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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products from third persons. With that said she has authority to so contract, Principal is bound by her contract. In this situation, Owen’s Pets Store should form A Limited Liability Company (LLC). A Limited Liability Company is more flexible than a corporation and it is well-suited for companies with a single owner. A Limited Liability Company is a flexible form of business enterprise that
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company makes its profit, and a second time when dividends are paid to shareholders), this double taxation can be a burden for Thomas and Bryan. Advantages: The biggest advantage in this business, as well as in any other corporation will be the limited liability of the owners, because the corporation assets, and the liabilities are separate from its owners, what means that if they get into bankruptcies, considering that this business involve certain kind of risk, because
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Exploring Business Activity Scenario: Tesco’s core purpose is to create value for customers to earn their lifetime loyalty. (Source: www.tesco.com). Tesco is Cancer Research UK Charity of the Year for 2012. They aim is to raise around £10million to help find the cure for cancer but also help keeping families together by prolonging lives. Cancer Research is therefore the leading charity to help patients suffering with cancer. Task 1: There are different aspects of business activity
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In re Sir Dinshaw Maneckjee Petit Bari AIR 1927 Bom. 371 Marten, C.J. – For the financial year 1925-26, the assessee Sir Dinshaw Petit has been assessed for super-tax on an aggregate income of Rs. 11,35,302 arising in the previous year. Of this sum he objects to Rs. 3,90,804 made up of two sums of Rs.2,76,800 and Rs. 1,14,004, the former of which arises from Government and other fixed interest bearing funds, and the latter from dividends in companies. Nothing appears to turn on this distinction
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P1: Describe the type of different businesses, purpose and ownership of two contrasting businesses Local A local business is a new business that is set-up usually around the area that you live in. It’s a business that may have a few branches but only within the city. The majority of local businesses are usually owned by one person. An example of this is Manor Park Fisheries. National A national business is a business that is only U.K based which means they operate only throughout the country
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of entrepreneurship within the health care field is, it provides a standard, or structured frame, which offers the entrepreneur the means to operate according to the law. This paper will define sole proprietorship, partnership, corporations, and limited liability companies, discuss the advantages and disadvantages of each, and discuss which the most important appropriate form of ownership is for an aggressive entrepreneurial firm. Define A sole proprietorship is defined as a form of business organization
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for daily basis products and appliances, the company will be under the name of EDLP "Everyday Low Price" LLC. The company will start with small capital around 280,000 AED and this clarify that this company's category is under small organization "Limited Liability Company" as Art 227. Memorandum of Association Drawing a memorandum of company must include the following: 1. Name clause Everyday Low Price "LLC" 2. Object clause * Satisfaction of customer needs * Maximize profit
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P1 – Describe the travel and tourism business environment, providing examples of organisations Public sector The public sector is a business sector provided and maintain by the government, in the Travel and Tourism sector the public sector consists of organisations like Translink rail and bus service, tourist information centres and leisure centres. Private sector The private sector consists of a variety of business that survive by making profit from whatever service they provide. In the Travel
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1. Ashley and Bradley started an accounting firm and choose general partnership as the legal form of conducting business. General partnership also referred to as ordinary partnership is an agreement between two or more people to conduct business jointly with the intention of gaining profit. This type of partnership gives the co-owners equal management responsibility, unlimited liability, as well as a share of the business profits. The success and growth of the accounting firm justified the addition
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