Differentiate Public Co. and pvt Co. 1. Short notes on a) Salomon vs Salomon b) Limited liability 3. Differentiate a) Proprietorship b) Partnership c) Joint Stock Co.s _____________________________________________________________________ Private companies are auctioned off at the beginning of the game and are owned outright by the winner of these auctions. Private companies provide income for the owner. This will be individual players at the start of the game‚ but might be public
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W BLA 7 3 r e t p a Ch erg b d l o G r o s s e f o Pr Partnerships have existed for thousands of DETAILS: years. partnership can be created with no formalities‚ its partners are managers‚ partners are fiduciaries‚ partners have unlimited liability‚ and partners share profits and losses Example Two students agree to buy basketball tickets‚ to resell them (scalping)‚ and to share the profits. They may not intend to create a partnership‚ but they have. If one of the students has a bad night and
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whereas many manufacturing operations and other businesses can have up to 500 employees and still be considered small. Most experts use 500 or fewer employees as a general rule for defining small businesses. The definition of a small business is not limited to the number of employees‚ however. The designation as a small business may be imposed based on overall annual sales. For example‚ hotels‚ which operate within the service industry‚ can earn $30 million annually and still be considered small businesses
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This is called unlimited liability. Raising capital could be difficult for one person and there is less capital available for expansion. A possible explanation for this is that a sole trader is taxed at a higher rate than a private company. A partnership can have between 2 and 20 partners who are also personally liable for the debts of the business‚ even where this arises from the actions of one of the other partners. Partnerships aim to make a profit and a partnership deed can be used to set out
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EXECUTIVE SUMMARY The aim of this report is to advise Dan and Nicole with what future pathway their business should take after setting up their winery tour business. It compares the differences between a partnership and a private company. This report will compare initial capital‚ registration‚ liability‚ legal entities‚ management and control‚ taxation‚ profit and the life span of the business. All of these factors should be considered before making a recommendation at the end of the report. “Dan
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have unlimited liability. * Money can become very difficult to obtain. * Costs and prices are usually higher than the competition. * Holidays can become very difficult to take. * Illnesses can shut the business‚ unless a friend or relative take over. * Owners may have to take longer hours. | Sole Traders are in complete control of the direction they take their business in; they decide their own aims and objectives and choose how they would achieve them. | Partnerships | * They are
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you start out in business‚ most often you use your own money to fund the venture. However‚ as you start to grow‚ you may need to find funding elsewhere. When this happens you may want or need to enter into another kind of business model: 2. Partnership – these are made up of two or more people and any profits‚ debts and decisions related to the business are a shared responsibility. These are common for practices that offer services such as accountants‚ dentists‚ doctors‚ solicitors and so on.
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Advantage And Disadvantages of Limited Liability Partnership | Advantages * Separate legal entity * Easy to establish * Flexibility without imposing detailed legal and procedural requirements * Perpetual existence irrespective of changes in partners * Internationally renowned form of business in comparison to Company * No requirement of minimum capital contribution * No restrictions as to maximum number of partners * LLP & its partners are distinct from each
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Barristers & Solicitors**” and spoke to Louisa Bryan. At this point‚ Louisa informed Kacey that she and Keith Brooks had no intentions to pay her outstanding account of $40‚000 and that Eric was bankrupt. Louisa told Kacey that they were not a partnership but lawyers practiced “in association” and that this information can be located on their website. Kacey found out that the lawyers work under their own names with separate bank accounts and share the cost of the rent and the receptionist equally
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Tutorial 1- Introduction to Legal Environment of Business 1a) This is a civil matter as it is a private dispute between S and T which is not harmful to society. The dispute should be resolved through mediation. This is because it is cheaper‚ faster‚ more informal‚ and also private. Most importantly‚ it creates a win-win situation which will allow S and T to preserve their business relationship and compromise to settle the dispute amicably. b) This is a criminal and civil matter. It is criminal
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