Compare and contrast the Companies Act 1963 -2009 with the Companies consolidation Bill 2011. Highlight the major differences and identify new initiatives in the Bill. The 1963 Act, by law the Principal Act, remains nominally the main Companies Act in Ireland today, but does not anymore provide a comprehensive statement of the law. Since 1977 it has continually been amended. The 1990 Act contains 262 sections of law and the 2001 Act contains 114 sections, although the Principal Act contains only
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debt. Currently Marks and Spencer has gone onto become a national business having 798 UK stores, 455 international stores. Today, Marks and Spencer is a public limited company where businesses are owned by shareholders with limited liability to which shareholders can only lose up to their investment. It also offers its shares to the general public, through the Stock Exchange market. Cancer Research UK, a not for profit/voluntary leading charity is dedicated to beating cancer. In 1902 the imperial
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In the eyes of the law, the business and the owner are the same. As a result, the owner is personally liable for the firm's debts and may have to pay for losses made by the business out of their own pocket. This is called unlimited liability. Advantages * It is easy to set up as no formal legal paperwork is required. * Generally, only a small amount of capital needs to be invested, which reduces the initial start-up cost. * As the only owner, the entrepreneur can make decisions without
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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
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start a business where he or she is the sole owner and controller of the company. One benefit is he or she will be the only decision maker. A second benefit is tax incentives such as filing expenses on their personal tax. Finally, sole proprietorship is the easiest to obtain because there is less involved in getting started. There are however disadvantages if something happens to the person. One disadvantage is the company will not be automatically passed down to the family. Also, if the individual
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becoming a sole proprietor; the owner is responsible for all debts and fault created by the business. One of the major advantages to starting a sole proprietorship is the simplicity behind the formation. There is very little paperwork that needs to be filed at the inception and it takes very little work to keep the business compliant with state and federal laws. Another advantage to a sole proprietorship is taxes. Any money made by a sole proprietor is considered income to the owner. The profit is
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beneficial to a company and its investors. b. Describe the organizational forms a company might have as it evolves from a start-up to a major corporation. List the advantages and disadvantages of each form. Answer: A company may start off as a proprietorship, than advance to a partnership before forming a corporation below are some advantage and disadvantages of each form: 1. Proprietorship: This type of organization is individually owned and has the following advantage; it is easy and
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Organization and Share Capital Transactions Page 688 Questions and Answers 1. Corporations can be classified in different ways. For example, they may be classified by purpose (e.g., profit, not-for-profit, or income trust) or by ownership (e.g., public or private). Explain the difference between each of these types of classifications. Ans. Corporations can be classified: • By Purpose -Profit: such as Tim Hortons’ -Not-For-Profit: such as Canadian
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type of business structure that a person employs may help to create a solid company, or may lead towards failure. To determine what type of business structure is needed, the potential entrepreneur must look at types of business structures available and decide on which one best suits the company. There are three basic types of businesses; sole proprietorship, partnership, and a corporation. Each offers its own advantages and disadvantages as seen in the table below. The first basic business structure
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operations of the Trading and Development Company, to fully understand its internal affairs in relation to financial accounting, then to access and evaluate the information into this study. The Specific objectives of this study are: Module ONE * Describe and illustrate control systems * Justify the use of control systems in organizations Module TWO * Identify and Describe the Various forms of business organizations * Assess critical the advantages the disadvantages of the various forms
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