economic system which is always owned by someone and it can be for- profit as most of the business organisations exist for, or no-profit such as charity or agricultural cooperative. There are many types of business organisations: Sole trader, Partnership, Private Limited Company (Ltd), Public Limited Company (Plc), Co-operatives, Franchises and Public sector. The first three types of business organisations will be highlighted in this report as they are the main types of businesses in Scotland.
Words: 1943 - Pages: 8
committed, The sole proprietorship has liability to bear the risk of loss of business and has unlimited personal liability. The creditors may use sole proprietor’s personal assets to recover claims against the business. Partnership According to Cheeseman (2010) defines partnership as a voluntary association of two or more individuals as a co-owner of business for profit. The rights and duties of these partners are defined by
Words: 986 - Pages: 4
Running Head: LIMITED LIABILITY CORPORATION AND PARTNERSHIP PAPER Limited Liability Corporation and Partnership Paper A.J. Smith FIN-419/Finance for Decision Making December 9, 2013 Limited Liability Corporations and Partnerships Introduction Legal forms of business organization are important aspects of financial management. Ownership structure, articles of organization, legal rights and liabilities of members, and other features of a business organization ultimately affect financial
Words: 1098 - Pages: 5
Chapter 1 An Overview of Financial Management LEARNING OBJECTIVES After reading this chapter, students should be able to: • Explain the career opportunities available within the three interrelated areas of finance. • Identify some of the forces that will affect financial management in the new millennium. • Briefly explain the responsibilities of the financial staff within an organization. • Describe the advantages and disadvantages of alternative forms of business organization
Words: 4066 - Pages: 17
PUBLIC-PRIVATE PARTNERSHIPS AT THE BRAZILIAN AIRPORTS ANDRÉ SOUTELINO Lawyer. Bachelor‟s degree: Law, Universidade Cândido Mendes (2004). Post-graduation in Private Law, Universidade Federal Fluminense (2007). Master‟s Student in Economic Law and Development– research project: Regulation, Competition, Innovation and Development. e-mail address: andrelds@unisys.com.br. ABSTRACT This paper explains the reasons for investments on infrastructure by the private sector. Today, there are prisons, water
Words: 5082 - Pages: 21
drive driven by public-private partnership. The bill will be central legislation in India for the rehabilitation and resettlement of families affected by land acquisitions. In addition the bill has a provision by which states can add some more benefits to it. The bill will eclipse the eminent domain criteria and introduce voting criteria in which 80% of the people should say yes only then land will be acquired. The Bill will replace the decade old Land Acquisition Act of 1894, which was enacted during
Words: 611 - Pages: 3
business as a sole trader would be beneficial to Peter as it means it is flexible and peter can manage his own company however there are many risks tied up to this and Peter would be solely liable for any debts. A partnership consists of 2 or more members starting a business, the Partnership Act 1980 s1 defines it as ‘relation which subsists
Words: 890 - Pages: 4
INTRODUCTION TO FINANCIAL O UC O O C INFORMATION LECTURE 1 LEARNING OBJECTIVES Understand the key differences between economics, accounting and finance Understand why financial information is important List the main users of accounting information and understand their information needs Distinguish between management accounting and financial accounting List the main types of business ownership and outline their characteristics Summarize the advantages and disadvantages of each type of business
Words: 979 - Pages: 4
proprietorship, is a business owned by one individual. A partnership exists when two or more persons associate to conduct a business. I contrast, a corporation is a legal entity n created by a state. The corporation is separate and distinct from its owners and managers. b. In a limited partnership, limited partners’ liabilities, investment returns and control are limited, while general partners have unlimited liability and control. A limited liability partnership (LLP), sometimes called a limited liability company
Words: 2050 - Pages: 9
ISSUED ____ DATE OF BIRTH: _____ TO BE ITS ATTORNEY IN ORDER THAT IT MAY EXERCISE THE FOLLOWING POWERS IN THE NAME AND ON BEHALF OF THE COMPANY IN ANY PART OF THE WORLD AND EXECUTE IN ALL PART OF THE WORLD EITHER JOINTLY OR INDIVIDUALLY ALL OR ANY ACTS AND THINGS FOLLOWING NAMELY: * To be the Company’s Attorney and to appear before any Government, of any country whatsoever, Supreme or local authority, Public Body, Government Department Official, Association, Notary Bank, Firm, Corporation or Company
Words: 1846 - Pages: 8
