would be a partnership I would inform them that general partnerships consist of two or more partners who are both responsible for the business. They share the assets and profits‚ as well as the liabilities and management responsibilities for running the business. Some benefits of general partnerships is their simplicity and flexibility. General partnerships are usually less expensive to form and require less paperwork and formalities than corporations‚ limited partnerships or limited liability partnerships
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Terms of reference: In this report I will examine the business of Mr Khan’s mobile phone shop and advise him on which legal form he should take; either setup a sole trader or go into partnership. I will study all the advantages and disadvantages of sole trader and a partnership business. Finding: Advantages of a sole trader Disadvantages of a sole trader Easy to setup and to run- not many forms to be filled in. Unlimited liability- If the business is bad then it is possible
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Unit 5: Understand Partnership Working in Services for Children and Young People Unit code: MU2.9 Unit reference number: M/601/3498 QCF level: 2 Credit value: 2 Guided learning hours: 18 Unit summary This unit provides knowledge and understanding of the importance of partnership working and effective communication. Assessment requirements/evidence requirements This unit should be assessed in line with the Skills for Care and Development’s QCF Assessment Principles. Learners can enter
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businesses are normally privately owned corporations‚ partnerships‚ or sole proprietorships. Corporations can be defined as an organization of people legally bound together by a charter to conduct some type of business. There similarities between small business organizations and larger corporations can be compared in four different ways. Both are separate‚ legal entities that are created by some kind of state filing‚ both offer the same limited liability protection and the owners are typically not
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Task 1 T1.1 Businesses can be mainly identified in two different forms‚ by taking an example differentiate the limitations of those two forms of businesses The 2 different business forms are Public Private What is public organization ? A public organization is where the government of the country controls it‚ in favor for their fellow country mate. The payment for the employees are often made by the tax collected from public. Example of private sectors are : State Prison‚ Government
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Chapter 3 - NATURE OF FINANCIAL MANAGEMENT What is finance Finance can be defined as he art and science of managing money. Virtually all individuals and organizations earn or raise money and spend or invest money. Finance is concerned with the process‚ institutions‚ markets and instruments involved in the transfer of money among individuals‚ business and governments. Nature of Financial Management Financial Management as an academic discipline has undergone fundamental changes as regard
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A. Liability Under Partnership Joe Roberts and Dr. Donald Jones have a general partnership over Tyler’s Sports Bar & Grill. This is‚ "an association of two or more entities to carry on a business a co-owners " (Hodge‚ 400). Roberts and Jones did not create a partnership agreement when opening the business. Off of the record they agreed that Jones would supply all of the start up money for the business and remain a silent partner while Roberts ran and managed the Bar and Grill. Dan Davidson was
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Phoenix‚ 2010). The business entity that represents the best choice for this business is a general partnership that two or more people can form. Taking control would consist with the three co-owners to make a partnership agreement in which each partner has equal rights in which to participate in the managing and controlling of the business. A majority rules over disagreements within the partnership situation and amendments to the agreement would require consent from all three owners. Each individual
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other partners. In fact‚ Kenny was fully in charge of JKL’s financial aspects. Two years later‚ Kenny had brought in 100 pieces of contemporary batik silk and linen from local batik artist‚ Mat Soh. Kenny also mentioned that Mat Soh joint the partnership as a new partner last 2 weeks. Jack and Lenny opposed to Kenny’s decision as it was not connected to their nature of business’s product and services. They also had never agreed on Mat Soh’s appointment as the new partner to their business and at
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Partnership Advantages and Disadvantages There are distinct partnership advantages and disadvantages. Before going into partnership advantages and disadvantages and especially before starting a partnership‚ let’s first define "partnerships" and make sure we know how they operate. The particular rules about partnerships lead to the partnership advantages and disadvantages. Partnerships Defined and Explained A partnership is an agreement between two or more people to finance and operate a business
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