1. What are the differences between these three business entities? Sole Proprietorship, Partnership or a Corporation. A sole proprietorship is when one individual owns a business and is the person responsible for it. This person holds all the responsibility in liabilities and liability claims, but will also be the sole person to collect profit, if there is any. Sole proprietorships are subject to few government regulations and are easy to start, however, there is unlimited liability and capital
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Mark Down is 74 years old and getting sick. He executed a Will that leaves all of his assets to his children; Mark also executed a power of attorney, giving his son, Slowe, the power to handle all of his financial assets. Mark is getting sick and losing competency. Mark has $300,000 in a Brokerage account, which Slowe would like to transfer to his father’s children to try and remove Marks assets to allow him to be eligible for Medicaid benefits. The issue presented is whether Slowe Down,
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A federal agent is reporting to his first post of duty after the academy to a small resident office at which you work. You and a few others are included in a meeting to provide administrative support for his first assignment. In the discussion, you learn that there is a large roundup of gang members scheduled for the following day at 6:00 a.m. It is a federal case but is being supported by approximately 50 local officers and state troopers. A briefing is scheduled at 6:00 p.m. for the officers
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from Domestic Violence Act 2005, the only legal remedies in the Indian Penal Code a victim could use were Section 498A and 304B which relate to cruelty against a married woman and dowry death, respectively. However, they failed to fill the void for which legislation that dealt exclusively with domestic violence was needed. The Protection of Women from Domestic Violence Act, with 37 Sections and 5 chapters, was lauded as an essential change in the kind of legal protection provided to women by the law
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business ownership. A sole proprietorship is a business that is owned, and usually managed, by a single person. A partnership is a voluntary arrangement under which two or more people act as co-owners of a business for profit. A corporation is a legal entity created by filing a document with a state agency also known as the articles of incorporation. A corporation is considered to be a separate and distinct from its owners, who have a limited liability for the debts of their company. A limited liability
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thoroughly consider whether a sole proprietorship, partnership, Limited Liability Company or an S corporation is most suitable for the consultant business, the founder must first comprehend the advantages and disadvantages, while being aware of the legal, liability, and tax implications, of each.
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Legal Forms of Business Legal Forms of Business Entrepreneurs face a difficult decision in choosing a legal form of business. The preferred form of entity is dependent on many relative factors, such as the type of organization and business environment. Different forms of legal businesses have different tax, investment, and financial implications. The best-suited business calls for a thorough analysis of pertinent facts before making a decision – requiring some careful planning and strategy
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A REACTION: EXAMINATION of WITNESSES In the study of law, learning theories inside the four walls of our classroom is a great foundation to start understanding our laws. However, the knowledge we have would be more appreciated and internalized upon experiencing the real application of these laws in the real world. Remedial law, is indeed, one of the subjects that we would appreciate more by letting us immerse into the courtrooms and be able to observe firsthand how the procedural rules of court
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of the most common forms that may be right and profitable for the business. The three legal forms are: (sole) proprietorships, partnerships, and corporations. Sole proprietorships are owned by an individual who makes all the decisions about the business and therefore, pockets the revenue that is made. Sole proprietorships are the most common form of business that represents one individual owner with few legal responsibilities or requirements. Other advantages of forming a proprietorship is that
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establishment for companies Daily Mail – case (C-81/87) ECJ made a distinction between primary establishment and secondary establishment Primary establishment To move the real seat of the company to another member state with maintaining the original legal personality (original company form) is not possible since there are serious differences in company laws of the member states A company should end its business in the original member state, then form itself again under the laws of the
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