A. SOLE PROPRIETORSHIP: This is the simplest business structure of which the owner has total control. The owner can make up a fictitious name or use the same name for the business. Sole proprietorship is easy to set up at a minimal cost. The business owner does not need to follow rules or regulations of others but their own and can set up their own schedule. Proceeds can be directly deposited into the owner’s bank account and the funds are freely allocated between business and personal accounts
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separate legal entity and therefore the partners do not benefit from limited liability. Section 24 of the PA states that a general partner has the right to take part in the management of the business unless there is an agreement. A dormant partner provides capital only into the firm but does not take active part in the management of the business. The partnership Act S33 (1)‚ the death of a partner dissolves the firm. The share of the deceased partner goes to his personal representatives who
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Q.1 Discuss the nature and significance of business law? An analysis of business environment helps to identify strength‚ weakness‚ opportunities & threats. Analysis is very necessary for the survival and growth of the business enterprise. The importance of business environment is briefly explained in an analysis below. (1) Identification of Strength: The analysis of the internal environment helps to identify strength of the firm. For instance‚ if the company has good personal policies in
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partnership shall be: J2DS Ticketing Company‚ Ltd. ARTICLE II. That the principal office of the Partnership shall be located at Luna St. Lapaz‚ Iloilo City‚ Philippines. ARTICLE III. That the names‚ citizenship‚ residence and designation of the partners of said partnership are as follows: Name Citizenship Residence Designation Jorgielyn F. Pardilla Filipino Passi City‚ Iloilo General Julie G. Tirador Filipino Janiuay‚ Iloilo General Shiela Mae C. Calvo Filipino Anilao‚ Iloilo Limited
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Lucky Prawn Farm Case Analysis Management Major Problem How can the partners of the Lucky Prawn Farm manage their prawn farming venture? Minor Problems How can they settle the issue about poor communication and transparency? How can they assure that their (the partners) total invested capital will not be put into waste? Alternative Courses of Actions (ACAs) a. Improve Internal Control; b. Regular visit of the three non-residents to the farm; c. Shift to Bangus Business
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liquidation of a partnership. Liquidation of a business involves selling the assets of the firm‚ paying liabilities‚ and distributing any remaining assets. Liquidation may result from the sale of the business by mutual agreement of the partners‚ from the death of a partner‚ or from bankruptcy. Partnership liquidation ends both the legal and economic life of the entity. From an accounting standpoint‚ the partnership should complete the accounting cycle for the final operating period prior to liquidation
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addition‚ he seems to be an effective manager‚ receiving an overall positive evaluation and reinforcement from his senior partners. Though this would suggest he holds some personal power with upper management‚ he is unable to influence the two recent issues described in the case. Hertach needed to focus on two general ways in which he could have better influenced his senior partners: through his personal leader development and tactical approach. The first would have taken time prior to the introduction
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to all employees and partners associated with Cylus Management Consulting. Cylus Management Consulting is devoted to uppermost principles of social and business practices. All employees and partners associated with Cylus Management Consulting are expected to observe the highest achievable standards of veracity as they carry out the day to day operations of Cylus Management Consulting and in working with the clients of Cylus Management Consulting. All employees and partners associated with Cylus
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legal and procedural requirements * Perpetual existence irrespective of changes in partners * Internationally renowned form of business in comparison to Company * No requirement of minimum capital contribution * No restrictions as to maximum number of partners * LLP & its partners are distinct from each other * Partners are not liable for Act of other partners. * Personal assets of the partners are not exposed except in case of fraud. * Easy to dissolve or wind-up * Professionals
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retaining top talents require a Partner with the resources and vision to proactively match the expertise available in the marketplace with the needs of your business. It takes a Partner dedicated to bring talent and opportunity together while maximising the impact of the recruitment investment. Thus‚ United Personnel Service (UPS) was incorporated in the year 2005 by three partners. The main partner is Mr. Patrick Chia which holds 50% share and the other 2 partners hold 25% share each. Based
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