Information Pack (Eddie Rockets) Sole Trader, Partnerships, Franchises and Limited Companies are all types of organisations. A short definition of an organisation is a social unit of people that is structured and managed to meet a need or to pursue collective goals. All organisations have a management structure that determines relationships between the different activities and the members, and subdivides and assigns roles, responsibilities, and authority to carry out different tasks. Organizations
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Chapter 3 Partnership Liquidation and Incorporation; Joint Ventures The title of each problem is followed by the estimated time in minutes required for completion and by a difficulty rating. The time estimates are applicable for students using the partially filled-in working papers. Pr. 3–1 Doris, Elsie & Frances Partnership (20 minutes, easy) Journal entries for liquidation of an insolvent general partnership having a partner who is unable to pay entire capital deficit to the
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TYPES OF BUSINESS ORGANISATION SOLE TRADER Sole trader is probably the oldest form of business ownership. Hair-dressing salons, boutiques, sundry shops and restaurants are predominantly sole traders. Many such businesses have grown into fairly large organizations. The owner is required to register with the Registrar of Businesses (ROB) Advantages of sole trader: 1. The psychological advantage of being one’s own boss – the individual makes his own decision as to how and when he wants to
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ARTICLES OF PARTNERSHIP OF LEGACY ASSOCIATES KNOW ALL MEN BY THESE PRESENTS: That, we the undersigned, all of legal age and residents of the Republic of the Philippines have agreed to amend a general partnership under the terms and conditions herein after set forth and subject to the provisions of existing laws of the Republic of the Philippines. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and
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PEH: Executive Summary: PEH is a Partnership founded in 1995. The company has been founded for one purpose: to research, develop and invent new pioneering products destined to help the medical world and the public. Using our state-of-the-art technology we provide services and products to doctors. We have been working for many years and we developed a method called Salivaomics. Salivaomics is a salivary diagnosis which is an alternative to blood samples. The steps are simple: once the saliva extracted
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partly by the government Types of Organization Sole Traders • Sole traders are single individuals carrying on a business on their own. • Usually small Advantages Disadvantages No formal procedures Unlimited liability Independence and self reliance Financial problems Close to their customers One skill Partnership • A partnership is two or more persons joined together for the purpose of a business or profession. • The limited Liability Partnership Act
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Rigorous or Not?: A Case of Auditor Judgment for Deferred Tax Issues Case Study Rigorous or Not?: A Case of Auditor Judgment for Deferred Tax Issues Jan Taylor Morris, PhD, CPA Riggers Inc (“Riggers, “client, or “Company”) is audited by Stone LLC CPA firm (“Stone” or “auditor”). The Compa” ” ny builds and owns offshore drilling rigs. Riggers is a US-based corporation that recently expanded its operations into Brazil (the only foreign-based operations for Riggers). As a result of this expansion
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Sole traders A sole trader describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers, hairdressers or photographers are often sole traders. A hairdresser trimming someone's hair Sole traders do not have a separate legal existence from the business. In the eyes of the law, the business and the owner are the same. As a result, the owner is personally liable for the firm's debts and may have to
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There are two ways you can choose and insurance company either by enrolling the help of an Independent insurance agent or by scouting for the right company yourself. An Independent Agent is a small business owner who represents a number of insurance companies, different from agents employed by large insurance companies that employ agents to sell their products. They are the middlemen of insurance. Why use an independent Insurance Agent? One would wonder why in this digital age one would look for
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personally liable. This type of partnership gives flexibility to how involved a partner needs to be as well as their liability which could be an advantage and disadvantage. Limited liability partnerships add another option allowing for general partners to have limited liability for the debts and obligations of the business. An advantage to this type of business is that a general partner can manage the business but have limited liability to its debts. Each type of business entity offers pros and cons
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