Part A for LIT1, the Bullet/Listing approach (mentioned in the Task 1 Instructions) is below, which basically is you’ll describe each characteristic in usually about 1-2 sentences then move on. Example of how to apply this format: SOLE PROPRIETORSHIP: • LIABILITY – (1-2 Sentence Description) • INCOME TAXES – (1-2 Sentence Description) • LONGEVITY/CONTINUITY – (1-2 Sentence Description) • CONTROL – (1-2 Sentence Description) • PROFIT RETENTION – (1-2 Sentence
Words: 1156 - Pages: 5
Page 1; 1 1. The Tanksalot Company is a subsidiary of the Goaway Corporation. The Tanksalot Company is embroiled in a lawsuit where the plaintiff is claiming that Tanksalot acted in a negligent manner. The plaintiff in this case wants to go after Goaway’s assets, in addition to the assets owned by Tanksalot. Both of the companies share payroll functions, legal departments, and accounting departments; yet, they have separate (but sometimes overlapping) executives in charge, customer support departments
Words: 935 - Pages: 4
qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuio
Words: 1138 - Pages: 5
that seems to be most advantageous to most is a partnership. According to Wilkipedia.com (2011), the definition of a partnership is an arrangement where parties agree to cooperate to advance their mutual interests. Partnerships exist within, and across, sectors. Non Profit, religious as well as political organizations may partner together to increase the likelihood of each achieving their mission and to amplify their reach. (p.1) Although partnerships may sound intriguing and advantageous, as with
Words: 1438 - Pages: 6
Basic Accounting Concepts and Business Structures Danny Silvio ACC/537 10/10/11 Professor Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles The sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements are prepared by the Financial Accounting Standards Board (FASB). The standard categorizes the major sources of GAAP as being FASB Standards, Interpretations
Words: 721 - Pages: 3
The Roles of Limited Liability Partnerships and Corporations The majority of large companies which we purchase goods and services from are established as a limited liability corporation, corporation or limited liability partnership. Corporations were established in an effort to protect business owners, and have now turned into many complex variations (ehow). A limited liability company is not a partnership or a corporation, it is a hybrid. The owners of a limited liability company are shielded
Words: 776 - Pages: 4
General Partnership Agreement of a Business Owned by Individuals ARTICLES OF PARTNERSHIP OF ^ABCD 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
Words: 5897 - Pages: 24
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 an all the profits. The drawbacks are unlimited risk for example the owner is entitled to pay off the debenture and damage of his business. It also has finance limited to resources of an individual. Partnership is consists of two or more individual and equally liable for the debts incurred
Words: 312 - Pages: 2
can chose to organize your business under. For example: partnership, LLP, S Corporation, C Corporation for which I know you are all familiar with. It is my duty to give you my own educated and unbiased opinion to which would be most beneficial to all of you. Part II: Make your recommendation as to what form of organization you believe will be best and be sure to explain the reasoning for your choice. I find the Limited Liability Partnership to be the best form of organization for your company. It
Words: 845 - Pages: 4
Memorandum 1. As per your request I have laid out the advantages and disadvantages of partnerships and 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
Words: 779 - Pages: 4
