act 2008
    A to Z of Limited Liability Partnership A. INTRODUCTION The concept of Limited Liability Partnership (LLP) in India is viewed as an alternative corporate business vehicle that provides the benefits of limited liability and also allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. The revised Bill received the assent of the President of India on 7, January 2009. LLP is a body corporate formed and incorporated...
    1,093 Words | 4 Pages
  • Limited Liability Corporation and Limited Liability Partnership: Understanding the Difference
    Limited Liability Corporation and Limited Liability Partnership Paper More businesses are opening every day, which means businesses and personal liability concerns are growing. Many concerns Depending on the type of business, an individual would need to research the advantages and disadvantages of forming a Limited Liability Partnership (LLP) or Limited Liability Corporation (LLC) to weigh the pros and cons of what would work best for the business. The roles of LLC and LLP will be discussed in...
    883 Words | 3 Pages
  • Limited Liability - 901 Words
    Limited Liability Corporations and Partnerships Rosangelica Gonzalez University of Phoenix FIN/419 Finance for Decision Making Gerardo Blanco September 29,2010 Limited Liability Corporations and Partnerships Starting a new business requires many decisions, and much planning. One of the earliest and most important decisions is the form of the business, or the type of business entity. Common forms of business entities include sole proprietorships, limited liability corporations (LLC’s),...
    901 Words | 3 Pages
  • Limited Liability Partnership as a Hybrid Business Organization
    The limited liability partnership; A hybrid of two different forms of business organizations – the partnership and the company. The Limited Liability Partnership (LLP) was introduced as a new business entity in Singapore in 2005. Its definition under S14 of the Limited Liability Partnership Act (LLPA) shares a resemblance to S1 of the Partnership Act (PA): it comprises of two or more persons carrying on a lawful business in view of profit upon registration with the Accounting and Corporate...
    1,065 Words | 3 Pages
  • Limited Liability Partenership - 716 Words
    Executive Summary |Anglo-American was the first to establish a system of Limited Liability Partnership. Its purpose was to solve the conflict | |between the continually expanding professional service organizations and unlimited joint liability. In 2006, newly revised the | |"Law of the People’s Republic of China on Enterprise Partnership" referenced this system, referred to as "special general | |partnership". This new organization blocked the unlimited joint liability among...
    716 Words | 3 Pages
  • The Limited Liability Company - 459 Words
    THE LIMITED LIABILITY COMPANY A popular form of business, especially with small businesses, is the hybrid form of business, the limited liability company (LLC) or a limited liability partnership (LLP), which combine the best features of a partnership and a corporation. In 1988, the Internal Revenue Service (IRS) ruled that the LLC may be treated as a partnership for tax purposes, while retaining its limited liability for its owners. Since this ruling, every state has passed legislation...
    459 Words | 2 Pages
  • Fin 419 Limited Liability Corporation
    Limited Liability Corporation and Partnership FIN419 - Finance for Decision Making Date Instructor’s name Limited Liability Corporation and Partnership Paper Limited Liability Corporation and limited liability partnership are two of several types of structures that individuals can give thought to forming when starting a business. To form a corporation each member has limited liability, but the corporation has full liability. Forming a partnership requires at least two people, which...
    1,018 Words | 3 Pages
  • Partnership - 3848 Words
    Chapter # 03 Partnership Q-1 Define Partnership and explain the features of Partnership? Ans. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax....
    3,848 Words | 16 Pages
  • Partnership - 2293 Words
    Partnership A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business. Because partnerships entail more than one person in the decision-making process, it’s important to discuss a wide variety of issues up front and develop a legal partnership agreement. This agreement should document how future...
    2,293 Words | 9 Pages
  • partnership questions - 17036 Words
    Chapter 11 True/False Indicate whether the statement is true or false. ____ 1. A property distribution from a partnership to a partner is generally taxable to the partner. ____ 2. For Federal income tax purposes, a distribution from a partnership to a partner is treated the same as a distribution from a C corporation to its shareholders. ____ 3. In a liquidating distribution, a partnership need not distribute all of its property to all of its partners. ____ 4. A distribution...
    17,036 Words | 85 Pages
  • Partnership and Microsoft - 1679 Words
    1. What are some relative advantages and disadvantages of using smaller local partners vs. a large local partner? Some advantages that Microsoft might have are that in general partnerships, each participant is personally responsible for the actions of the company. This includes debts, liabilities and the wrongful acts of other partners. One advantage of a limited liability partnership is the liability protection it affords. This type of partnership structure protects individual partners from...
    1,679 Words | 5 Pages
  • Nature of Partnerships - 933 Words
     Nature of Partnerships Nature of Partnerships When starting a business, it can be with a sole proprietorship, a partnership, or as a company. A partnership is the most popular and the easiest to form. Partnerships combine individual talents and skills together for a hopefully successful business enterprise venture. Man has realized that it is easier to do something with the help of others than singly. Partners, also, provide a greater chance of obtaining equity capital...
    933 Words | 3 Pages
  • Corporation and Partnership - 2171 Words
    Chapter 10 Quizzes Salta Company installs a manufacturing machine in its factory at the beginning of the year at a cost of $87,000. The machine’s useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value. During its second year, the machine produces 84,500 units of product. Determine the machines’ second year depreciation under the units of production method: Answer: $16,900 Cost-Salvage Value/Total units of production (87,000 – 7,000)/400,000 = .2...
    2,171 Words | 9 Pages
  • Partnership and Llp - 5791 Words
    Institute of law Nirma University A Research Project On: “Comparative analysis of “limited liability partnership act 2008” with respect to “partnership act 1932” Submitted to: sub mitted by: Prof. Nizam Khan Abhijeet Dubey Asst. Prof. of Law ILNU 11BBL022 Acknowledgement I would like to thank my...
    5,791 Words | 18 Pages
  • Business Partnership Disadvantages. - 2028 Words
    Business Partnership Disadvantages • Business partners are jointly and individually liable for the actions of the other partners. • Profits must be shared with others. You have to decide on how you value each other’s time and skills. What happens if one partner can put in less time due to personal circumstances? • Since decisions are shared, disagreements can occur. A partnership is for the long term, and expectations and situations can change, which can lead to dramatic and traumatic split...
    2,028 Words | 6 Pages
  • articles of co-partnership - 1397 Words
    Articles Of Co-Partnership Articles of agreement made and concluded this 1st day January, 2013, by and between Jerryl Therese Ang, Kristine Rose Fusingan, Marionne Edrienne Olaso and Jennilyn Poquiz: Article I. - That the parties hereto have agreed to and do by these presents become partners under the firm name and style of The Omnibooze Company with the principal office and place of business located in Quezon City. Article II. - The purpose and business of said partnership shall be the...
    1,397 Words | 4 Pages
  • Features of Partnership Firms - 483 Words
    Economics – Features of Partnership Firms There are different forms of business organizations and a partnership firm is one among such organizations. Partnership is the relationship between two or more persons who have agreed to share the profits of the business carried on by all or any one or more of them acting for all. The following are the characteristics or features of any partnership firm: 1. Contract: It is formed on voluntary basis by means of an agreement agreed between two or...
    483 Words | 2 Pages
  • importance of written partnership agreement
    Legally, you can still create a general partnership agreement with a handshake - but it's not smart. Like any relationship, partnerships are fraught with opportunities for disagreement and misunderstanding. But unlike most relationships, once you enter a partnership agreement with someone, you're legally yoked to them until the partnership is officially dissolved. Using a written partnership agreement to formalize your partnership arrangement saves personal grief down the road because it allows...
    406 Words | 2 Pages
  • Indian Partnership Act 1932
    Indian Partnership Act 1932  Presenter Pankaj Rao B.Com ( Honours ) II Semester Content         Definition of Partnership Essentials element of partnership. Kinds of partners Types of partnership Rights of partner Partnership Deed Difference Between Partnership firm and Company Definition of partnership ( Acc. to Partnership Act 1932 )  “ Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting...
    940 Words | 9 Pages
  • PARTNERSHIPS: FORMATION, OPERATION, AND BASIS
     Chapter 10 Partnerships: Formation, Operation, and Basis Lecture Notes SUMMARY OF CHANGES IN THE CHAPTER The following are notable changes in the chapter (and these Lecture Notes) from the 2013 Edition. For major changes, see the Preface to the Instructor’s Edition of the text. News Boxes Updated Tax in the News titled Trends in Partnership Usage. Updated Tax in the News titled LLC Members Not Automatically Treated as Passive. The Big Picture – Why use a...
    11,109 Words | 43 Pages
  • what are sole traders and partnerships
    What are Sole Traders and Partnerships All About? Choosing the correct legal structure for your business is very important as it can affect your liability levels and how much taxation you have to pay. Let’s have a look at two of the more common structures: Sole traders and Partnerships. Every since losing his battle between good and evil, Darth had been looking for a new career move. He finally decided to set up his own small business. SOLE TRADER A Sole...
    1,132 Words | 4 Pages
  • partnerships and sole traders - 667 Words
    A partnership is formed where a business is started and owned by more than one person. In each case, a legal document called a Partnership Agreement sets out how the partnership is run, covering areas such as: • How profits are to be shared • What the partners have to invest into the business • How decisions are taken • What happens if a partner wants to leave or dies The partners between them own all the business assets and owe all business liabilities. Partners, therefore, also...
    667 Words | 3 Pages
  • Partnerships and Corporations: The Accounting Process
    Partnerships and Corporations – the accounting process Dwight A. Holland II ACC 206 Kristi Rayford 31 May 2010 How do partnerships and corporations differ in accounting processes? With partnerships, you have to look at several key concepts such as direct materials, direct labor, direct expenses, production overheads, process stock accounts. In reference to corporations, you have to consider a laundry list of items including accounts payable, accounts receivable, payroll,...
    930 Words | 3 Pages
  • Case Study Partnership - 360 Words
    QUESTION 1 In term of legal form, they have a general partnership which created when two or more persons or corporations decide to associate for the purpose of carrying on business under one business name. Liability for debts and responsibilities of the Partnership can be apportioned evenly between all partners (a 'general' partnership) or unevenly between a main partner and a number of limited or junior partners (a 'limited' partnership). There is no requirement for a written or formal...
    360 Words | 2 Pages
  • Private Limited Company - 1282 Words
    Advantages of a 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 ·...
    1,282 Words | 6 Pages
  • Private Limited companies - 536 Words
     By – Kajol Vaswani Business Project Private Limited Companies A private limited company is a voluntary association of not less than two and not more than fifty members, whose liability is limited, the transfer of whose shares is limited to its members and who is not allowed to invite the general public to subscribe to its shares or debentures. Ownership Control Ownership of a company rests with the shareholders. One share equals one vote, which implies an equal share in...
    536 Words | 3 Pages
  • PARTNERSHIP DEED Car Diagnostics Clinic
     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...
    4,210 Words | 19 Pages
  • Article: Advantages and Disadvantages of being in a Partnership
    The topic: Discuss the benefits and drawbacks of being in a partnership. What is needed to make them work? What weaknesses can cause a failure within the partnership? Remember to have key terms defined, issues outlined and clearly defined points of view for each side. A partnership is a legal business structure, which is owned and operated by two to twenty people with the aim of making a profit. Partnerships have a variety of advantages and disadvantages as a business structure. Liability...
    736 Words | 3 Pages
  • Financial Report for Sole Traders and Partnerships
    MUHAMMAD ALI Sole traders: According to Peterson and Plowman : “ As sole proprietorship is a business unit whose ownership and management are vested in one person. This individual assumes all risk of loss and failure of the enterprise and receives all profits from its successful operation”. A sole trader describes any business that is owned and controlled by one person, although they may employ workers, e.g. a newsagent's shop. Individuals who provide a specialist service like hairdressers,...
    549 Words | 2 Pages
  • Personal Management Case: A Business Partnership Gone Bad
    Winter 2011 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...
    2,803 Words | 12 Pages
  • Whether Facebook Can Benefit from the Changing Between Private Limited Company to Public Limited Company
    Facebook is a social net working service, which is started in the United States by Mark Zuckerberg with his friends in 2004. The website's membership was initially limited by the founders to Harvard students, but was expanded to other colleges, and gradually globalization. In 2012, the fonder of Facebook, Mark Zuckerberg decide to convert the structure of Facebook from private limited company to public limited company. Facebook values shares at £24 each, and that its shares would began trading...
    1,517 Words | 4 Pages
  • BLAW 308 Ch 37 PowerPoint 1
    8 0 3 W BLA 7 3 r e t p a Ch erg b d l o G r o s s e f o Pr Partnerships have existed for thousands of DETAILS: years. partnership can be created with no formalities, its partners are managers, partners are fiduciaries, partners have unlimited liability, and partners share profits and losses Example Two students agree to buy basketball tickets, to resell them (scalping), and to share the profits. They may not intend to create a partnership, but they have. If one of the students has a bad...
    1,645 Words | 9 Pages
  • KPMG Majestic Hotels Appendix A Work Paper Template
    Case Study: Majestic Hotels, Inc. Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University Appendix A -- Sleeping Room Revenue Work Paper Template Brickman & Joyner, CPAs Room Revenue Analytical Client Period-end Majestic Hotels, Inc. December 31, 2011 Prepared by Date W/P reference R-10 Purpose To obtain sufficient appropriate audit evidence that sleeping room revenues exist, are complete, and are accurate. Procedures To test...
    322 Words | 3 Pages
  • Unit 2 the bussiness of travel and tourism
    Date: Friday 26th September 2014 Submission Date: Tuesday 30th September 2014 Unit 2: The Business of Travel and Tourism 2.1: The travel and tourism business environment The Public Sector The public sector consists of regulatory bodies, conservation groups and public sector organisation which are funded by local, regional and central government, . A good example of a localy funded organisation would be Dover's local tourist information centre, controlled and funded by Dover...
    1,293 Words | 4 Pages
  • ACC565 Week 6 Discussion 1 and 2 1
     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...
    1,295 Words | 4 Pages
  • FIN 419 Final EXAM
    DOWNLOAD http://www.supportonlineexam.com FIN 419 Final Exam A financial analyst is responsible for maintaining and controlling the firm's daily cash balances. Frequently manages the firm's short-term investments and coordinates short-term borrowing and banking relationships. * 1.In partnerships, owners have unlimited liability and may have to cover debts of other less financially sound partners. * 2.In partnerships, a partner can readily transfer his/her wealth to other partners. * 3.The...
    248 Words | 1 Page
  • Tourism within public/private sector
    1.2 Advantages and Disadvantages of private/public sector partnership. Introduction The effective management of tourism at destination level can only truly be achieved through partnership, due to the number and complexity of stakeholders. For a long time, national and local governments have talked about partnership as a means to increase joined-up thinking and public/private sector involvement. The tourism sector, because of the nature of the work in engaging the private sector and working...
    4,193 Words | 13 Pages
  • Accounting, Warren, Reeve, Duchac CH 12 - solutions
    CHAPTER 12 ACCOUNTING FOR PARTNERSHIPS AND LIMITED LIABILITY COMPANIES DISCUSSION QUESTIONS 1. a. Proprietorship: Ease of formation and nontaxable entity. b. Partnership: Expanded owner expertise and capital, nontaxable entity, and moderate complexity of formation. c. Limited liability company: Limited liability to owners, expanded access to capital, nontaxable entity, and moderate complexity of formation. 2. The disadvantages of a partnership are that its life is...
    5,130 Words | 61 Pages
  • Corporation and Large Minimum Investments
    Q1-1 If you bought a share of stock, what would you expect to receive, when would you expect to receive it, and would you be certain that your expectations would be met? If managers make good decisions, its stock price will increase; however, if its managers make bad decisions, the stock price will decrease. Management's goal should be to make decisions designed to maximize the stock's price. Shareholder Wealth Maximization: The primary goal for managers of publicly owned companies implies...
    670 Words | 2 Pages
  • MGT393 Assignment 1 - 1123 Words
    Date: January 27th, 2014 To: Musgraves, Kacey From: Calm, Bea Subject: Unpaid Consulting Fees as performed for “Pasley, Bryan & Brooks, Barristers & Solicitors**” Memorandum and Objective: The purpose of the memorandum is to provide a detailed review and analysis of the legal situation considering “Paslay, Bryan & Brooks, Barristers & Solicitors**” and Facts: From the information presented to myself by Kacey Musgraves it is known that Kacey, operating under “Arrow...
    1,123 Words | 4 Pages
  • Case Study for business law
    Case 1 1. Describe the different categories of agent in terms of their ability to contract. An agent is a person (which can include an entity, like a corporation, partnership, or LLC) who acts on behalf of and subject to the control of another by authority from him. The category of agent can affect their liability to any claims and the two main categories of agent: General agent: a general agent is an agent authorized by the principal to conduct a series of transactions involving...
    3,424 Words | 9 Pages
  • Corporation and Equity Participation - 1818 Words
    (a) “Nemawashi” is an agricultural metaphor. The idea is that before a farmer plants a seed, he should prepare the roots and the soil, so that the seed has the best chance of survival. It is a political process by which an unofficial understanding is reached before a final decision is made on a particular matter. “Nemawashi” is Bottom-up style decision making (middle management has the greatest influence on decision making). The Japanese are primarily concerned with harmoniously working out...
    1,818 Words | 6 Pages
  • ENTRY MODE - 1013 Words
    b) The Use of Entry Mode- Joint Venture Joint venture is two or more firms join together to create a new business entity that combine their technology, experience, resources, financial, skills and others. Create a statement and proposal to form a joint venture A foreign company should know the reasons to form a joint venture into India. The foreign company should set up a clearly vision, mission and goals for enter another country market. You will know the particular of finding a partner...
    1,013 Words | 4 Pages
  • Mad Food Sdn Bhd
     Mad Food Sdn Bhd (MF) has 50 members and has a market capitalization of RM5 million. The board of directors is desirous of converting MF into a limited liability partnership (LLP). The reasons are that MF is not very profitable, it is getting very costly to operate as a body corporate with a small capital and MF is restricted by its objects clause to pursue other business opportunities. iii. MF was advised that a partnership must not have more than 20 partners all of which must be...
    469 Words | 2 Pages
  • main competitor - 360 Words
     There are 3 main competitors for Jawbone Up device. But there are 12 competitors in total. Fitbit - 36 patent DirectLife - 24 patent BodyMedia - 23 patent DigiFit - 1 patent Life Microscope - Adidas MiCoach Pacer - Nike+ - 49634 patent Valencell - 7 patents Basis Band - Shine - 20472 patents Larklife - 1 patent Motorola MotoActv - Legal regulations. i) What are we going to be if we colabarate with Jawbone:- Limited liability partnership Why? Because we are building...
    360 Words | 2 Pages
  • Business Regulations - 1081 Words
    Business Entities, Laws, and Regulations Paper Dorian Rowe BUS/415 Shaun Koenig November 14, 2011 Businesses in every industry have to deal with entities, laws, and regulations. Management teams have to take into account items such as consideration of control, taxation, and liability issues among others. The purpose of this paper is to discuss the restaurant/bar, professional practice, and construction scenarios. For each scenario the business entity that represents the best choice for...
    1,081 Words | 4 Pages
  • The Cpa Profession - 748 Words
    Auditing Lecture Notes- Chapter Two The CPA Profession 14e Vignette Discussion- CPA Firms – 4 Types (Table 2-1……..pg. 26) 1. Big Four 2. National 3. Regional 4. Large Local Major Activities of these firms * accounting and bookkeeping * taxes * consulting Six Organizational Structures p. 29 1. Proprietorship 2. General Partnership 3. General Corporation 4. Professional Corporation 5. Limited Liability Company 6. Limited Liability Partnership...
    748 Words | 4 Pages
  • Cross 9e TBB Ch18
    Chapter 18 Limited Liability Business Forms N.B.: 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:...
    2,204 Words | 12 Pages
  • Outline the various available forms of business structure and outline their respective advantages and disadvantages
    Outline the various available forms of business structure and outline their respective advantages and disadvantages. There are a number of possible business structures and which is the most appropriate will depend on the individual circumstances of the business concerned. A sole trader is the most straightforward model as there are few formalities in setting up. An individual trades independently under his/her own name. This individual makes all the important decisions, is responsible for...
    768 Words | 2 Pages
  • Calder vs Jones: a Case of Jurisdiction
    Abstract The following paper touches on two separate business scenarios, the start up of a professional practice, and the opening and expanding of an extermination business. Throughout the paper readers will learn what type of business is most beneficial for the different companies, what laws and regulations play a part during set up and operation, and how risks should be analyzed. Readers will also see and understand how complex hiring decisions should be evaluated and what types...
    1,270 Words | 4 Pages
  • Case Study 6 JKL
    PUTRA BUSINESS SCHOOL GSM 5131 – Business Law & Ethics Lecturer: Dr Tengku Naufal Tengku Mansor Case Study 6 JKL Wedding Bridal Gallery Jack, Kenny and Lenny were partners in JKL Wedding Bridal Gallery (JKL) since three (3) years ago, having their business in Serdang Raya. To expand their business, Kenny, the managing partner ordered a brand new of 30 pair of bridal clothes and accessories worth RM80,000-00 from Jai Pong Brides Couture. Kenny had been financially assisted from Bank Berniaga...
    593 Words | 3 Pages
  • Nerd - 3227 Words
    Partnership Advantages and Disadvantages There are distinct partnership advantages and disadvantages. Before going into partnership advantages and disadvantages and especially before starting a partnership, let's first define "partnerships" and make sure we know how they operate. The particular rules about partnerships lead to the partnership advantages and disadvantages. Partnerships Defined and Explained A partnership is an agreement between two or more people to finance and operate a...
    3,227 Words | 10 Pages
  • Business Entities, Laws, and Regulations
    Restaurant/Bar “Lou and Jose plan to open a sports bar and restaurant but they do not have much money. Miriam is a wealthy investor who does not have time to work the business; however, she wants to provide funds for the start-up of the business. In return, Miriam wants a percentage of ownership” (University of Phoenix, 2010). Business Entity A limited liability partnership is the best choice of business entity for Lou, Jose, and Miriam. Jose and Lou will control and manage the business...
    1,556 Words | 5 Pages
  • Acc 407 Advanced Accounting
    Accounting for Partnerships In the business world, there are different types of businesses can be classified into various forms of ownership. Some of those forms are a corporation, sole proprietorship, and a partnership. The form I will be discussing in this paper is called a partnership. A partnership is when two or more people own and operate in a business which also takes part of the responsibility. Our text says that “Partnerships are a popular form of business because they are easy to form...
    2,672 Words | 7 Pages
  • Kpmg Case Study - 962 Words
    Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University Case Study: Majestic Hotels, Inc. Case Study: Majestic Hotels, Inc. Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University BACKGROUND Majestic Hotels, Inc., a privately-held company, has four hotels located in Charleston, South Carolina; Asheville, North Carolina; Savannah, Georgia; and West Palm Beach, Florida...
    962 Words | 4 Pages
  • Gary - 909 Words
    (1) Define the term “sole trader” (2 marks) (2) Explain why there are so many sole trader businesses in the UK (4 marks) (3) List two advantages and two disadvantages of setting up in business as a partnership (4 marks) (4) Who owns a partnership? (2 marks) (5) Briefly outline the purpose of the partnership agreement (3 marks) (6) What is the difference between “unlimited liability” and “limited liability” (4 marks) (7) Do the members of a partnership enjoy limited liability? (2...
    909 Words | 3 Pages
  • Dissolution and Winding Up - 1181 Words
    DISSOLUTION AND WINDING UP DISSOLUTION - change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the business; partnership is not terminated but continues until the winding up of partnership affairs is completed WINDING UP - process of settling the business or partnership affairs after dissolution CAUSES OF DISSOLUTION: 1. Without violation of the agreement between the partners a. By termination of the definite term/ particular...
    1,181 Words | 5 Pages
  • Credit Control Policy - 8281 Words
    Credit Control Contents Why should you have an effective credit control policy? What should your credit policy contain? How can you assess what a customer is worth? Why should your customer’s identity be important? Limited liability partnerships. Confusion over trading names Business Names Act 1985 How do you assess your customer’s credit risk? Why should data protection be important? Who is protected by the Data Protection Act? How does the Act apply? How should you get consent? Grey areas How...
    8,281 Words | 24 Pages
  • Identify the Three Main Types of Business Organisations Recognised in Scots Law.
    1 Identify the three main types of business organisations recognised in Scots law. A. Sole trader The most popular style of small business enterprise, it’s simple to set up and does not require any formalities. Sole trader often is a one person who manages and owns the company. They take all the profits, but must also include all losses. Indeed, if the only operator becomes insolvent personal assets may be used to satisfy creditors, such as a house, car, etc. They are personally...
    1,665 Words | 6 Pages
  • Business Structure Characteristics. Whitbread Structure Analysis
    The following report consists of two parts; PART A identifies Whitbread’s main business information users (or, stakeholders), based on the information provided on their website. In contrast, PART B analyses different types of business structures and determines the pros and cons of Whitbread being a PLC. Tables and bulleting are used throughout the text to convey a vast volume of information in the given scope. -PART A- 1. MAIN BUSINESS INFORMATION USERS AND THEIR NEEDS – KEY WHITBREAD’S...
    1,475 Words | 5 Pages
  • Business Types - 414 Words
    For this given situation, the organization I would have to recommend is a LLC or Limited Liability Company. You have many concerns when it comes to your company and adding investors so this should be a good fit for you. Some of the things you were concerned about were being held completely liable for the actions of the employees or the company and longevity of the company. You were also concerned about your personal assets, keeping control of your company, expanding, taxes, and switching to an...
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