Many people don’t know what business law is and so hopefully this essay will help clear that up and increase the knowledge about one exact topic in business law which is partnerships ‚business law in general encompasses the law governing contracts‚ sales‚ commercial paper‚ agency and employment law‚ business organizations‚ property‚ and bailments. Other popular areas include insurance‚ wills and estate planning‚ and consumer and creditor protection. Business law may include issues such as starting
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Any immovable property may be acquired in a partnership name True 2) Every partner is a debtor of a partnership for whatever he may have promised to contribute in the partnership True 3) Winding up is the process of settling the business or partnership affairs after the dissolution. __________ 4) Partnership is annulled after the consent of the partners. True 5) The surname of the limited partner cannot absolutely appear in the limited partnership False6) A de facto corporation exists in fact
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The Difference Between Jointly Liable & Joint & Several Liability by Ellis Roanhorse‚ Demand Media Joint and several liability is allowed in many states. This type of liability may apply to business partners who form a general partnership‚ or to two or more individuals when someone is injured due to negligence. Joint and several liability is different than when two or more individuals are jointly liable for an obligation. Joint and several liability gives an injured party a better chance of recovering
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The Development of Economic Activity Human Beings produce and consume goods and services from the resources in their environment. It is primarily for the reason that humans are called ECONOMIC ANIMAL‚ because he or she has the ability to use his or her hands and brain to satisfy his or her immediate personal needs. These are looked at as basic needs; these needs are food‚ shelter and clothing (Economic Activity). Economic Activity means activities which results in the satisfaction of needs. In order
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I. Agency (Chapter 1) A. Who is an Agent i. Agency Definition Agency is a fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act on his behalf and subject to his control and consent by the other to so act. 1. Contractual relationship is not necessary‚ nor do either need to receive compensation 2. Agent - the one to act 3. Principal - the one for whom action is taken 4. Agency means more than mere passive permission; it involves
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3) Which of the following statements regarding proposed regulations is not correct? 4) Which of the following statements about a partnership is true? A. Partners are considered employees of the partnership. B. Partners are taxed on distributions from a partnership. C. A partnership is a taxpaying entity. D. Partners are taxed on their allocable share of income whether it is distributed or not. 5) Which of the
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QUESTION 2 “Limited Liability Partnership is an alternative vehicle to carry out business which combines the characteristics of a private company and a conventional partnership.” From the above statement‚ discuss the concept of conventional partnership and Limited Liability Partnership. Distinguish LLP with conventional partnership and company. Partnership is a business owned by two or more persons but not more than 20 persons. Identity card name cannot be used as business name. It is registered
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Q.1 Discuss the nature and significance of business law? An analysis of business environment helps to identify strength‚ weakness‚ opportunities & threats. Analysis is very necessary for the survival and growth of the business enterprise. The importance of business environment is briefly explained in an analysis below. (1) Identification of Strength: The analysis of the internal environment helps to identify strength of the firm. For instance‚ if the company has good personal policies in
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earliest examples of bodies to be incorporated by Royal Charter (prior to parliamentary democracy). Commercial Development The 17th and 18th Centuries led to the formation of large‚ partnership-like structures known as joint-stock companies‚ so that pooled investments could be made. At this point‚ partnership and corporate law were fused. The Bubble Act of 1720 attempted to stop the rampant growth to joint stock companies (excessive speculation)‚ particularly in the Dutch tulip industry. Such
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into a limited liability partnership (LLP). The reasons are that MF is not very profitable‚ it is getting very costly to operate as a body corporate with a small capital and MF is restricted by its objects clause to pursue other business opportunities. iii. MF was advised that a partnership must not have more than 20 partners all of which must be individuals. MF has 50 members. MF cannot form a normal partnership firm because according to Partnership act 1961‚ the maximum number of partnership is 20
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