taxed; what liability its owners have; how expenses‚ compensation and benefits are treated; and the problems that the business owner may encounter” (Forms of Business Organization 4) Business in the Unites States can be organized in one of three basic legal forms: sole proprietorship‚ partnership‚ and corporation; each one has its own advantages and disadvantage which help owners understand the unique problems facing in his business prospects. First‚ sole proprietorship is a business owned by one
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IMPORTANCE OF LEGAL RESEARCH METHODOLOGY IMPORTANCE OF LEGAL RESEARCH METHODOLOGY Legal research is the crux and the very foundation of all legal works. It commences with an analysis of the facts of a case‚ after which issues are framed and then background information and other relevant materials are collected with regard to each issue. The next step involves organizing the collected materials and assessing it following which one arrives at conclusions. While researching due importance
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proprietors‚ corporations‚ and partnerships. With choosing which organization to go with one must consider consequences in lieu of legal issues‚ taxes‚ financial statements‚ and accounting practices. A new business venture will be summarized along with the business organization type and related consequences regarding different business types. Types of legal business entities Sole Proprietorship This type of organization is one of the most common for small businesses. This type is controlled by
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company‚ a very significant of the advantages will be the separate legal entity‚ which means that from the view of the law‚ a company is treated as a separate person. Hence‚ the debts of the company will be limited to the amount remaining unpaid on the members’ shares. This is also called “limited liability” of the members. Apart from the limited liability‚ a company has a perpetual succession‚ meaning that it is a continuing entity in law with its own identity regardless of changes in its membership
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by traders and businessmen to forming companies. Consequently‚ traders and businessmen will see as the main attraction of forming a company the advantage of avoiding liability for business debts. This advantage arises from the concepts of separate legal person and limited liability which are embodied in the doctrine of corporate veil under company law. However‚ some businessmen‚ law scholars and the public at large argue that corporate veil is nothing but a fallacy meant to dupe business people into
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A. Business entity Research shows that Mr. Jones is better off forming an S-corporation opposed to a partnership. 26 U.S. Code 1361 states that an S-corporation is a company that operates domestically within the United States as well as the state in which the Articles of Incorporation are filed. It is more beneficial to be a domestic corporation because home states offer opportunities to reinstate active status to corporations who lapse in registration and taxes. If Mr. Jones fails to pay his annual
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DIFFERENT FORMS OF ORGANISATION SOLE TRADING CONCERN ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Suitability PARTNERSHIP FIRM ▪ Meaning ▪ Features ▪ Merits ▪ Demerits ▪ Kind of partnership firm ▪ Types of partners ▪ Partnership Deed JOINT HINDU FAMILY BUSINESS ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages JOINT STOCK COMPANY ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Management ▪ Forms
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Bus-101 Kevin Lentz 06/2013 Chapter 1 Rooftop Restaurant and Lounge will enter into a market with perfect competition. With perfect competition Rooftop Restaurant and Lounge will have an infinite number of consumers with the willingness and ability to buy our products at a certain price. It would also have an infinite amount of producers with the willingness and ability to supply the products at a certain price. Rooftop Restaurant and Lounge is a new fine dining restaurant and lounge
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CORPORATE ENVIRONMENT Unit 1 FORMATION OF COMPANY Promotion of Company – Promotion – Incorporation – Capital Subscription and Certificate of Commencement of Business. Memorandum of Association – Definition – Clauses. Articles of Association – Definition – Contents – Distinction between Memorandum of Association and Articles of Association – Alteration of Memorandum of Association and Articles of Association. Prospectus – Meaning – Contents – Statement in Lieu of Prospectus. INTRODUCTION
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Hochster v De La Tour Question 1 As attorney on behalf Caca and Maba‚ I will tell them the legal effects of incorporation will provide advantages and disadvantages as below: Advantages of Incoporation: 1) Corporate veil and limited liability As stated in Companies Act‚ a corporate is independently functioning. It is a legal person and distinct from its members included shareholder and directors. Beside this‚ corporate veil also protect shareholders to lose
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