pay in taxes, but it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise money. The most common forms of business are sole proprietorship, partnership, corporation and S corporation. A more recent development to these forms of business is the limited liability company (LLC) and the limited liability partnership (LLP). Because each business form comes with different tax consequences, you will want to make your selection
Words: 581 - Pages: 3
P1 – Describe the travel and tourism business environment, providing examples of organisations Public sector The public sector is a business sector provided and maintain by the government, in the Travel and Tourism sector the public sector consists of organisations like Translink rail and bus service, tourist information centres and leisure centres. Private sector The private sector consists of a variety of business that survive by making profit from whatever service they provide. In the Travel
Words: 1484 - Pages: 6
1. Ashley and Bradley started an accounting firm and choose general partnership as the legal form of conducting business. General partnership also referred to as ordinary partnership is an agreement between two or more people to conduct business jointly with the intention of gaining profit. This type of partnership gives the co-owners equal management responsibility, unlimited liability, as well as a share of the business profits. The success and growth of the accounting firm justified the addition
Words: 1854 - Pages: 8
Structure that I have decided to choose for my restaurant “ The Savory Escape is a Limited Liability Company. A Limited Liability Company (also known as LLC) is a business organization that that combines elements of corporations and partnerships. It is designed to provide the advantages of limited liability, favorable taxation, flexible ownership structure and reduced legal formalities.A LLC provides the limited liability protection of a corporation, while avoiding the double taxation. I chose this
Words: 325 - Pages: 2
Queensland Partnership Act 1891 Current as at 28 May 2012 Information about this reprint This Act is reprinted as at 28 May 2012. The reprint shows the law as amended by all amendments that commenced on or before that day (Reprints Act 1992 s 5(c)). The reprint includes a reference to the law by which each amendment was made—see list of legislation and list of annotations in endnotes. Also see list of legislation for any uncommenced amendments. Minor editorial changes allowed under
Words: 29839 - Pages: 120
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
Words: 12251 - Pages: 50
will be required along with application for NTN. If sole proprietor already has NTN there is no need to get a new one as the existing NTN can be used for business documentation. Characteristics There is no requirement to register a sole proprietorship in Pakistan. Any business can be conducted through a sole proprietorship unless the law requires a certain business to be carried out only by an association of persons, for example a partnership firm or a limited liability company. Sole proprietorships
Words: 2412 - Pages: 10
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
Words: 8398 - Pages: 34
Heather Montgomery Argosy University Types of Legal Ownership Ownership Structures | Sole Proprietor | General Partnership | Limited Liability Company (LLC) | Corporation | Number of Owners | One | Two or more | One or more | Multiple | Formation Difficulty | Low | Low | Medium | Medium/High | Liability | Sole proprietor has unlimited liability. | Partners have unlimited liability. | Members aren’t typically liable for the debts of the LLC. | Officers/shareholders are not typically responsible
Words: 1725 - Pages: 7
with the document preparation and execution procedures. Application and the attached documents need to be submitted by the merchant registered adress in Department of Enterprise Register. The application may be submitted by founders or any other person to whom the founders have entrusted to do that. Application and the attached documents can also be sent by mail. Registration of Sole proprietorship may consist of such stages: In application should be included: - Individual merchants name, surname
Words: 2003 - Pages: 9
