...form by three intelligent people; Dominick Batiste, Emily Burkett, and Danton Lee. We decided to create a general partnership where each of us will invest our own money and start a business. The partners of Funn Timez all agreed on having joint authority and joint liability. Being said, we understand the responsibilities if the company gets sued for injuries or harassment issues. Also providing personal income to sustain our business if for any reason isn’t successful is another responsibility. There can be reimbursement for our personal income that was invested into the company. Our business is a private establishment and WILL NOT be sold or bought, unless there’s a mutual agreement with the proper accommodations. We have developed a written contract agreement that discusses our partnership with Funn Timez. Although we all have equal investments in the company and equally shared profits, our responsibilities and duties are all different. So requirements and expections are more complex than others we will still be fair and reasonable. Sometimes this may cause a little frustration and/or disagreements as we know, but we are up for the challenge. This agreement also states possible business seperations or voted out situations if one partner is not dedicated or slacking and costing the business to fail. If this happens there will be possible openings for new partnership that meets our previously discussed criteria. This company offers service to the community to make a profit. This...
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...Part 1 Business Enterprises in China 1.0 Introduction 2.0 Proprietorships 3.0 Partnerships 4.0 Corporates 1.0 Introduction In the People’s Republic of China, business organizations may be classified in to three main classes: individual proprietorships, partnerships, and corporations. The laws that effect these forms of business enterprises are diverse. There is no single code or statute that governs the PRC law of business enterprises. According to the sources of capital, there are domestic capital enterprises which are regulated by Sole Proprietorship Enterprise Law of the People's Republic of China , Partnership Business Law of the People's Republic of China, and Company Law of the People's Republic of China and foreign capital enterprises which are regulated by The Measures for Administration of the Establishment of the Partnership by Foreign Enterprises or Individuals within the Territory of China, Law of the People’s Republic of China on Chinese-Foreign Con-Tractual Joint Venture, Law of the People’s Republic of China on Chinese-Foreign Equity Joint Ventures, and Law of the People’s Republic of China on Foreign – Capital Enterprises. The relevant laws are the Security Law , the Fair Competition Law and the Antitrust Law. 2.0 Proprietorships 2.1What is a sole proprietorship enterprise A sole proprietorship enterprise means a business entity established within China with its capital contributed by one individual and its assts owned personally by the sole proprietor...
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...Definition of Partnership A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involved in the management and day-to-day operations of the venture. In some jurisdictions, partnerships enjoy favourable tax treatment relative to corporations. http://www.investopedia.com/terms/p/partnership.asp#ixzz49Y975kkP Types of Partnership A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three typical classifications of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships. 1. General Partnership: Partners divide responsibility for management and liability as well as the shares of profit or loss according to their internal agreement. Equal shares are assumed unless there is a written agreement that states differently. A general partnership involves two or more owners carrying out a business purpose. General partners share equal rights and responsibilities in connection with management of the business, and any individual partner can bind the entire group to a legal obligation. Each individual partner assumes full responsibility for all of the business's debts and obligations. ...
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...decisions that you will have to make as a business owner is how the company should be structured. This decision will have long-term implications. In making a choice, you will want to take into account the following: (1) The level of structure you are willing to deal with (2) The business’s vulnerability to lawsuits (3) Expected profit (or loss) of the business (4) Whether or not you need to re-invest earnings into the business (5) Your need for access to cash out of the business for yourself From a legal perspective, businesses are organized as one of the following: Sole Proprietorship, Partnerships, and Corporations. Small businesses are an important source of new (and often well paid jobs). In recent years, small business has accounted for 40 percent of all new jobs in high technology sectors. (Business Essentials, Seventh Edition, n.d.) Sole proprietorship, which is how most small businesses start, is owned by one person. Usually he or she has daily responsibility for running the business. Sole proprietors own all the assets of the business and...
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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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...Executive Summary Computer Gaming is nothing new in our generation. It is also known as Electronic sports (eSports), which comprises the competitive play of video games. Other terms include competitive gaming, professional gaming, and cybersport. The most common video game genres associated with electronic sports are real-time strategy (RTS), fighting, first-person shooter (FPS), massively-multiplayer online (MMOG), and racing. Games are played competitively at amateur, semi-professional and professional levels, and these games have organized competition in the form of leagues and tournaments. Events such as Major League Gaming (MLG), Global Starcraft League (GSL), World Cyber Games (WCG), Dreamhack, and Intel Extreme Masters provide both real-time casting of streamed games, and cash prizes to the winners. In one sentence we can say these events are Olympics of eSports. This competitive gaming has become a profession now & gamers from all over the world participates in these events. Our country is not any different. Professional gamers from our country has been joining these events since 2005. Now they regularly practices these games to enhance their performance so that they can compete with other players in their top condition. This is where Gaming Lounges come. Gaming Lounge provides them with high configured computers & consoles (ps3, xbox360 etc.) which are connected with high speed internet and can give them best performance for their practices. Business Description ...
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...receive anonymous critiques from other students in the class. In short, students submit an essay, and the Mobius SLIP system randomly assigns each student to an anonymous peer group. Students then rank the quality of each submission and provide actionable feedback. Students also rank the quality of the feedback for each assignment. Mobius SLIP produces performance analytics and recommends a grade based on these rankings, and instructors provide feedback (if desired). This session will demonstrate the system and present evidence of learning from three business classes. The Mobius Social Learning Platform (Mobius SLIP), is a Learning Management System (LMS) released in June of 2012 under Complex Task Assessment Solutions and Information Technology (CTASIT) LLC, now assumed to do business with the name Social Learning Solutions, started in Greensboro, North Carolina at the University of North Carolina. Social Learning Solutions develops and...
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...Dimitrios Champlaie MGM255 -1203B-02: Management Fundamentals Phase 5IP, Responsibilities of Management Instructor: Kimberly Normann Organizational change occurs when a company makes a transition from its current state to some desired future state. The first thing a company does is diagnose the current state of the organization. This involves identifying problems the company faces, assigning a level of importance to each one, and assessing the kinds of changes needed to solve the problems. The second rule of order is to design the desired future state of the organization. This involves picturing the ideal situation for the company after the change is implemented, conveying this vision clearly to everyone involved in the change effort, and designing a means of transition to the new state. An important part of the transition should be maintaining some sort of stability; such as the company's over-all mission or key personnel—should re-main constant in the midst of turmoil to help reduce people's anxiety. The third order of operation is to implement the change. This involves managing the transition effectively. It might be helpful to draw up a plan, allocate resources, and appoint a key person to take charge of the change process. The company's leaders should try to generate enthusiasm for the change by sharing their goals and vision and acting as role models. The process of planning and implementing change...
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...POLITECHNIKA ŚWIĘTOKRZYSKA WYDZIAŁ ZARZĄDZANIA I MODELOWANIA KOMPUTEROWEGO THE FIRM IN A COMPETITIVE MARKET PART ONE OPRACOWAŁ: dr hab. Jan L. Bednarczyk, prof. PŚK Kielce 2012 CONTENTS 1. Types of partnerships/companies................................................................................3 2. Objectives of a company.................................................................................................8 3. Relationships between companies and their financial management, and other links of the financial system.....................................................................................10 4. Financial statements (accounts) of companies and the information contained in them......................................................................................................................13 1. Balance sheet.................................................................................................14 2. Profit and loss account..................................................................................15 3. Cash flow statement......................................................................................16 5. Analysis of a company’s financial position/standing...............................................17 1. Analysis of financial statements...
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...venture for any significant length of time and thus is unwilling to spend much money on filings, legal drafting, and the like. Disadvantages: The sole proprietorship does not have any legal existence separate from that of its owner. It also removes any shield from liability that might otherwise protect the proprietor. Thus, the proprietor is personally liable for all obligations of the business Partnership In contrast to general partnership law, a limited partnership is not dissolved by the death of a limited partner, and a limited partner may not compel dissolution of the partnership absent contrary provisions in the partnership agreement partners in general partnerships are jointly and severally liable for all obligations of the partnership, including losses or injuries caused to any person by the wrongful acts or omissions of any other partner acting in the ordinary course of partnership business. Limited liability partnership A limited partnership is much like a general partnership in most respects. The significant difference is that while a limited partnership contains one or more general...
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...May 25, 2012 Creating, Financing, and Marketing a Business Carol Brandon Entering into a written agreement is one way to form a partnership; a partnership may be formed through the actions of the partners as they operate the business together. Even if individuals have an agreement that says "we are not a partnership," the law may find that there is a partnership and hold one or more partners liable for some business-related obligation. The simplicity and flexibility in creating a partnership may be one of the main advantages of the partnership as a form of business. However, the disadvantages of simplicity and flexibility must be carefully considered. Although an agreement is not required, without a written agreement, partners cannot determine their rights, duties, obligations, and liabilities, except for what is covered by state law. This is not normally enough, since the law on partnerships is not detailed. This allows partners a great deal of flexibility to structure the business as they would like it. But it leaves many questions unanswered if there is not an adequate written agreement setting out the details. The other main attraction to the partnership as a form of business is partnership tax treatment. From a tax standpoint, the partnership is as straightforward as the sole proprietorship. There is no tax at the partnership level. All tax consequences are passed through to the individual partners. The benefit of this pass-through tax treatment is that there is...
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...Formation Of A Legal Firm Name: Institutional Affiliation: Date: In the current century, it is evident that numerous changes have been observed in the law firm business. The traditional law firm practice model has as a result been passed by time and firms or any person attempting this model have always found themselves struggling in this dynamic market. The traditional law practice has also been marked by constant consternation as the law firm does not produce good results. The incorporation of the new law firm practice model is evidenced by the rising number of law firms over the years. This means that to start a firm in the 21st century, then you definitely have to use the business models applicable in the current century and not the ones that were used in the 19th century. With these, it follows that successful lawyers are those who have changed their modus operandi and embraced the latest legal practices, something that my friends and I would use to establish a successful law firm. The turning point in the establishment of the modern law practices came about as a result of the high court decision by the U.S Supreme Court (Bates & O'steen V. State Bar of Arizona, 1977) in (Munneke, 2012, p. 4). It is worthwhile noting that the success in the Law firm requires a proper identification of a legal niche to practice in. According to Munneke (2012), the competition that the law practice faces from other professionals necessitates the careful niche selection...
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...LAWS – BANKING Various Laws Affecting Bankers 1. RBI Act 1934 2. Banking Regulation Act 1949 3. Negotiable Instrument Act 1881 4. Indian Contract Act 1872 5. Indian Partnership Act 1932 6. The Companies Act 1956 7. Consumer Protection Act 1986 8. Banking Ombudsman Act 2006 9. Transfer of property Act 1882 10. Foreign Exchange Management Act 1999 11. Indian Stamp Act 1899 12. Code of Civil Procedure 1908 13. Banker’s book Evidence Act 1891 14. Information Technology Act 2000 15. Right to Information Act 2005 16. Recovery of Debt Due to Banks And Financial Institutions Act 1993 (DRT Act) 17. Securitisation & Reconstruction of Financial Assets and Enforcement of Security interest Act 2002 (SARFAESI Act 2002) Indian Contract Act 1872 Who is competent to contract – Sec 11 Every person is competent to contract who is of the age of majority according to the law to which he is subject and who is of sound mind and is not disqualified from contracting by any law to which he is a Subject A minor is a person who has not attained majority. According to Sec 3 of Indian Majority Act 1875, a minor is a person who has not completed 18 years of age. Where a guardian has been appointed by court (for minor’s person or property or both) , the minor attains majority on completion of 21 years. A contract with a minor is void ab-initio (Right from inception) ...
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...Legal Forms of Business Introduction The different forms of business include sole proprietorship, partnership, limited liability company, S corporation, franchise and corporate form. However, depending on the type of business and the number of individuals involved in starting the business can determine what the best form of business to suit the organization. The advantages and the disadvantages must be weighed and thought out carefully in order to minimize risks and possible litigation issues that could arise. A sole proprietorship is the most basic business form and is frequently utilized by a single person owning or running a business on his or her own. Such business enterprises are often run from the person's home. Owners pay taxes on the business profits and this is reflected on individual tax returns (Form 1040 and Schedules C and E). In some states, the costs of a business that is being operated from an individual's home may be deducted from income taxes. However, at the same time, certain counties and states may require a sole proprietor to pay property taxes on the value of any office equipment used for the business. In addition to tax liabilities, sole proprietors are also responsible for the debts of the business (Types of Business Organizations, 2008) If an individual wanting to begin a small mobile food cart business forming a sole proprietorship may be the best alternative. The sole proprietorship business form for the individual would...
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...case yes partnership was the answer. Microsoft was not always as focused on corporate citizenship as it is today. They had a negative imagine of being an unstoppable power buying up everything in their path. So when the Kosovo crisis came to be 1999 Microsoft stood to not only offer help to thousands of suffering people, but to also improve the company’s imagine. These partnerships succeed in doing just that. When both partners stand to gain for the partnership, as they do in this case, then the partnership is the way to go. UNHCR gained all the assistance in helping the refugees, and Microsoft gained a favorable public image. The company can leverage all its assets pro bono publico. Microsoft did in this partnership. They offered cash and software to UNHCR, also the time and expertise of employees, the management skills of executives and online marketing strategy. 2. I would say that Microsoft is creating the right partnerships when it comes to expanding their market and raising opportunities. Years before Microsoft’s partnership with UNHCR, citizens pictured Microsoft as a company that walked all over other companies because they had so much money and power. This created a bad image for them and I feel they needed to make a move to recreate their image. Helping out refugees showed that Microsoft as a company had good intentions and was there for struggling people. Not only did this raise opportunities for Microsoft with all of their new successful technology, it also...
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