Astoria Plaza
Business structure
City Cove Resort and Hotel has a partnership business structure between ______________names of group mates________________________ who agreed to carry on a resort and hotel company in the spirit of cooperation. Each of them contributed equal shares by combining their financial assets, as well as their skills and knowledge in hotel, resort, and restaurant operations and management. Most of all, as partners, they have equally contributed for City Cove Resort and Hotel’s initial capital. All the decision-making will also involve all the partners and their votes on every matter that concerns City Cove Resort and Hotel will have equal value.
Based on the partnership agreement, all partners will also divide the profit into equal shares. Since the company’s structure goes under the category of general partnership, it will be such a benefit for the individuals mentioned above in terms of taxation. Business tax of their profit shares will go under the name of each individual. Therefore, each of them will pay only one tax, personal and business tax combined, instead of two separate taxes. In short, because business income is reported on personal tax return, we can say that the company and the individual are treated as one.
Each partner involved, being one with the company, means that the business structure will motivate them to deliver their best efforts because when the company name is at stake, their own name will also be at stake. The commitment to the business will be stronger and will, therefore, push all the partners to work on each area of City Cove Resort and Hotel as their number one priority.
City Cove Resort and Hotel
Global City, Taguig,
City Cove Resort and Hotel has a partnership business structure between ______________names of group mates________________________ who agreed to carry on a resort and hotel company in the spirit of cooperation. Each of them contributed equal shares by combining their financial assets, as well as their skills and knowledge in hotel, resort, and restaurant operations and management. Most of all, as partners, they have equally contributed for City Cove Resort and Hotel’s initial capital. All the decision-making will also involve all the partners and their votes on every matter that concerns City Cove Resort and Hotel will have equal value.
Based on the partnership agreement, all partners will also divide the profit into equal shares. Since the company’s structure goes under the category of general partnership, it will be such a benefit for the individuals mentioned above in terms of taxation. Business tax of their profit shares will go under the name of each individual. Therefore, each of them will pay only one tax, personal and business tax combined, instead of two separate taxes. In short, because business income is reported on personal tax return, we can say that the company and the individual are treated as one.
Each partner involved, being one with the company, means that the business structure will motivate them to deliver their best efforts because when the company name is at stake, their own name will also be at stake. The commitment to the business will be stronger and will, therefore, push all the partners to work on each area of City Cove Resort and Hotel as their number one priority.
City Cove Resort and Hotel
Global City, Taguig,