Limited Liability Corporation and Partnership FIN419 - Finance for Decision Making Date Instructor’s name Limited Liability Corporation and Partnership Paper Limited Liability Corporation and limited liability partnership are two of several types of structures that individuals can give thought to forming when starting a business. To form a corporation each member has limited liability‚ but the corporation has full liability. Forming a partnership requires at least two people‚ which
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Partnership and Limited Liability Partnership organization and to advise Mr. Tan on the business organization that is more likely to fit his needs for setting up a new consulting business. For this particular project‚ our group assumed that Mr. Tan used to be an accountant working for a big accounting firm and is now looking to set up a small accounting consultancy business. 1 Process Required to Setup Business Organization Below are the processes to setting up a partnership and a limited liability
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public limited company or a PLC. A public limited company always tends to be a larger type of company. This is generally a good thing. In a large company it is almost always more stable. The most important advantage of having a large company is more specialized workforce. For example‚ in a small company people tend to multitask rather than be specialized. For example‚ in a restaurant‚ a small company may order the staff to be the cashier and serve the food. On the other hand‚ in a large company can
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By – Kajol Vaswani Business Project Private Limited Companies A private limited company is a voluntary association of not less than two and not more than fifty members‚ whose liability is limited‚ the transfer of whose shares is limited to its members and who is not allowed to invite the general public to subscribe to its shares or debentures. Ownership Control Ownership of a company rests with the shareholders. One share equals one vote‚ which implies an equal share in the profit
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Disadvantages of a Limited Company Cost – Some people will have you believe that a Limited Company is expensive to set-up. Not so! Our Company Formation packages start from as little as FREE! And include many related services and products that would cost you highly elsewhere. Complex Accounts – There are more complex and restrictive rules governing the accounts and bookkeeping of Limited Companies than sole traders (for example). The Company is expected to produce years accounts incorporating
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one of the main advantages of a Private Limited Company over a sole trader is that‚ members may enjoy the availability of Limited Liability‚ hence the business is incorporated (i.e. the business has a separate identity from the owner).Therefore‚ liability for payment of debts stops at the Company‚ and owners and shareholders are not personally liable for any other debts than that of which they have purchased. On the other hand‚ a sole trader’s liability status is unlimited and there is no distinction
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The limited liability partnership; A hybrid of two different forms of business organizations – the partnership and the company. The Limited Liability Partnership (LLP) was introduced as a new business entity in Singapore in 2005. Its definition under S14 of the Limited Liability Partnership Act (LLPA) shares a resemblance to S1 of the Partnership Act (PA): it comprises of two or more persons carrying on a lawful business in view of profit upon registration with the Accounting and Corporate Regulatory
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BUS 670 Legal Environment of Business Business Entities & Liabilities Instructor Leah Westerman May 19‚ 2014 Businesses Entities and Liabilities “A business entity is an organization established as a separate existence for the purposes of taxes (BusinessDictionary.com‚ n.d.).” Some of the most common known business entities are; sole proprietorships‚ general partnerships‚ limited partnerships‚ corporations‚ and limited liability companies. Each business entity has its advantages and disadvantages
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Liability for Omissions The law has historically been reluctant to impose a general liability for omissions as opposed to positive acts. This means that there is no general duty of care in tort to act in order to prevent harm occurring to another. In Smith v Littlewoods Organisation‚ Lord Goff stated clearly that “the common law does not impose liability for what are called pure omissions”. Similarly‚ in Yuen Kun Yeu v A-G of Hong Kong‚ Lord Keith stated that people can ignore their moral responsibilities
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which is started in the United States by Mark Zuckerberg with his friends in 2004. The website’s membership was initially limited by the founders to Harvard students‚ but was expanded to other colleges‚ and gradually globalization. In 2012‚ the fonder of Facebook‚ Mark Zuckerberg decide to convert the structure of Facebook from private limited company to public limited company. Facebook values shares at ￡24 each‚ and that its shares would began trading in New York on 18th of May 2012. It is seem that
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