aspects of establishing, maintaining and dissolving a partnership companies are identified. In the last scenario, the legal aspects of hiring a new employee are investigated. Restaurant/Bar Lou, Jose, and Miriam should create the business as a limited partnership. A limited partnership consists of one or more general partners and one or more limited partners. General partners manage the business and take personal liability for debts. Limited partners provide capital and are personally responsible
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maximizing its profits. A business is established with a single person or by many people. The legal forms of business are: Sole Proprietorship, Partnership, Limited Liability Partnership, Limited Liability Company, S corporation, franchise, and corporate form are the legal forms of business. The common impacts these forms of businesses have are: liability, tax, legal, and managerial. Sole Proprietorships Sole Proprietorships are the simplest form of business because they have one owner and do
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form a LLLP. Limited Liability Limited Partnership (LLLP) is ”a special type of limited partnership that has both general partners and limited partners, where both the general and limited partners have limited liability and are not personally liable for the debts of the LLLP.” (Cheeseman, 2010) This is also a form of a general partnership. For example if I go into a business with one or more partners to make a profit on whatever the business it is. That will be a general partnership. Miriam wants
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Assignment: Job Fair Brochure Bus/210 John Chandler 04/14/2012 Katurah Allen This discussion will describe the structure, business model, and culture of a selected business. There will be a justification for why each element was selected, and an explanation of how each choice of elements will impact the chosen business. A business model is like any other model; it represents and summarizes how whole businesses do business. The business model explains, in summary, the fundamental nature
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Limited Liability Corporation & Partnership Finance for Decision Making FIN 419 University of Phoenix In this paper the important roles of a Limited Liability Corporation (LLC), Limited Partnership (LP), and the Limited Liability Partnership (LLP) will be explained. This includes the advantages and the disadvantages of both while starting up a new business. Many decisions go into starting a business and determining the form of entity the business will take is an important decision to
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organization which are more than one owners. At last the biggest advantage is that the owner can enjoy all the profit of the business for himself. The disadvantages of this kind of business are more than the advantages. Firstly the owner may have limited funds and its more difficult to borrow some money because its only one person and when the money borrowed the owner need to name a personal property as security for the loan. Usually because the skilled employees are expensive the owner must rely
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by one person and in which there is no legal difference between the owner and the business. The owner receives all profits and has full responsibility for all losses and debts. The proprietor owns every asset of the business and all the business liabilities are the proprietor’s. A sole proprietor may use a business name other than his or her legal name. The Advantages Mainly the reduced cost of a business, easier and cheaper to start and discontinue without high cost and legal expenses; and easier
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February 26, 2012 . A partnership is when two or more people come together to form a business. There are at least three different types of partnership: First is the general partnership, where all owners have the same stake in the business’s daily functions and financial liabilities; second is the limited partnership. The limited partnership defines a partnership where at least one partner acts as the general partner, and at least one is a limited partner. All partnerships require at least one
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Business Law BMAIE003 17th March 2013 Assessment 2 - Forming a Business Individual Consultant’s Report (2500 Words) Feed forward Document Based upon Draft Submissions Submission Rules. I require a copy of your Consultant’s Report to be upload using that Final Submission upload button which is located in the relevant Moodle Portal Area before the deadline. – try not to leave it until the last possible date !!!!!!!!!!!!!!. Please save your word document using the agreed formula:
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Linn Intro to Business in a Tech World Professor Timothy Hawley 2 July 2013 The four main types of business ownership are: 1. Sole proprietorship 2. General partnership 3. Limited liability company(LLC), and 4. Corporation These differ from each other in many ways: how many owners, risk and liability, the ease in which they are set up and dismantled, and the ways they are taxed. In the following paragraphs I will attempt to explain and provide examples of these four types
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