A partnership is considered to be a legal relationship between two or more persons who carry on a business with the objective of making a profit and sharing it between or among themselves; however, the persons are equally liable for its debts. A Limited Liability Partnership (LLP) is a form of partnership that protects its members from being personally liable for negligent acts conducted by other partners or employees under their supervision. It is a popular business structure given that the partnership
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is always owned by someone and it can be for- profit as most of the business organisations exist for, or no-profit such as charity or agricultural cooperative. There are many types of business organisations: Sole trader, Partnership, Private Limited Company (Ltd), Public Limited Company (Plc), Co-operatives, Franchises and Public sector. The first three types of business organisations will be highlighted in this report as they are the main types of businesses in Scotland. Identification of the
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Accounting for Partnerships Rose Mossman ACC407: Advanced Accounting Professor Emily King June 11, 2012 Accounting for Partnerships There are different types of businesses sole proprietorships, partnerships, limited partnerships, limited liability partnerships, and corporations to name the most common. Along with the different types of partnerships there are also different kinds of accounting
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Business Entities, Laws, and Regulations Trudy E. Hartis BUS/415 November 20, 2011 Mark Rorem Business Entities, Laws, and Regulations A business assumes limitations and liabilities when building the structure of the organization. There are several types of business entities, hiring an accountant or attorney can help you decide what type of business structure best fits the need of the organization or business that you want to establish. Sole proprietorship, is a
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Business Entities, Laws and Regulations Paper The following paper will discuss two hypothetical businesses and the organizational structure that presents the best choice for each business with consideration for control, taxation, and liability issues. It will address the laws, regulations and risks each business must face. The paper will also include a discussion of a hypothetical situation in which a hiring manager must choose an applicant while considering laws, regulations, and the risks against
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SPECIAL POWER OF ATTORNEY KNOWN ALL MEN WHOM IT MAY COCERN THAT BY THIS SPECIAL ATTORNEY GIVEN ON THIS __ DAY OF ___ 2014 TRANS ORIENTAL TRADE LIMITED A LIMITED COMPANY INCORPORATED IN ___ ON THE __ DAY OF ___ 2013 UNDER REGISTRATION NUMBER ____ HAVING ITS REGISTERED OFFICE ADDRESS AT: _____, REPRESENTED BY MAJORUTY OF DIRECTORS ______ - (HEREINAFTER CALLED “DIRECTORS” AND “COMPANY”), HAS NAMED, CONSTITUTED AND APPOINTED: MR. ____ PASSPORT OF UKRAINE___, ISSUED ____ DATE OF BIRTH: _____ TO BE ITS
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field e.g., Insurance, it is necessary then to have a legal entity to be known in the society. The legal entity can be in any form of a business organization. The various forms of organization are as follows: 1) Sole proprietorship 2) Partnership 3) Co-operative Society 4) Joint stock company (Private and Public) These are explained in brief as follows:3.1 OBJECTIVES At the end of this lesson you will be able to know Various forms of organization Its formation & features
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Local Business Tax Account Application Lee County Tax Collector P.O. Box 1549 Ft. Myers, FL 33902-1549 239.533.6000 (Return application, fees, and corresponding documents to the Lee County Tax Collector for processing.) 1. Type of Business: 2. Business Name (DBA): EIN/SSN: NOTE: Indicate below why you are exempt from filing for a Fictitious Name Registration/DBA (Doing Business As) Business name indicates my full legal name Business name is a registered trademark Business
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Tutorial 3 1. Happening Place Pte Ltd is regulated by Table A of the Fourth Schedule of the Companies Act. Tuf Tan holds 45% of the shares in Happening Place Pte Ltd. Advise Tuf Tan and the directors as to the following: a. The directors appoint Payne Soh as the company’s public relations officer (ie an employee). Payne Soh has a personal conflict with Tuf Tan on one occasion. As a result, at a requisitioned meeting of the members Tuf Tan manages to get a resolution directing the
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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
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