Definition Sole-Proprietorship A business owned by one person Partnership An association of two or more persons carrying on business in common with a view to profit Limited Partnership (LP) A partnership consisting of two or more persons‚ with at least one general partner and one limited partner Limited Liability Partnership (LLP) A partnership where the individual partner’s own liability is generally limited Company A business form which is a legal entity separate and distinct
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2. There was clearly no dissolution. The agreement provided that the partnership may only be terminated “by mutual agreement”. Hence‚ Morrissey’s unilateral action (resignation) is insufficient to dissolve the partnership: Moss v Elphick. Section 26 of the Partnership Act (“PA”) is applicable only when the partnership was silent on the duration of the partnership. In this instance‚ the agreement was for the partnership to enure for the joint lives of the parties (unless terminated by mutual agreement)
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Sharecka Ivery 2/11/2013 Intro to Business 1013 How Businesses Are Organized There are several ways that a business can be organized to define its structure. The main types of businesses are sole proprietorship‚ corporations‚ partnerships and limited- liability companies. How a business is organized explains how its taxes are paid‚ and accounts for profit and how it manages the liability by its owners. In the bylaws state that every organization has its own purpose and what it does. It
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Each traditional business form‚ sole proprietorships‚ corporations‚ and partnerships‚ all have their own advantages and disadvantages. Before you enter any of these types of business forms‚ you should always weigh out the advantages and disadvantages of what you are getting yourself into to see if it is worth it. A sole proprietorship is the simplest form of business organization where the owner is the business. There are many advantages to a sole proprietorship. One major advantage is that the
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Legal Issue A paper submitted in the course of Business Law BUS/415 University of Phoenix March 16‚ 2008 Introduction Agency Law in a Business Environment A principal is the party who employs another person to act on his or her behalf; an agent is a party who agrees to act on behalf of another. In order for the agent to successfully fulfill their tasks for their principal’s they have duties that they are expected to fulfill. The duty to obey instructions‚ to act with skill‚ loyalty‚
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Sole Proprietorship: The most common form of business in the United States. A business operating under Sole Proprietorship is run only by the owner of the company. All decisions are made solely by the owner without the need to have legal consultation. The business only needs to register the business name with the government if the owner choses to use a business name rather than his/her personal name. Liability- All liability is held with the business owner. Sole proprietorship has unlimited liability
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a 1650822 Zhang Lifan Partnership According to Partnership Act 1891 ( SA )‚ partnership is a business setup and run by two or more people and less than a certain number of people with a view of profit 1. And Partnership consists of limited partnership and general partnership. The following discussion is focus on general partnership. Advantages: Simple to establish When a partnership need to be setup‚ if it can satisfy four elements which is ” business‚ carrying on‚ in common and view to
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A general partnership refers to an association of persons or an unincorporated company. It is created by agreement‚ proof of existence and estoppel. It is formed by two or more persons. The owners are all personally liable for any legal actions and debts the company may face. The assets of the business are owned on behalf of the other partners‚ and they are each personally liable‚ jointly and severally‚ for business debts‚ taxes or tortious liability. Typically‚ a general partnership is not a
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Q1. Does the country market that you recommended for International Marketing Assignment-MAR 8084‚ match the objectives for the organisation and what is the competitive advantage of choosing that market? Yes! The country recommended matches the objectives of organisation and it is beneficial for the organisation. India market is best to match with B_E_E brand of New Zealand. Market Objective:- Market objective in India to sell the B_E_E product is 125‚000 in year 2013. Financial Objective:-
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In both business and accounting there are multiple types of entities (different types of business) that exist. The types of business entities that exist are a sole proprietorship‚ partnership‚ corporation and a limited liability company. Depending on the type of entity that is established‚ will determine how an accountant will analyze the transactions of that business‚ and determine how they are inputted. The type of business can also have their own advantages and disadvantages finically on a business
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