Lenny have denied their liability as they claimed that they were not the managing partners and their scope of job was merely decorating main stage in the wedding ceremonies. They also never agreed to the idea of having batik in JKL. Pursuant to that‚ Jack and Lenny had insisted Kenny to surrender the business accounts to them for the purposes of auditing. Kenny said all book keeping and accounts were at his home. (a) Advise Jack and Lenny on their duties and liabilities under the law of partnership
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There are five main types of businesses in America. These five types of businesses are Sole Proprietorship‚ Limited Liability Company‚ Cooperative‚ Corporation‚ and Partnership. Each type of business effects the government and economy in several different ways; either working to better the economy and government or working against it. The way each business works is quite similar‚ they all work together to accomplish the same goal; to make a successful‚ plentiful business worth a lot of money. The
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LAW AND CONTRACTS 1.Eagle Stores‚ Inc. borrows $5‚000 each from EZ Loan Corporation‚ First National Bank‚ and Great Products Corporation. Eagle uses its "present inventory and any thereafter acquired" to secure the loans from EZ Loan and First National. EZ Loan perfects its interest on April 1‚ followed by First National on April 5. Eagle buys new inventory on April 10 from Great Products and signs a security agreement‚ giving Great Products a purchase-money security interest (PMSI) in the new
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18 Business registration documents for limited liabilities companies Article 19 Business registration documents for shareholding companies Article 20 Documents‚ procedures‚ conditions for and contents of business or investment registration of foreign investors making the first investment in Vietnam Article 21 Contents of requests for business registration Article 22 Contents of the charter of a company5 Article 23 List of members of a limited liability company or partnership‚ list of founding
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organisation or structure is most suitable for a particular business. • As a general rule‚ simpler structures are suitable for smaller businesses and larger enterprises require more complex structures. • Each business structure places different degrees of liability on the business owners and operators. Important to understand in order to select the best legal structure for a particular business. Types of business organisations • The most frequently used business organisation structures are: - Sole proprietorships
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own and profits are not shared by anyone. As the owner of the taco truck‚ the individual also runs the daily operations‚ cutting down on his overhead. This type of business is preferred as a sole proprietorship as the profits and operations are limited. As the sole proprietor‚ the individual gets a business license and begin operations. This type of business would want to limit their expenses or profit sharing and is best operated under the sole proprietorship. Partnership A partnership is
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University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability company (including the single member LLC)‚ S Corporation‚ Franchise‚ and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file
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BUS670: Legal Environment Name: Instructor Name: Legal Underpinnings In case of breach of contract liability shall be limited or unlimited depending on the type of activity. There are five types of business organizations in the United States. These forms are sole proprietorship‚ a partnership‚ limited liability company‚ partnership‚ and limited liability company. Each of these formations business has advantages and disadvantages for the employer. There are different levels attributed
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personal liability for injuries to consumers and what must be on our labels for safety. Analyzed the newly formed contracts with the retailers and the employment and expansion that are needed for Acme to go along with the new contracts‚ and then concluding with the change of the business entity. As we go forward with the growth of the business‚ we want to be sure things are done properly and that we will meet or exceed our consumer and customers’ standards at Acme Fireworks. Personal Liability As
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year of operation on every weekend of the year. 4. Achieve 20% return on investment (ROI). Ownership Music Connection will be a Limited Liability Company‚ owned by Ayshe Marie Osman Company Background Music Connection is a bar and grill establishment that is scheduled to begin operations on June 2013. Music Connection is going to be a Limited Liability Corporation‚ owned and operated by Ayshe Osman. Ms. Osman spent last 9 years of her life working various fields or businesses before realizing
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