...structures available to Northern Ireland business enterprises in the 21st Century. There are various options to anyone wishing to establish a business in the Northern Ireland economy in the 21st century. This paper will discuss and assess the three legal structures; sole traders, partnerships and incorporated bodies. Thus, establishing the features, operations, advantages and disadvantages of each. A sole trader is the simplest type of business structure. Tracey defines a sole trader as “a term used to describe an individual who carries on a business or profession without partners”. An alternative term is ‘sole practitioner’. The individual is free to engage in any kind of lawful business activity. Although small, a sole trader is not necessarily any less successful than a larger business. According to the Office of National Statistics, as of 2013, sole proprietors represented 62.6%, of all UK private businesses. Martin McNaughton, from Newry, founded Glen Dimplex in 1973, manufacturing heating pumps. He now ranks at number 736 on the Forbes Rich List, employing 10,000 staff, making a billion sales each year.The main advantage of being a sole trader is having total control over the business. There are no shareholders nor business partners one can be held accountable to. The business person can therefore make any decisions they see fit. In addition to this a sole trader receives, and keeps, 100% of the profits earned by the business and can cease trading at any time. Sole...
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...PUBLIC LAW 106–50—AUG. 17, 1999 113 STAT. 233 Public Law 106–50 106th Congress An Act To provide technical, financial, and procurement assistance to veteran owned small businesses, and for other purposes. Aug. 17, 1999 [H.R. 1568] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Veterans SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Veterans Entrepreneurship and Small Business Development Act of 1999’’. SEC. 2. TABLE OF CONTENTS. Entrepreneurship and Small Business Development Act of 1999. 15 USC 631 note. The table of contents for this Act is as follows: Sec. 1. Short title. Sec. 2. Table of contents. TITLE I—GENERAL PROVISIONS Sec. 101. Findings. Sec. 102. Purpose. Sec. 103. Definitions. TITLE II—VETERANS BUSINESS DEVELOPMENT Sec. 201. Veterans business development in the Small Business Administration. Sec. 202. National Veterans Business Development Corporation. Sec. 203. Advisory Committee on Veterans Business Affairs. TITLE III—TECHNICAL ASSISTANCE Sec. 301. SCORE program. Sec. 302. Entrepreneurial assistance. Sec. 303. Business development and management assistance for military reservists’ small businesses. Sec. Sec. Sec. Sec. Sec. 401. 402. 403. 404. 405. TITLE IV—FINANCIAL ASSISTANCE General business loan program. Assistance to active duty military reservists. Microloan program. Defense Economic Transition Loan Program. State development company program. TITLE V—PROCUREMENT...
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...To be returned to HMSO PC12Cl for Controller's Library R. No. Bin No. Box No. *, y : R0 Z.; Partnership Act, 1890. Year. [53 & 54 VICT] [CH. 39.] ARRANGEMENT OF SECTIONS. Nature of Partnership. Section. Definition of partnership. 2. Rules for determining existence of partnership. 3. Postponement of rights of person lending or selling in consideration of share of profits in case of 1. insolvency. 4. Meaning of firm. Relations of Partners to persons dealing with them. 5. Power of partner to bind the firm. 6. Partners bound by acts on behalf of firm. 7. Partner using credit of firm for private purposes. 8. Effect of notice that firm will not be bound by acts of partner. 9. Liability of partners. 10. Liability of the firm for wrongs. 11. Misapplication of money or property received for or in custody of the firm. 12. Liability for wrongs joint and several. 13. Improper employment of trust-property for partnership purposes. 14. Persons liable by "holding out." 15. Admissions and representations of partners. 16. Notice to acting partner to be notice to the firm. 17. Liabilities of incoming and outgoing partners. 18. Revocation of continuing guaranty by change in firm. 19. 20. 21. 22. 23. Relations of Partners to one another. Variation by consent of terms of partnership. Partnership property. Property bought with partnership money. Conversion into personal estate of land held as partnership property...
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...Queensland Partnership Act 1891 Current as at 28 May 2012 Information about this reprint This Act is reprinted as at 28 May 2012. The reprint shows the law as amended by all amendments that commenced on or before that day (Reprints Act 1992 s 5(c)). The reprint includes a reference to the law by which each amendment was made—see list of legislation and list of annotations in endnotes. Also see list of legislation for any uncommenced amendments. Minor editorial changes allowed under the provisions of the Reprints Act 1992 mentioned in the following list have also been made to— • use different spelling consistent with current drafting practice (s 26(2)) • use standard punctuation consistent with current drafting practice (s 27) • use aspects of format and printing style consistent with current drafting practice (s 35). This page is specific to this reprint. See previous reprints for information about earlier changes made under the Reprints Act 1992. A table of reprints is included in the endnotes. Also see endnotes for information about— • when provisions commenced • editorial changes made in earlier reprints. Spelling The spelling of certain words or phrases may be inconsistent with other reprints because of changes made in various editions of the Macquarie Dictionary (for example, in the dictionary, ‘lodgement’ has replaced ‘lodgment’). Dates shown on reprints Reprints dated at last amendment All reprints produced on or after 1 July 2002, authorised...
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...Partnership Act 1892 Preamble WHEREAS it is expedient to declare and amend the law of Partnership: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows: Part 1 – Preliminary 1A Name of Act This Act may be cited as the Partnership Act 1892. 1B Interpretation (1) In this Act:"business" includes trade, occupation and profession."Court" means the court having jurisdiction in the case concerned."general partner" is defined in section 49."incorporated limited partnership" is defined in section 49."limited partner" is defined in section 49."limited partnership" is defined in section 49. (2) In this Act, a reference, in relation to an incorporated limited partnership, to the partnership or the firm is a reference to the incorporated limited partnership as a separate legal entity and not to the partners in that partnership. (3) Notes included in this Act do not form part of this Act. 1C Application of laws of partnership to incorporated limited partnerships Except as provided (whether expressly or by necessary implication) by this Act or any other enactment, the law relating to partnership does not apply to or in respect of an incorporated limited partnership, the partners in an incorporated limited partnership or to the relationship between an incorporated limited partnership and...
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...What is Law of Partnership? A partnership is a for-profit business association of two or more persons. Because the business component is defined broadly by state laws and because "persons" can include individuals, groups of individuals, companies, and corporations, partnerships are highly adaptable in form and vary in complexity. Each partner shares directly in the organization's profits and shares control of the business operation. The consequence of this profit sharing is that partners are jointly and independently liable for the partnership's debts. According to Section (2) the relation between members of any company or association Which is— (a) Registered as a company under the Companies Act 1965 [Act 125] or as a co-operative society under any written Law relating to co-operative societies; or (b) Formed or incorporated by or in pursuance of— (i) Any other law having effect in Malaysia or any part thereof; or (ii) Any letters patent, Royal Charter or Act of the Parliament of the United Kingdom RULES FOR DETERMINING EXISTENCE OF PARTNERSHIP According to section ( 2 ) In determining whether a partnership does or does not exist, regard shall be had to the following rules- (1) Joint tenancy, tenancy in common, joint property, common property, or part ownership does not of itself create a partnership as to anything so held or owned, whether the tenants or owners do or do not share any profits made by the use thereof. (2) The sharing of gross returns does not...
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...Law 101 Part 1 Ben and Carl are proposing to start their own business and need to know the most appropriate structure to use when setting up their business. There is clear intention from both parties to establish a business as shown by Ben and Carl’s confidence of “a good gap in the market” that will lead to “the business being a success”. The three structures available for business owners are sole trader, partnership or company. From the information provided in the scenario Ben and Carl can exclude the sole trader option, as there are two people interested in creating and running the business. A partnership is the most ideal structure for Ben and Carl’s business as it suits their desire to keep the business “as confidential and simple as possible” whilst allowing them access to “capital for expansion”. For a partnership to be established, Ben and Carl must meet some vital requirements, a partnership is defined as “the relationship that exists between persons carrying on business in common with a view of making profit”. The Corporations Act 2001 also highlights some partnership requirements and states that the maximum amount of members allowed in a partnership is 20 whilst the minimum is 2. As Ben and Carl are currently the only two people intending to set up their surf wear business, they satisfy this section of the Corporations Act 2001 that allows for a maximum of 20 members. This component is critical in the formation of a business as if the business had any fewer members...
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...Laws that Affecting Business Name: Sumon Roy ID: 4050 MBA (Evening Program) Department of International Business University of Dhaka Submission Date: Saturday, 17th May 2010. Table of Contents: Contents | Page | Introduction | 1 | Definition of Business, Law & Business Law | 2 | Sources of law | 3 | Different laws affecting business | 6-11 | Laws regarding commerce in Bangladesh | 12 | Laws regarding Industry in Bangladesh | 13 | Conclusion | 14 | Introduction: In the present world business plays an important role in every sphere of life. Business determines one’s life style, standard of living, education and even cultural standard. So to lead a bette-r life we need to understand business and study business. Business is dynamic – always changing. Coping with both predictable and unpredictable events can be easier, more efficient, and less traumatic if we understand business. Study of business will help us to understand that today national economies are no more independent entities rather interdependent and taking an uniform global shape, economic depression in U.S.A. has an impact on the whole world, business and global warming are not different issues, war in Iraq or Afghanistan has some kind of link with business, China becoming a factor in the world economy because of excellent business skill and the system known as “Free Enterprise”. However the road to success will be easier for those who understand how business works. ...
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...is not necessary a verbal agreement would classed as a partnership. However majority of partnerships tend to have a written agreement s1(1) of PA 1890 defines a partnership as : ‘...the relation which subsists between persons carrying on a business in common with a view of profit’ S45 of the act defines business as ‘....the term “business” includes every trade, occupation and profession.’ BUT a partnership cannot exist with a entity i.e. a business, it has to be individuals or a group of individuals. This is then called ‘the firm’ (s4(1)). Though this is not a separate entity and does not have a separate legal personality. Saying this there can be a partnership between more than one company (corporate partnership), between more than two individuals (group) and sub-partnerships which is partnership within a partnership. The partnership is contractual mainly in nature, but because it is also a fiduciary relationship equity also comes in to play. How to create one (badges of partnership) – s1(1) and s2(3) [the receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business...] Normally they have deeds etc as to formally set it up, though it is possible to create one by accident, by association etc and joint ventures. To avoid this they have to keep the business separate by retaining legal and beneficial interest in their assets during the venture. So instead of shared profits they could opt for sharing...
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...UNIT V BUSINESS ORGANIZATIONS INTRODUCTION This unit introduces students to the most common forms of business organizations, namely sole proprietorship, partnership and limited liability companies. However, emphasis is placed here on partnership and the legal consequences which flow from the formation of such a method. The main advantages and disadvantages of these forms of business organizations are also discussed. Important Concepts in Business Organizations The following are some important concepts in business organizations: Incorporation The law permits the creation of artificial or legal persons. An example of such is an incorporated company. This means that such an organization has a legal personality separate from its members. Legal Personality Under The English Law, all human beings have a legal personality. A legal personality is made up of a person’s legal rights and duties. However, the extent of these rights and duties is dependent on whether the person is an adult or a minor. A minor has limited rights and few duties. By operation of the law, an incorporated company has a legal personality Limited/unlimited Liability As a result of an incorporated organization having its own legal personality, its members are not generally liable for the debts of the organization. This however is in contrast to a partnership which does not have a legal personality separate from the partners. Here, partners have unlimited liability for partnership’s debts....
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...Malaysia Income Tax Act 1967 Up to January 1, 2006 This document was downloaded from ASEAN Briefing (www.aseanbriefing.com) and was compiled by the tax experts at Dezan Shira & Associates (www.dezshira.com). Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. 053e .FM Page 1 Thursday, April 6, 2006 12:07 PM LAWS OF MALAYSIA REPRINT Act 53 INCOME TAX ACT 1967 Incorporating all amendments up to 1 January 2006 PUBLISHED BY THE COMMISSIONER OF LAW REVISION , MALAYSIA UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968 IN COLLABORATION WITH MALAYAN LAW JOURNAL SDN BHD AND PERCETAKAN NASIONAL MALAYSIA BHD 2006 053e .FM Page 2 Thursday, April 6, 2006 12:07 PM 2 INCOME TAX ACT 1967 First enacted … … … … … 1967 (Act No. 47 of 1967) Revised … … … … … 1971 (Act 53 w.e.f. 21 October 1971) … PREVIOUS REPRINTS First Reprint … … … … … 1980 Second Reprint … … … … 1993 Third Reprint … … … … … 2002 PREPARED FOR PUBLICATION BY MALAYAN LAW JOURNAL SDN BHD AND PRINTED BY PERCETAKAN NASIONAL MALAYSIA BERHAD KUALA LUMPUR BRANCH 2006 053e .FM Page 3 Thursday, April 6, 2006 12:07 PM 3 LAWS OF MALAYSIA Act 53 INCOME TAX ACT 1967 ARRANGEMENT OF...
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...HR and Business Acronyms AA 1.) Affirmative Action 2.) Adverse Action AACU American Association of Colleges and Universities AAO Affirmative Action Office AAP Affirmative Action Plan AAR Average Annual Return AARP American Association of Retired Persons ABF Asset Based Financing ABM Activity Based Management ABMS Activities Based Management System ABS Asset Backed Security ACH Automated Clearing House AD & D Accidental Death and Dismemberment ADA Americans with Disabilities Act ADEA Age Discrimination and Employment Act ADL Activities of Daily Living ADP Automatic Data Processing ADR Alternative Dispute Resolution AE Account Executive AED United Arab Emirates AFL-CIO American Federation of Labor and Congress of Industrial Organizations AFSCME American Federation of State, County and Municipal Employers AJB Americas Job Bank ALC Alien Labor Certification ALEX Automated Labor Exchange ALJ Administrative Law Judge ALM Asset Liability Management AM Asset Management AMA 1.) American Management Association 2.) American Medical Association AMPS Auction Market Preferred Stock ANSI American National Standards Institute AP Accounts Payable AR Accounts Receivable APB Accounting Principles Board APR Annual Percentage Rate APV Adjusted Present Value APY Annual Percentage Yield ASAE American Society of Association Executives ASB Accounting Standards Board ASHHRA American Society for Healthcare Human Resources Administration ...
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...Business Associations Outline 1. Agency a. Creating the Agency Relationship i. agent and principal enter into an agreement (not required to be in writing....no K required) in which the agent acts on the principal’s behalf in entering K’s etc…. 1. if done within the scope of the agency (enter into K, etc…) anything done by the agent is binding on the principal 1. principal may be liable in K, tort, property, etc…. (Vicarious liability) ii. question of agency is a factual matter to be determined as a “matter of fact” b. Res 3d Agency 1.01 (definition of “Agency”) i. Agency relationship created when (First Question to ask when dealing with agency) 1. The principal manifests assent to have the agent act on the principal’s behalf and under the principal’s control; and 2. The agent manifests assent or otherwise consents so to act 1. When agency exists the principles of attribution bind’s the principals to agents dealings with third parties 2. manifestation need not be by words (spoken or written), it may be created by conduct/actions i. Agent rx believes that Principal has manifested assent, and has rx accepted ii. (Notes….Legal Consequences of Agency) 1. Inward Looking Consequences: relate to the relationship between the principal and the agent and are largely governed by the contracts between the parties and by the law of fiduciary duties 2. Outward Looking Consequences: relates to the relationship among the principal, the agent, and a third party and are governed...
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...Legal Environment of Business in Bangladesh A Report On “Legal Environment of Business in Bangladesh” Course Title Legal Environment of Business Course Code LAW-234 Submitted to Abeer Khandker Lecturer Faculty of Business Administration ASA University Bangladesh Submitted by Name ID Hosnain Ahmed 092-12-0002 Riyadh Ahmed 092-12-0003 Mahmudul Hassan 092-12-0006 Tasmia Kamal 092-12-0017 Nafisa Halim 092-12-0021 Sanjida Akter 092-12-0024 Habiba Sultana 081-12-0220 Date of Submission: 20th April, 2011 Table of Contents Introduction 4 Legal Procedures to Starting a Business 5 Banking Companies 5 Financial Institutions 6 Legal Procedures to Continue a Business 7 Financial Institutions 7 Other Companies 9 Dealing with licenses 9 Employing workers 10 Registering property 10 Getting credit 11 Paying taxes 12 Protecting investors 13 Trading across borders 13 Enforcing contracts 14 Legal Procedures to Ending a Business 16 Banking Company 17 Financial Institutions 25 Summary of Indicators - Bangladesh 27 Conclusion 29 Reference 30 Introduction The Legal Environment of Business commences with the systems approach to management and an analysis of the relationship between law and ethics. The first module reviews the foundations...
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...RISK MANAGEMENT AND INSURANCE BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE PILANI PROJECT REPORT ON Insurance Regulations in India SUBMITTED TO Dr.UDAYAN CHANDA & Dr.IMLAK SHAIKH I/C RISK MANAGEMENT AND INSURANCE, DEPT OF MANAGEMENT, BITS PILANI. BY Group-I | Aditya Sharma | 2013H149253P | DarvinXeona | 2013H149266P | DibyaRanjanMaharana | 2013H149239P | Ravali Bhogaraju | 2013H149287P | What is insurance? Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party ON happening of a certain event. Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. With the help of Insurance, large number of people exposed to similar risks makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. An insurer is a company...
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