years of a successful joint venture‚ Costas was shocked to find out that new owner‚ Delta‚ wanted to end the partnership despite of the joint venture’s profitability. Issues and Analysis Cultural Issues Cultural differences‚ as related to doing business‚ come into play here. Significant cross cultural conflicts between parents of different nationalities paved the way for the dissolution of the joint venture between Delta and Terralumen. In a Board of Director’s meeting‚ the American-Spanish joint
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the cash flow is‚ and how the business is taxed. “The most common forms of business organization are: sole proprietorship‚ general partnership‚ limited partnership‚ limited liability partnerships‚ limited liability company‚ and corporation” (Henry Cheeseman‚ 210‚ p. 529). According to the situation given‚ the best form is limited partnership. Limited partnership refers to the types of owners the business will have‚ general (managers) and limited partners (investors). In this sense‚ Monica
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Competency 310.1.2: Organizational Forms - The graduate can select the appropriate form of organization for a business. Objectives: 310.1.2-01: Differentiate between a sole proprietorship and general partnership. 310.1.2-02: Differentiate between a general partnership and a limited partnership. 310.1.2-03: Identify the distinguishing characteristics of C-corporations. 310.1.2-04: Identify the distinguishing characteristics of S-corporations. 310.1.2-05: Recognize the characteristics of a limited
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the Partnership Act‚ 1932‚ in the absence of a Partnership Deed regarding (a) Interest on Partner’s Drawing (b) Interest on advances made by a partner to the firm other than capital. (iii) State the complete accounting treatment of hidden goodwill at the time of admission of a partner. (iv) Why are assets revalued and liabilities reassessed when there is a change in profit sharing ratio amongst the partners? (v) State two differences between dissolution of partnership and dissolution of firm
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wait on tables in one of the cafes in Baxter‚ Oregon‚ formed a partnership. The eldest of the three was Mrs. Bevan‚ a middle-aged widow. The other two were Mr. and Mrs. Elmer Maywood. The partnership lasted for slightly more than four months‚ and in connection with its dissolution the preparation of a balance sheet became necessary. Each of the partners contributed $2‚000 cash‚ a total of $6‚000. On 12 August‚ the partnership purchased the Smoky Valley Café for $16‚000. The purchase price
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any organization because it represents strength of any organization. Different types of organization are available in the market and which type of organization it will be it depends on the owner of the company. It may be sole proprietorship or partnership or corporation. It depends on investment and liabilities also. Business license is a important in case of businesses. Every organization needs a business license when they started and government will provide only. Contract Contract is
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1. Meaning of Winding up or liquidation The winding up or liquidation of a company means the termination of the company by stopping its business‚ collecting its assets and distributing creditors and shareholders‚ in the manner laid down in the Act. 2. Mode Of Winding Up According to section 234‚ the winding up of a company)‚ may be done in any three ways: one of the following (I) Compulsory winding up by the Court (ii) Voluntary winding up b)‚ the members or by creditors (iii) Voluntary
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UNIVERSITY OF KWAZULU-NATAL – PIETERMARITZBURG SCHOOL OF LAW: FAMILY LAW WORKSHEET MODULE AND CODE: FAMILY LAW (LAWS2FM/LAWS3FM/LAWP2FM) PART AND FULL-TIME ------------------------------------------------- Question 1 Mr and Mrs Grumpy were involved in a serious motor-vehicle accident. Mr Grumpy has fully recovered from his injuries‚ while Mrs Grumpy is still in a state of unconsciousness caused by head injuries she sustained during the accident. Mr Grumpy tells you that he had discussed
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Ouestion (a) Sole Proprietorship Sole proprietorship is a business owned one person‚ who has full control of the business and how it is run. They also own all the assets of the business and any profit that it makes. In the same vein‚ they are also responsible for all the debts and liabilities the business accrues. There are lots advantages by being a sole trader. The first advantage is easy formation. The formation of sole proprietorship business is very easy and simple. No legal formalities
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| |This Law provides for the establishment‚ management organization and operation of limited liability companies‚ joint-stock companies‚ | |partnerships and private enterprises (hereinafter referred collectively to as enterprises) of all economic sectors; and groups of companies.| |Article 2.- Subjects of application
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