The Executive Angel was setup as a sole proprietorship in the state of Florida. After comparing sole proprietorship versus Limited Liability, the owner decided on sole proprietorship. The reason for setting up The Executive Angel as a sole proprietorship was it had one owner with little assets and profits. Because the company was set up this way there is no legal distinction between the owners profit versus the company. The company is taxed and liable just as if it was an individual. As The
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partnership; general and limited partnerships. THE GENERAL PARTNERSHIP A general partnership is a type of business partnership arrangement that involves the participation of two or more parties as business partners in a company organization. With this particular type of business arrangement, all partners share both the rewards and the potential liabilities associated with the operation of the company. Unlike other business types, a general partnership does not provide any type of limited liability for any
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partnership is still responsible for all debts and obligations. Evan if one of the partner has misuse the business for bad acts, the other partners are still responsible. i. Income Taxes: The tax planning for general partnership is still limited. The income taxes will still be file as ordinary income tax. j. Longevity/Continuity: General partnerships are easily form but easily dissolved. Once dissolved the other remaining partners could easily form a new partnership without
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ASSOCIATES ARTICLES OF PARTNERSHIP of ^, ^, ^, and ^, dated ^, 19^. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and selling real property, including but not limited to that certain parcel of land described on Exhibit A hereto and all improvements constructed thereon and (b) in order to provide for and carry out the foregoing, to form and do business as a general partnership under and pursuant to Illinois
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corporations 2. A corporation has several advantages for a business. They have a separate legal existence so that the corporation, not the stockholders, may borrow money, buy, own, and sell property, and it may sue or be sued. The stockholders also have a limited liability in a corporation. The personal assets of the owners may only be claimed by creditors if fraud has occurred. A corporation has transferable ownership rights. This means that it is shares of capital stock that give ownership, and that stockholders
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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 liable for debts and obligations of the LP. The limited partner liability is capped at the amount of
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Sole Trader, the sole trader is the simplest business to develop. What is public and private limited company? Types of limited company Most small businesses that choose for limited company status become private limited companies rather than public limited companies (PLCs). The main differences between them are that: * PLCs can raise money by selling shares on the stock market - private limited companies cannot * PLCs must have share capital of at
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“X” From: Support Company “Y” Date: August 1, 2013 Re: Business “X” questions pertaining to a Limited Liability Company Business “X”, your questions and concerns are of the highest value to us. We hope to provide you with the best possible service in your quest to making Business “X” a profitable and customer friendly decision for all parties concerned. In your acquisition to seek the Limited Liability Company(LLC) or to remain in a sole proprietorship for Business “X”. I wanted to provide
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subsidiaries of Sandman Resorts, and s-corporation. Continental Concessions is a limited liability company (LLC), which is a partnership that allows tax treatment with limited liability for the owners (Twoney and Jennings, 2011). It also means that the company is a legal entity with the authority to conduct business in its own name (Twoney and Jennings, 2011). The owners of entities are also known as members. Advantages of limited liability companies are that they pool together resources and conduct their
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Tutorial 3 1. Happening Place Pte Ltd is regulated by Table A of the Fourth Schedule of the Companies Act. Tuf Tan holds 45% of the shares in Happening Place Pte Ltd. Advise Tuf Tan and the directors as to the following: a. The directors appoint Payne Soh as the company’s public relations officer (ie an employee). Payne Soh has a personal conflict with Tuf Tan on one occasion. As a result, at a requisitioned meeting of the members Tuf Tan manages to get a resolution directing the
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