...JMJC Chocolates Partnership Business Simulation In Partial Fulfilment of the Requirements for the Fundamentals of Accounting 2 By: Joan Patricia Castillo Meg Angeli R. Llanto Joshua Rusit Carlie Loyola ACKNOWLEDGEMENTS This partnership is made possible through the help and support from everyone, including professors, friends and family. First of all we would like to thank God for the strength, clear of mind and guidance to make this business. We would like to offer our special thanks to the customers and friends who buy and love our product. They help us to make our business had income. We are particularly grateful for the assistance given by our parents. They give us money to have capital in our business. Also we would like to extend our thanks to Mrs. Yolanda Castillo to her time and dedication to make this product. Thank you to her delicious cream o chocolate and marshmallow chocolate. We are here because she let us brought her product. Finally, we would like thank our professors Mrs.Emelita Bunyi and Mr. Raphael Iuri Gervasio, to their guide and suggestion to this project. We are glad that we had professors like them. TABLE OF CONTENTS I. | Business Profile | II. | Mision and Vision | III. | Introduction | IV. | Executive Summary | V. | Company Description | VI. | Target Market | VII. | Competitors | VIII. | Competitors' Analysis | IX. | Marketing Plans and Strategies | X. | Products | XII. | Operations | XIII....
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...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. Procedure against partnership property for a partner's separate judgment...
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...forming a business in the United States. The individual that forms the sole proprietorship and the business is one in the same. For example, if the business owes creditors money, the individual who created the sole proprietorship business has to pay the bill. When entering into contracts the individual is actually agreeing to the contract since the person and business is one in the same. The biggest advantage of doing business under a sole proprietorship is that it is extremely easy to form since the individual creating the sole proprietorship is the business. They are fully responsible for all aspects of the business including making good on payments, collecting monies from customers, and providing the goods or services to their clients. Another reason individuals create sole proprietorships is the flexibility they gain by owning their own business. Since they do not have anybody to report to they can do as they please as far as hours, vacations, expansion, or direction of the business. However, there are many disadvantages that come with a sole proprietorship business. Since the individual is the business they are responsible for all financial responsibilities. They are responsible for ensuring all payments to creditors are paid on-time and in full. If the individual runs into financial issues they are responsible without protection. Also, sole proprietorships can only have one owner so you can’t bring others into the business. Likewise, they are unable to pass the business on...
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...THIS PARTNERSHIP AGREEMENT is made this __________ day of ___________, 20__, by and between the following individuals: | |Address: __________________________ | |___________________________ |City/State/ZIP:______________________ | | |Address: __________________________ | |___________________________ |City/State/ZIP:______________________ | 1. Nature of Business. The partners listed above hereby agree that they shall be considered partners in business for the following purpose: ______________________________________________________________________________ ______________________________________________________________________________ 2. Name. The partnership shall be conducted under the name of ________________ and shall maintain offices at [STREET ADDRESS], [CITY, STATE, ZIP]. 3. Day-To-Day Operation. The partners shall provide their full-time services and best efforts on behalf of the partnership. No partner shall receive a salary for services rendered to the partnership. Each partner shall have equal rights to manage and control the partnership and its business. Should there be differences between the partners concerning ordinary business matters, a decision shall be made by unanimous...
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...I. INTRODUCTION Recording Studio business is indeed a very in demand business in the music industry. A recording studio is a facility for sound recording and mixing. Recording studios may be used by record musicians, voice over artists for advertisements or dialogue replacement in film, television or animation, foley, or to record their accompanying musical soundtracks. The typical recording studio consists of a room called the "studio" or "live room", where instrumentalists and vocalists perform; and the "control room", where sound engineers operate professional audio for analogue or digital recording to route and manipulate the sound. Often, there will be smaller rooms called "isolation booths" present to accommodate loud instruments such as drums or electric guitar, to keep these sounds from being audible to the microphones that are capturing the sounds from other instruments, or to provide "drier" rooms for recording vocals or quieter acoustic instruments. MIX Studio is the proposed name of the Business Plan; “MIX” came from its meaning to combine all of the audio components of a recording into a final soundtrack or mix. II. OBJECTIVES OF THE STUDY 1. To keep the subordinates alert to what is expected to them. 2. To know the duties and responsibilities of each member and personnel. 3. To know different strategies to be able to achieve the company’s goal. III. FORMS OF ORGANIZATION Since the composed of six (6) persons each one of has agreed...
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...analysis of the court system. The readings in this area cover the concepts that define law and the thoughts that help shape jurisprudence along with its history. The Federal Court, Supreme Court, and the jurisdiction of the courts are also covered. Constitutional law is covered from the perspective of business. This week also provides an introduction to the various forms of business. Small businesses, entrepreneurs, and general partnerships are explored. You discuss how a corporation is formed and how it can be financed. Finally, you study limited liability companies and limited partnerships, as well as franchises and special forms of business. This week further introduces you to the concept of alternative dispute resolution as a method for resolving disputes outside traditional litigation. After first looking at the litigation process, you are then introduced to arbitration, negotiation, mediation, conciliation, minitrial, fact-finding, and the use of a judicial referee. The Legal System and the Legal Forms of Business OBJECTIVE: Explain the major components of the legal system. Resources: Ch. 1, 2, & 4 of Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues Content • Ch. 1: Legal Heritage and the Information Age o Introduction to Legal Heritage and the Information Age o What Is Law? • Landmark U.S. Supreme Court Case Brown v. Board of Education o Schools of Jurisprudential Thought ...
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...portion of the BS The capital budgeting decision The capital structure decision Net working capital decisions Cash flows are king! The most important job of a financial manager is to: Create value from capital budgeting, financing, and net working capital activities. 5 How do managers do this? Buy assets that generate more cash than they cost Sell bonds, stocks, and other financial instruments that raise more cash than they cost. Thus, the firm must create more cash than it uses - the cash flows paid to bondholders and stockholders should be greater than the cash flows they put into the firm. Finance is about one thing: And that one thing is valuation: How much should you pay for the asset (what is that stock, bond, or business really worth? ) How should you...
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...and future profitability, the firm should not necessarily sacrifice future prospects for short-term gains. 3. The key advantage of separating ownership and management in a large corporation is that it gives the corporation permanence. The corporation continues to exist if managers are replaced or if stockholders sell their ownership interests to other investors. The corporation’s permanence is an essential characteristic in allowing corporations to obtain the large amounts of financing required by many business entities. 4. A sole proprietorship is easy to set up with a minimum of legal work. The business itself is not taxed. For tax purposes, the income of the proprietorship is treated as the income of the proprietor. The disadvantages of a proprietorship are unlimited liability for the debts of the firm, and difficulty in raising large amounts of capital as the business grows. A partnership has the same tax advantage as the proprietorship. The partnership per se does not pay...
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...Subject : National Lumber Company v. Advance Development Corporation Date: Saturday, April 20, 2013 Parties Advance Development Corporation, The partnership, is the defendant in the case. National Lumber Company, The supplier, is the plaintiff in the case. Facts Pat McGowan, Val Somers, and Brent Robertson were general partners of Vermont Place, a limited partnership formed for the purpose of constructing duplexes on an undeveloped tract of land in Fort Smith, Arkansas. The general partners appointed McGowan and his company, Advance Development Corporation, to develop the project, including contracting with materials people, mechanics, and other suppliers. None of the limited partners took part in the management or control of the partnership. Eight months later, Somers and Robertson discovered that McGowan had not been paying the suppliers. They removed McGowan from the partnership and took over the project. The suppliers sued the partnership to recover the money owed them. The partnership assets were not sufficient to pay all their claims. Who is liable to the suppliers? Procedure The Chancellor held that the affairs of Advance and Vermont Place were so merged that they had become one entity. He presented the following: I. That Pat McGowan, Advance Development Corporation and Vermont Place Properties partnership so merged their affairs to the extent that they were one and the same person or entity when dealing with the lien holders in this action. II. That...
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...CHAPTER ONE 1. Introduction to the study The purpose of study is to evaluate the effects of strategic buyer-supplier alliances and partnerships in the South African clothing stores, sector and industry. Strategic Alliances, Partnerships and Joint Ventures involve the establishment of informal and formal relationships with other individuals or businesses to share resources, ideas or capital (Hugo, Badenhorst-Weiss & Biljon 2007). The research indicates that during the past decade, companies in all types of industries and all parts of the world have elected to form strategic alliances and partnerships to complement their own strategic initiatives and strengthen their competitiveness in domestic and international markets (Thompson Jr, Gamble & Strickland, 2006), the statement confirms that some of the companies realize the importance of strategic alliances and partnerships. The current situation in South Africa indicates that the government is imposing Quotas on Chinese imports with intent to influence the South Africa retailers to buy from local suppliers (Sandrey & Fundra, 2008). The quotas have encouraged the major retailers in South Africa to procure more from local suppliers than ever before given the growth in their collective businesses over the last four years. Preliminary investigation between the retailers and clothing manufacturers confirm the retailers’ expectations that local companies will be unable to make up the expected shortfall the quotas will inflict...
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...Case I Walnut Street Four The petition for involuntary bankruptcy for the form Walnut Street Four should be granted. The partnership is being forced in an involuntary bankruptcy by its creditor which in this case the partner Bernan is filing bankruptcy. The partner Bernan, as a good chance of the case being file because the general partnership owes their business more than $10,775. The Walnut Street Four fits into the group that can file bankruptcy since it’s either a farmer, nonprofits, banks, insurance companies, credit union or saving and loan institutions. The group as missed many payments at a large amount. In order for most case to process a debtor has two have twelve or more creditor and three of them has to sign the petition for bankruptcy. In this case the creditor is filing because the partnership stop making payments and now is in debt over $380,000. Since the other two partnership choose to not make payments it makes sense for Bernen to file Chapter 7 to completely dissolve the business. When filing a Chapter 7 in bankruptcy this involves closing shop and liquidating a debtor assets. ** Case 11 Richard P. Friese Chapter 11 is a way for a person to reorganize their personal finances under to the watch of the courts. In most cases the debtor can operate business while going through the bankruptcy procedures; this called debtor-in-possession. In this case the court cannot confirm Mr.Friese plan of reorganization. Since none of the creditor has agreed...
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...Week 7 Discussion Question What are the advantages and disadvantages of involving supply chain partners in the development of new products and services? Response to Week 7 Discussion Question The development of new product and services is the most integral part of strategic operations management of a company which the global competitive factors of the market trend has force manufacturers to develop an innovative quality product(s) with speed and efficiency for the sack of the product becoming acceptable to customer demands and universally excellent which is achieved by the help of integration of supply chain activities that brought speed and efficiency in the flow of developing processes as part of the strategic operations required for developing new product and services by taking into considerations, resource capability to create and deliver the innovative product to the expectations of the customer/consumer demands. The contribution of strategic design of operations resources can be defined as “a supply chain network with an interconnection of organizations which synchronize through upstream and downstream linkages between flow of different processes and activities which produce value in form of products and services to the ultimate customer”. Slack & Lewis (2008, p. 100) However, to better synchronized flows of information for all the innovative deliverables required for the development relationships, there exist a need to involving a supply chain partner as a...
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...View It is recommended to hire and take the point of view of a third party business consultant to avoid any form of bias or familial misunderstanding in the process of identifying the pertinent issues in the business together with the corresponding proposed solutions. II. Statement of the Problem How can the non-resident partners achieve active management control over the prawn farm’s operations? III. Analysis Based on the composition of the members of the partnership, it could be inferred that it is a general partnership, specifically a family partnership, as all of them are related. There were no formal or clear delineation of each partners’ roles and responsibilities in the venture, aside from the fact that Ben Torres acts as the operations manager and the other member are the non-resident partners based in Cebu, who contributed Php 25,000 each. Because the farm is located in Zamboanga, the other three members rely on Ben for the necessary updates and financial reports. However, instead of updating his partners and consulting them for decision making, Ben took the liberty of deciding and making transactions without the knowledge and approval of his partners. Probing the financial reports, Ben’s decisions clearly did not bring profits to the business, but entailed additional financing from the other partners. With this set-up, the non-resident partners bear much of the risk of the business, while Ben gets to have more control. Furthermore, despite limited resources...
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...between manufacturers and suppliers (How changes involved over time overall business industry) Partnerships can be segmented into three tiers based on the intensity and duration of the relationship: 1. Tier I •Short-term, single-function / division coordination 2. Tier II •Extend coordination to integration and encompass multiple activities over a longer time span 3. Tier III •Dilate into “significant” levels of operational integration •Independent” Tier III firms view their partners as difficult-to-replace extensions of themselves 11 •Supplier partnerships (Strength, benefit and risk of partnerships) Some benefits of a supplier partnership include Gains from higher quality Transaction costs may be reduced through: • Economies of scale •Decreased administrative and switching efforts •Process coordination / integration •Quantity discounts Risks of Supplier Partnerships Most importantly, heavy reliance on one partner can be disastrous if the partner does not meet expectations Risk decreased competitiveness due to loss of parental control Firms can overestimate partnership benefits while ignoring potential shortcomings What can be done differently? Partnership Implementation and Critical Success Factors Before firms can enjoy the benefits of partnership, they must first endure the complicated and intricate partnership implementation process Partnership involves significant attitudinal and structural change from traditional...
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...www.wiechtiere.html Rinaldi, A. C. 2010. www.weekendgardener.net/how-to/snails-slugs.htm Wagner, J. R. 2010. www.who.int/mediacentre/facesheets/fs115/en/index.html: Watson, S. J. 2005. www.ars-grin.gov/cgi-bin/npgs/html A partner is a member in a partnership, an entity in which both the profits or losses of a business or other venture are shared between all members. Corporations favor partnerships because of a taxation structure that eliminates dividend taxes upon the profits of owners. http://searchitchannel.techtarget.com/definition/partner TechTarget This was last updated in October 2007 Posted by: Margaret Rouse http://www.englishforums.com/English/WhatPartnerFirmAccountingFirm/mxdlj/post.htm 2nd March 2010 8:22 pm Lawyee: Generally, the partner is a person who is a member of a business association - "partnership" where all partners are jointly and severally liable for debts of the association (unless a form of limited partneship is created). The partner is entitled to act in the name of the partnership and to participate in decision-making process of the partnership. He is also entitled to a share on profit of the firm. As I reckon (but Anglo-American colleagues) should verify this, the partnerships can...
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