organize itself. The owners and partners in this newly formed business may share in a variety of responsibilities and must decide which form their business should take on. The four basic ways a business can be organized is a sole proprietorship, partnership, C corporation and S corporation. There are a variety of advantages and disadvantages to each. When it comes to Tax implications, Legal implications and Accounting implications this is especially true. Below is an analysis of the various forms of
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C. Brief Description of the Project FAMILIA RAMAYANA COMPUTER SERVICES is computer shop business that also offers other service like photocopy and typing job. Since this type of business required a lot of investment, it is build by way of partnership. The business partners are Ms. Jellen Narvasa, Ms. Joanna Joy Bautista, Ms. Arlene Sario, Mr. Arjie Luchavez, Mr. Alex Dexter Patron, Mr. John Chryson Badjao and Mr. Ruben Majid Jungaya. D .Major Assumptions 1. Market Projections The FAMILIA
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The Year 10 financial statements for a partnership, Fan Company A, have been provided on the “Year 10 Financial Statements” worksheet (see the “Partnership Income and Tax” attachment below). The Year 11 financial data is also provided on the “Year 11 Financial Data” worksheet (see the “Partnership Income and Tax” attachment below). Use ‘Admit Partner D to Partnership’ template section for this data. On January 1, Year 11, Partner A died. The partnership agreement stipulated that in the event
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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 to get in
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assets are at risk as the owner is personally responsible for all debts and obligations of the business as regarded by law. Partnership Same as above. Limited liability partnership (LLP) The LLP is a separate legal entity whereby LLP’s liabilities are its own. Therefore the partners will not be personally liable for the LLP’s debts and obligations. Limited Partnership LP is not a separate legal entity. However, only the general partner who takes part in the management of the firm is personally
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Partnership Form of Organization Partnership Form of Organization A partnership is an association of two or more persons to carry on as co-owners of a business for profit. Partnerships are sometimes used in small retail, service, or manufacturing companies. Also accountants, lawyers, and doctors find it desirable to form partnerships with other professionals in the field. Characteristics of Partnerships STUDY OBJECTIVE 1 Identify the characteristics of the partnership form of business
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Company, Sole Trader or Partnership | Law 102 | 1. Sole Trader “A sole trader business is one which is fully owned by one individual. Although the owner can employ other staff, the owner retains full responsibility and ownership for the business.” (Admin. (2009). Definition - Sole Trader. ) The advantages of this type of business include no legal filing requirements or fees, as well as no professional advise for the set up of the business; you literally go into the business on your own. Simplicity
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restructure of a partnership to that of a LLC constitute a conversion, and therefore require the consent of all members, or qualify as a reorganization? And, Can decisions made by general partners violate the fiduciary duties owed to limit partners? RULE[S]: KRS 275.370- The full consent of all members of a partnership is required for the conversion of a partnership to a limited liability company, unless otherwise stated in a partnership agreement. KRS 275.375 - (1) Any converted partnership shall remain
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The Companies Act 2006 ( CA2006) was implement on 1st of October 2009. The Act contains an extensive code of company for United Kingdom and altered most of the aspect of the law in relation to companies. Furthermore, plenty of provisions for public and private had been introduced. Moreover the long term of investment and shareholder engagement has been enhanced. Sole Trader is owned or run a private corporation by one person who can control over decision making. Moreover the owner entitled to receive
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federal income tax. General Partnership, require an agreement between two or more individuals or entities to own and operate a business. Limited Partnership, form of business that offers some of the partner’s limited liability. Limited partners contribute capital and have limited liability but assume not active role in the daily business affairs. Limited Liability Partnership, LLP’s is organized to protect individual partners form personal liability for the negligent acts of others partners or employees
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