John Walter O. Boisvert TM 102 (12:20 – 2:00) FORMS OF BUSINESS ORGANIZATION 1. Sole Proprietorship - is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. ADVANTAGES: * Capital - Sole proprietor contributes
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INTRODUCTION TO BUSINESS Business If a man remains busy with an activity which is production oriented is called Business. Production means creation of utility. In a word business is a creation of utility. Man can’t produce anything. Man can only procure resources from nature and can change its shape‚ place and time. Utility: Utility means capacity to satisfy human need or want. Something which has got the capacity to satisfy human need or want‚ we say that it has got utility. Business organization:
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presumption of death‚ an order dissolving the marriage‚ as per Section 1 of the Dissolution of Marriages on Presumption of Death Act 23 of 1979. Such an order presuming someone’s death does not automatically terminate his marriage. “Once it can no longer be the subject of an appeal‚ a declaration is conclusive as the presumed death and effective for all purposes and against all persons. The missing persons civil partnership is ended”. This would validate Mr Levenson’s marriage. If an inquest was held
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Although partnership can decide too‚ increase new partner should reorganize the business‚ is not flexibility. Also‚ Private limited company have a legal person which is partnership do not have. Legal person can protect the shareholder‚ which the company may be closed. Shareholder do not effect by the company liability. Vice versa‚ partnership have the unlimited liability which the business have debts. If either one of the partner would like to quit‚ death and transfer. The partnership will be dissolution
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Does a partnership exist between Ed‚ Jake‚ Charlie and Bella? 2. Are Ed‚ Charlie and Bella also liable for the lawsuit against the firm by their client Mr Laurent.? 2. If so how far responsible are the other partners for Jakes mistake? 3.If no other partner liable‚ what excludes them? 4.Are there any defences to any of the members of the firm from being liable to the lawsuit? Law: Partnerships Partnership Act 1891 (QLD) Nature of Partnership Determination of existence of partnership Joint
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and Formation of a Partnership A partnership is a contract whereby two or more persons bind themselves to contribute money‚ property or industry into a common fund with the intention of dividing the profit among themselves (Article 1767 of the Civil Code of the Philippines). This joint effort may be supported by a partnership agreement known as the Articles of Co-Partnership‚ which is an agreement in writing among the partners governing the nature and terms of the partnership contract. A written
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INTRODUCTION Liquidation of a partnership can be define as the winding up of its business activities characterizaed by sale of all non-cash assets‚ settlement of all liabilities and distribution of the remaining cash to the partners. It is usually done when the business entity will not continue its activities after the dissolution of the partnership. Maybe the partners already fulfilled their business purpose or the partnership is in financial difficulties‚ that’s why they decided to liquidate it
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AB1301 Business Law 2012/13 Semester 1 TABLE OF CONTENTS CHAPTER 3: OFFER AND ACCEPTANCE ........................................................................................... 1 3.1 Offer ........................................................................................................................................... 2 3.2 Acceptance ................................................................................................................................ 3 3.1 Electronic
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Intro paragraph: An LLC‚ or limited liability corporation‚ is a business entity that combines aspects of a corporation and a partnership. The LLC operating agreement is a document that dictates how the LLC will function. The amount of time it takes to create the operating agreement depends on the specifics of the LLC. Other names: Don’t confuse this document with the articles of organization‚ which may also be known as the certificate of organization or certificate of formation‚ depending on the
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2105AFE – INTRODUCTION TO BUSINESS LAW – Semester 1 2013 LECTURE PLAN Students should complete the readings each week prior to the lecture. Reading references are to the customised text (Gibson‚ A.‚ & Fraser‚ D.‚ Introduction to Business Law Custom Book 5/E (2012) - (ISBN: 9781486010875). | | |Readings | |Week |Topic
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