Wikipedia, the free encyclopedia Jump to: navigation, search The law of agency is an area of commercial law dealing with a contractual or quasi-contractual, or non-contractual set of relationships when a person, called the agent, is authorized to act on behalf of another (called the principal) to create a legal relationship with a third party.[1] Succinctly, it may be referred to as the relationship between a principal and an agent whereby the principal, expressly or impliedly, authorizes the agent
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Partnership Accounting Finding of The Study Definition 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 Partnership Partnerships are fairly easy to form. People form partnerships simply by
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the business. In return, Miriam wants a percentage of ownership” (University of Phoenix, 2010). Business Entity A limited liability partnership is the best choice of business entity for Lou, Jose, and Miriam. Jose and Lou will control and manage the business while Miriam is the investing partner and will act as a limited partner. According to the IRS, “a partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property
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liability with the business. There are a few different types of partnerships. a General partnership,limited partnership,and limited liability partnership partnership businesses hold good Benefits,partnerships can quickly go bad if you don't give it ample forethought and planning. partnerships can also be very risky, The business-related acts of one partner can legally bind all other partners. In short I would suggest Avoiding general partnerships and consider forming an LLC or a corporation for start-up
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New Idea…New Business Virginia Fincher AIU Online Abstract I have a great idea for a new kind of home appliance that, I believe, will meet the everyday needs of consumers. I have done some market research and now have to convince my husband that my idea is legitimate. I have to consider the different business types. The pros and cons of each type and make a decision on which business type would best suit my needs. Title of Paper
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continue his business there. Some advantages to this type of business are that the sole proprietor makes all business decisions, has creative control and keeps all of the profits (or can reinvest them). He also saves the expense of creating a partnership or corporation. There are no forms to fill out if you are a sole proprietor: you decide to start a business and you do it. There is no legal obligation to become incorporated. Another advantage is that there are no special tax forms to fill out;
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potential growth market for Indian fast casual restaurants locally, regionally and nationally. Initially, it requires at least 5 to 8 employees to set up, and organize the business to maintain the authenticity of Indian flavors. Limited Partnership To start a business, the business owner should assess the necessary factor capital need by determining the
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LIT1 Task 1, Part A Sole proprietorship: A sole proprietorship is an inexpensive and easy to form business organization. This entrepreneurship gives the owner the ability to have flexibility in their schedule. The business owner of this organization will benefit from having full control and retains all the businesses profits. Negatively, the business owner is also personally responsible for all the debt. and liability the business may take on. In this organization if the owner dies, the
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ADVANTAGES OF A LIMITED PARTNERSHIP: * Being a limited partner puts a limitation on liability with respect both to potential lawsuits and money; the limited partner is only going to be liable for the amount of capital it contributed to the business; a business creditor cannot come after the limited partner’s personal assets. * Easier to attract investors because limited partners have limited liability to the business debts. * Profits and losses pass through the business to the partners
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the cash flow is, and how the business is taxed. “The most common forms of business organization are: sole proprietorship, general partnership, limited partnership, limited liability partnerships, limited liability company, and corporation” (Henry Cheeseman, 210, p. 529). According to the situation given, the best form is limited partnership. Limited partnership refers to the types of owners the business will have, general (managers) and limited partners (investors). In this sense, Monica
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